Complete Description:This article reviews research on the effectiveness of general financial literacy training to draw implications for literacy training related to predatory lending. The article concludes that training offered by high schools and workplaces is associated with improved financial knowledge and behavior, especially for low-income or less-educated recipients. Although evidence on homeowner education and counseling is less clear cut, the article concludes that financial literacy training has the potential to curb predatory lending.
Date Published:Friday, November 1, 2002
Author:Richard M. Todd
Funding Agency: Board of Governors of the Federal Reserve System
Source: Literature review;
Audience: Individual, Researcher, Teacher, Youth