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Researchers : Consumer Finance: Factors Affecting the Financial Literacy of Individuals with Limited English Proficiency
Complete Description:The Credit Card Accountability, Responsibility and Disclosure Act of 2009 mandated GAO to examine the relationship between fluency in the English language and financial literacy. Responding to this mandate, this report examines the extent, if any, to which individuals with limited English proficiency are impeded in their financial literacy and conduct of financial affairs. To address this objective, GAO conducted a literature review of relevant studies, reports, and surveys, and conducted interviews at federal, nonprofit, and private entities that address financial literacy issues and serve people with limited English proficiency. GAO also conducted a series of focus groups with consumers and with staff at community and financial organizations. Staff at governmental, nongovernmental, and private organizations that work with non-English speaking populations consistently reported that a lack of proficiency in English can create significant barriers to financial literacy and to conducting everyday financial affairs. However, factors other than language also influence the financial literacy of individuals with limited English proficiency, such as immigrant status and cultural differences. People with limited English proficiency are less likely than the U.S. population as a whole to have accounts at banks and other mainstream financial institution, and more likely to use alternative financial services
Date Published:Saturday, May 1, 2010
Funding Agency: US General Accountability Office
Type: Report;
Source: Focus groups and/or interviews; Literature review;
Language: English
Audience: Researcher