Affiliation:
1. University of Minnesota Extension
2. University of Minnesota Twin Cities
3. University of Minnesota
4. University of Minnesota-Twin Cities
Abstract
In this article, we describe the process we adopted in
designing a financial education intervention situated within the cultural and systemic
realities of structural racism in Black communities and offer new insights on conducting
financial education that addresses healing from ethno-racial trauma. We adopted a
community-based participatory research (CBPR) approach and assembled a Community Led
Advisory (CLA) group to discuss how to address social and economic inequalities in
teaching financial education. Specifically, we sought to address the psychological
consequences of racism, income scarcity, and other forms of economic distress and what
it means for people’s lives and their everyday ability to make sound financial
decisions. By directly addressing how systemic barriers have hindered the ability to
build wealth, we allow individuals to relinquish self-blame/shame about their financial
circumstances. Relinquishment of self-blame/shame (which is energy-consuming)
facilitates a shift in energy that enables individuals to focus on learning how to make
better financial decisions. In addition to the results of the pilot, we include a
discussion of the lessons we learned, our suggestions, and next steps for applying the
approach for wider use.
Publisher
Mississippi State University Libraries - DIGITAL COMMONS JOURNALS
Reference36 articles.
1. Baumann, C., & Hall, T. (2012). Getting Cinderella to the ball: Putting education at the heart of financial education: A conceptual exploration of the potential role of education within financial education. International Journal of Consumer Studies, 36(5), 508-514. https://doi.org/10.1111/j.1470-6431.2012.01116.x
2. Bhutta, N., Chang, A. C., Dettling, L. J., & Hsu, J. W. (2020, September 28). Disparities in wealth by race and ethnicity in the 2019 survey of consumer finances. FEDS Notes. Board of Governors of the Federal Reserve System. The Fed - Disparities in Wealth by Race and Ethnicity in the 2019 Survey of Consumer Finances (federalreserve.gov)
3. Blanche, A. (2012). SAMHSA's National Center for Trauma-Informed Care: Changing communities, changing lives. Center for Mental Health Services. https://www.nasmhpd.org/sites/default/files/NCTIC_Marketing_Brochure_FINAL(2).pdf
4. Brave Heart, M. Y. H., & DeBruyn, L. M. (1998). The American Indian holocaust: Healing historical unresolved grief. American Indian and Alaska Native Mental Health Research, 8(2), 60-82. THE AMERICAN INDIAN HOLOCAUST: HEALING HISTORICAL UNRESOLVED GRIEF (iohs.education)
5. Broady, K., McComas, M., & Ouazad, A. (2021). An analysis of financial institutions in Black-majority communities: Black borrowers and depositors face considerable challenges in accessing banking services. Brookings Institution. https://policycommons.net/artifacts/4142512/an-analysis-of-financial-institutions-in-black-majority-communities/4950337/