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Abstract:
Low levels of financial literacy in the United States, coupled with persistent disparities across demographics, have heightened calls for more effective adult financial education. Although strong associations exist between adults’ financial knowledge, behaviors, and outcomes, far less is known about whether, and how, increasing financial knowledge leads to meaningful changes in financial capability and well-being. This article synthesizes the current research on adult financial education, highlighting the field’s underlying assumptions, available curriculum models, and limited but informative evidence base on program effectiveness. Existing studies point to promising practices, such as providing actionable, timely information, supporting motivation, and offering ongoing guidance. Yet, no fully evidence-based adult financial education model currently exists, and much of what is known about educators, learners, and instructional strategies may not reflect the current state of adult education. We argue that the field lacks a comprehensive, contemporary understanding of who delivers financial education, who participates, what programs entail, and what outcomes they produce. We conclude by identifying critical gaps and proposing new lines of inquiry, including a shift toward community-centered conceptions of financial capability and well-being. Collaborative research and practice are needed to build an evidence base that advances equitable and effective adult financial education.
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Abstract:
Financial literacy, the ability to use knowledge and skills to manage financial resources effectively, remains unevenly distributed across the U.S. adult population, with notable gaps among individuals with lower educational attainment, limited income, or little prior exposure to financial education. For many adult learners, these gaps stem not from a lack of motivation but from limited access to learning opportunities, often constrained by work, family responsibilities, and economic instability. COABE views financial literacy as essential to its mission of supporting adult learners’ academic and economic success. The Jump$tart Coalition for Personal Financial Literacy shares this commitment, collaborating with more than 100 national partners and a network of state affiliates to promote financial literacy and strengthen financial education nationwide. Using data from national studies, this article examines the relationship between educational attainment, income, and financial literacy performance. The findings show consistent correlations across these variables and illustrate how financial literacy gaps contribute to financial vulnerability, including limited emergency savings, higher debt burdens, and reduced long-term stability. In response, the article argues for embedding personal finance instruction within adult education curricula across core subjects and workforce preparation. It also highlights professional development resources available through the Jump$tart Coalition, supporting COABE’s commitment to equipping educators to meet learners’ broader life needs.