ProposalDraft Submission:Relationship between Financial Literacy and Job Turnover Rates ofAfrican-American Males in Texas
Chapter 1: Introduction to the Study 4
1.0 Introduction 4
1.1 Background of the Study 5
1.2 Problem Statement 6
1.3 Purpose of the Study 7
1.4 Research Questions 8
1.5 Advancing Scientific Knowledge 9
1.6 Significance of the Study 9
1.7 Rationale for Methodology 11
1.8 Nature of the Research Design for the Study 12
1.9 Definition of Terms 13
1.10 Assumptions, Limitations, Delimitation 14
1.11 Summary and Organization of the Reminder of the Study 15
Chapter 2: Literature Review 16
2.0 Introduction 16
2.1 Background of the Problem 16
2.2 Theoretical Foundation and Conceptual Framework 18
2.3 Review of Literature 21
2.3.1 Financial Literacy 21
2.3.2 Financial Knowledge and Behavior of African-Americans 22
2.4 Summary 22
Chapter 3: Methodology 25
3.0 Introduction 25
3.1 Statement of the Problem 25
3.2 Research Question 25
3.3 Research Methodology 25
3.4 Research Design 26
3.5 Population and Sample Selection 27
3.6 Instrumentation 29
3.7 Validity and Reliability 30
3.8 Data Collection and Management 31
3.9 Data Analysis Procedure 33
3.10 Ethical Considerations 34
3.11 Limitations and Delimitations 35
3.12 Summary 35
Appendix 1 44
Chapter1: Introduction to the Study1.0Introduction
Thereis a need for the development of research that connects financialliteracy among African-Americans and job turnover rates. The presentstudy will seek to address decreased degree completion and theincidence of job turnover rates and link the findings to the extentof financial illiteracy, money management, and retirement planningamong the black males of ages 23-30 in Texas. Financial literacy isconsidered to be the answer for the puzzle of financial woes thatpresent in the personal lives of people (Hasting, Madrian &Skimmyhorn, 2013).
Governmentsand financial experts in both the developed and developing worldshave instigated financial education. The need for literacy infinancial education has been supported in almost all aspects of lifeas noted by Taylor & Wagland (2013), thus indicating the need forfurther insight into the subject. However, despite the support forfinancial literacy, illiteracy in the subject area, as noted byTisdel (2016), tends to be common in the African-American community.In reality, financial illiteracy among blacks has been linked topoverty among the members of the race (Edward, Thompson, Jamael,Olomoba, & Jordan, 2013). In fact, a majority of theAfrican-Americans do not have essential financial assets or highreturn assets (Lusardi, 2005).
Financialilliteracy among African-American and Hispanic is clear from the poorscores that have been garnered in the communities regarding basicfinancial concepts like debt (Cooper, 2016). The article by Stanek(2014) reveals that African-American workers, as well as theirHispanic counterparts, have half as much saved for retirementcompared to whites. Stanek (2014) points out that for financialsuccess and avoidance of poverty, financial literacy must be present,meaning that financial illiteracy is linked to poverty. This study’sfindings will seek to fill this gap by researching how or whyAfrican-American males between the ages of 23 and 30 encounterfinancial literacy voids that relate to decreased degree completionsand job turnover. Specific themes will be financial illiteracy, moneymanagement, and retirement planning for African-American males.
1.1Background of the Study
Thejob turnover rate in the southern states, which is inclusive ofTexas, has been identified to be higher compared to other regions asestablished in the figures by the Bureau of Labor Statistics (2017).These statistics indicated a range between 3.6% and 3.7% duringAugust through December 2016 (Figure 1). Statistics over a similarperiod in other regions are as follows: The North Eastern region,which includes Maine, New York, and New Jersey, has a turnover rateof 2.9% to 3.3% (Figure 1). The Midwest region, which includesIndiana, Iowa, and Michigan have a turn-over rate of between 3.2% and3.5% (Figure 1). The West region, which includes but not limited toAlaska, Idaho, and Arizona has a turn-over rate of between 3.4% and3.6% (Figure 1). As given by the US Department of Labor, the cavityconnecting the overall U.S. unemployment rate and the rate forAfrican-Americans in 2015 was 4.3 percentage points (U. S. Departmentof Labor, 2015).
Thecurrent literature discusses the concerns about high job turnoverrates among African-American males. According to Quinn (2016) theAfrican-American employment rate at Intel in 2014 was 5.1 percenthowever, this rate dropped in 2016 to 4.8 percent. The reason couldbe attributed to the dynamic labor market (Quinn, 2016). The culturethat is present in the workplaces could also be a contributing factorto increasing job turnover rates (Quinn, 2016). The culture in theworkplace could be one that does not allow blacks to speak out or onethat is uncomfortable for the members of the community (Quinn, 2016).It could also mean that the ‘code’ of the African-Americans hasnot been cracked (Quinn, 2016). Given that financial literacy iswrapped under well-thought decision-making, as identified by Littelland Hopkins (2015), there is a high probability that high jobturnovers among African-American males indicate illiteracy. It is thesame illiteracy that accounts for degree completion failures, whichfurther leads more black males to the snares of unemployment asindicated by Morrison (2015). The key message is that decreasedcompletion of degrees and financial illiteracy is prevalent in thesouthern states, where in this case the state of Texas andAfrican-Americans males therein are affected.
Itis not known how or why African America males between the ages of 23and 30 encounter financial literacy voids that relates to decreaseddegree completions and job turnover rates. After the recession in2007, it is notable that financial illiteracy was a problem withAfrican-Americans (Johnson, 2011). The problem is because theAfrican-American males fail to acquire higher education, whichfurther worsens the rate of unemployment, which in 2015 was at 10.4 %and 23.7% of these had attended college meaning the other 76.3% didnot attend college (Morrison, 2015). Black males that go ahead tostart higher education end up quitting along the way because of thehigh cost of attendance (Greenfield, 2015). Financially destructivebehavior among black males is responsible for their poverty (Tisdale,2016).
Theproblem of financial illiteracy is common across the country but moreprevalent among African-Americans than in other ethnic communities.Therefore, the study will seek to determine the Ethnic FinanceKnowledge of Black people community and the relationship betweenfinancial literacy and job turnover among black males in Texas. Tostudy the affected population of Black-Americans, this study willcollect primary data from a section of African-American universitystudents in Texas. Participants will be randomly selected from thepopulation of interest
Informationcollected during the study will be used to help in resolving thecurrent state of affairs. Information from the study will add to theexisting pool of knowledge to be used as reference data by otherscholars, educationists, and human resource managers. Byunderstanding the existing conditions, education stakeholders caninstitute changes to help reduce the number of college dropouts amongAfrican-Americans. Similarly, employers can make use of the findingsof this study to increase job turnover and improve the financialstatus of their Black employees through training in money management,investment and savings Moreover, Scholars can make reference toestablished findings from the study.
1.3Purpose of the Study
Thepurpose of this study is to use a qualitative approach to aphenomenology design to undertake a study on purposive selectedAfrican-American male students aged between 23 and 30, drawn fromTexas. The aim will be to understand why the degree completion isrelated to financial illiteracy, money management, job turnover ratesand retirement planning.
Toeffectively accomplish the objectives of this qualitative study bothsecondary and primary data collection tools and procedures will beemployed. Primary data collection will make use of open-endedquestionnaires. A pilot test will be conducted to ascertain theefficiency of the questionnaires before the study is conducted.Secondary data collection will make use of both published andnon-published peer-reviewed studies, books and other materialsconsidered to be relevant to this study
Thefindings of this study will seek to fill the research gap bydiscussing the relationship between ethnic knowledge, degreecompletion, financial literacy, job turnover, money management, andretirement planning for African-American males. The study will beguided by two research questions discussed below.
Thefollowing research questions will be employed to guide the study:
R1:To what extent is financial literacy related to job turnover ratesamong black males aged 23-30 in Texas?
R2:Howdoes Ethnic Financial Knowledge influence job turnover among blackmales of age 23-30 in Texas?
R1will be helpful in the collection of primary data as it will be usedto guide the formulation of questions and the development of aneffective questionnaire. A pilot study will be conducted to ensurethat the formulated questions are not ambiguous and can be understoodand answered by the participant without necessary assistance. Resultsof the pilot study will be used to develop a more engaging open-endedquestionnaire for the collection of significant data. Any statisticaldata collected during the primary process will be analyzed to answerR1. For instance, questions to be expected may include: “How do yousave for the future?”
Onthe other hand, R2 will guide the collection of secondary data.Information collected from secondary sources will assist in theformulation of a theoretical framework for the study. Under R2, anexhaustive review of the existing body of literature on the financialliteracy of African-Americans will be conducted. Questions to beanswered during the collection of secondary data include EthnicFinance Knowledge of American-American and the influence of historyon financial literacy, money management, saving for retirement andjob turnover.
1.5Advancing Scientific Knowledge
. Current studies give little detail on the influence of culture andvalues in the making of financial decisions. For African-Americanmales in Texas, the values of family support, and their experienceswith economic hardship have been passed down as social and culturalcapital. Understanding this social-cultural explanation could help inthe development of policies and programs to help reduce povertylevels as well as the struggle for monetary wealth amongAfrican-American males in Texas.
Theconnection of the economic history of African-Americans and studieson cultural and social capital leads this study to speculate themethods of making financial decisions being employed byAfrican-Americans. While financial illiteracy has been dealt withvastly, there is a need for research to explore the gap between thefinancial literacy of African-Americans and that of Whites. The‘filters’ employed by an ethnic group or class group when makinga financial decision has rarely been explored.
Consequently,the study will seek to address the existing gap in literature andknowledge about the finical literacy of African-Americans and howthis influences how they make financial decisions. Though thefindings of the study may be specific to sample population and cannotbe translated to the larger Black-American community, results canform part of a body of reference data on similar topics. This in turnwould influence the development of future scientific knowledge.
1.6Significance of the Study
Blackshave had a history of economic disparities in the U.S. Many of themare descended from former slaves forcibly transported and given workwithout pay. They were subjected to a system of economic exploitationfor more than 200 years before passage of the 13thAmendmentin 1865. Unfortunately, the opportunity for land and propertypossession was never realized because there never was a massiveredistribution of land to freed slaves. For a long time,Black-Americans continued to suffer segregation even after the civicamendments that saw the signing of the Civil Rights Act in 1964 thatoutlawed racial segregation in schools, the 1965 Voting Rights Act in1965. Evidently, African-Americans have been perpetually left out ofwealth accumulation opportunities in American history all through the20thcentury. This has led to distrust of the economic system.
The21stcentury hasn’t been significantly different as institutionalracism, and unfair financial lending practices are current barriersto development. According to Gun (2016), African-Americans are atgreater financial risks today because of the foreclosure crisis andsubprime loans. The legacy of oppression has resulted in whatBlack-Americans are experiencing today. This argument is evident incontemporary American societies since African-Americans are stillstruggling with disparities in occupation and wealth accumulation.
Existingknowledge on wealth disparities indicate the lack of enjoyment amongAfrican-American for the full participation in national accumulationof wealth (Gun, 2016, and Edward, et al., 2013). An averageWhite-American has 15 times more wealth than an averageBlack-American (Edward, et al. 2013). Disparities in labor and wagesare also large for the two groups even when working in a unitorganization. The perpetual inequality endured by Blacks has createda deep and wide gap between the experiences of Whites and Blacks.
Thisstudy is significant because the findings will be critical in theidentification of strategies that will address the essence ofpersonal financial literacy among African America males between ages23 and 30 in the state of Texas. The study will base its argumentsfrom the theories of planned behavior and knowledge gap, inidentifying the possible way forward mechanisms of mitigatingfinancial illiteracy and its effects on the decision-making abilityof young black males. The study is an addition to the existing bodyof knowledge given that it narrows down to understanding theconsequences of illiteracy among black males of ages between 23 and30 in Texas. The study will solve the trending topic through dataanalysis.
1.7Rationale for Methodology
Thestudy methodology will employ a qualitative approach through the useof questionnaires, semi-structured focus group, and interviews. Thequalitative approach is important to the study given that explorationof the depth of the phenomenon under study can be captured. Theinformation obtained from utilizing the methodology will be used togain an in-depth understanding that is essential in giving meaning tothe findings behind the research questions. Meaning can be drawn fromthe views of the subjects regarding decreased degree completion andthe incidence of job turnover rates and the linkage of the findingsto the extent of financial illiteracy, money management, andretirement planning among the black males of ages 23-30 in Texas.
Therationale for the methodology is that investigation for the wholemust be conducted for a phenomenon to be comprehensive. Where aquantitative research approach or statistical procedures cannot beused, “a qualitative approach is extremely useful” (Maxwell,2012). The study will aim to understand how financial literacy amongblack American s is linked to job turnover.
Eventhough qualitative research is considered highly valuable, theycannot be used to examine complex aspects like mean, range andtexture. Qualitative research emphasizes on personal perspectives,behaviors, and experiences. This study will borrow tenets from theconcept of ‘organic intellectual’ developed by Gramci which makesreference to lived experiences and informal education of the groupsto be examined. The study will rely on the expertise and experiencesof those who live the Black life.
1.8Nature of the Research Design for the Study
Theresearch design that will be employed is phenomenology. Phenomenologyis critical in identifying the reality of situations from the livedexperiences of people (Maxwell, 2012). The research design will becritical in understanding the experiences of the subjects through theuse of the research questions. Insight on financial illiteracy, jobturnover rates among the African-American black males between ages 23and 30, in Texas and the decrease in degree completion, management ofmoney and retirement planning will be garnered through the livedexperiences of the subjects.
Whilethe importance of family on cannot be ignored, individual views onfinancial matters are borrowed and learned from this primary sourceeven though there are embedding institutions like schools, churchesand the community at large. The study will progressively focus onindividual male of African descent. What will be critical to exploreare the research questions, R1 and R2.
Samplepopulation will be ranged from the age of 23 to 30 during theinterview, all of whom are male. Nonrandom sampling will be employedsince the study is not statistical. The nonrandom sampling techniqueto be used is the convenience sampling which depends on the judgmentof the research to determine who if convenient for the study. Thissampling method is common in exploratory research and will be used inthe current study to approximate the validity of data within therealms of exploration as suggested by Maxwell (2012 and Price, 2013). According to Price (2013), Convenience samples can be inform ofpress reports, text messages, investigation records, testimonies fromcommissions of truth and inquiry, among others which can then becompared and analyzed.
1.9Definition of Terms
Theterms below will often be utilized within this study.
Financialliteracy.Refers to the ability to show sufficient knowledge of factualeconomic concepts through behaviors influenced by experience andconcern for financial matters (Roulet,2015)
African-American.Participants of African descent who were born and raised in theUnited States.
Jobturnover.This study uses the definition of OECD Glossary of Statistical Termsreferring to job turnover as “the net change in employment betweentwo points in time.” That is, “the total number of jobs createdless the number of jobs which have disappeared” OECD EmploymentOutlook (2017).
FinancialMarket.A range of monetary markets like foreign exchange markets, insurancemarkets, banking and commodity markets. This term will be used in thestudy to refer to aspects requiring monetary exchange. These exchangeof funds can be regarding banking, lending and loan receivership,saving, consumption, insurance, among others. Generally, during thestudy, the term will refer to personal finances.
Culturalcapital.Refers to the knowledge, beliefs, and behaviors acquired through thecourse of life to equip an individual for social life. The most basicsource of cultural capital is the family.
Socialcapital.Refers to resources within one’s social environment achievedthrough a series of repeated exchanges between members of a givengroup or association of groups.
African-AmericanSolidary Tradition.This refers to the struggle for independence by Black-Americans andhow it influenced their survival from one generation to another. Itincludes any form of economic help among families. Solidaritytradition is characterized by extended family network, communalismand fictive kin.
EthnicFinance Knowledge. Is a concept suggesting that history of an ethical group hasimplication on financial understanding usually passed down within thefamily to ensure survival. These survival tactics have economicelements that influence financial decision making and understanding.
1.10Assumptions, Limitations, Delimitation
TheStudy assumes that participants have different experiences andindividual uniqueness. The proposal projects that the findings, likein other qualitative studies, cannot be extrapolated to cover widerpopulations without further investigations. Qualitative work cannotbe generalized because findings cannot be tested for statisticalsignificance. Results may also be unique to the sample population ofthe study. Furthermore, unintentional bias among research has beenknown to influence qualitative work.
Accordingto Kiviat & Morduch (2012), financial education and financialbehavior are positively linked. As such, certain assumptions have tobe addressed. First is that education together with knowledge,skills, and information can influence positive change of financialbehavior. Second, individual with negative financial behavior havefinancial illiteracy and lack the fundamental knowledge and skills.Last, instruments to be used in the study will be valid and reliable.
Amajor limitation of this study is that not all respondents can beaccessed. But even if they could be accessed, the cost would be toohigh. More, the sample of the study is too small to give asignificant reflection of the state of affairs at national levels.
Thestudy will use a written instrument of survey that has been usedbefore to measure financial knowledge by FINRA (2010). The reason forusing this questionnaire will be to maintain standards andconsistency. The study will, therefore, assume that the instrument isviable and reliable without necessarily testing it.
1.11Summary and Organization of the Reminder of the Study
Chapter2 reviews literature on African-Americans, financial literacy,cultural capital and their relations to job turnover. The chapterwill give an overview of the historical origin of African-Americansand highlight the perpetual disparities in occupation, wages, andwealth. Furthermore, the chapter will purposefully help readers tounderstand financial literacy and its components as well as the roleof cultural capital and social capital in understanding the dynamicsof this study. The review of literature will also introduce theconcept of ethnic finance knowledge as the theoretical framework forinterpreting the results of the study.
InChapter 3, the methodology employed in the study is described. Thechapter explains the theoretical approach utilized throughout thestudy and the use of phenomenology and grounded theory. Furthermore,the chapter also details the research design of the study andprocedures used in the collection of data.
Chapter2: Literature Review2.0Introduction
Chapter1 discussed the rationale for studying the knowledge andunderstanding of African-American’s about financial matters andtheir historical, cultural values that influence their currentfinancial situation within the society. This chapter will present thetheoretical foundation and discuss the continued economic difficultybeing experienced by African-Americans with a focus on householdincome, wage and wealth inequalities as influenced by job turnover.
2.1Background of the Problem
African-Americansmake up nearly 13% of the total United States population according tothe 2008 US Census. The U.S. Census Bureau projects that theAfrican-American population will constitute approximately 15% of theentire U.S. population (Kimberly,2011)with immigration from Africa being the major contributor to theprojected expansion.
Typically,the African-American community is diverse and includes families whoseancestors involuntarily arrived in America through slavery and thosewhose ancestors voluntarily immigrated from the Caribbean and Africato this country. As stated, a majority represents those who werebrought in to this country through slavery (Pelletier and Taylor,2016). However, there are those that came into the U.S. as free menlike the Atlantic Creoles considered to be the first Black people toreach the mainland (Pelletier & Taylor, 2016). Though they camein as merchants, the Atlantic Creoles were not immune to the economicconditions that pulled people into slavery, such as the potentialprofits of the American plantations. The population of the Caribbeanwas also brought from Africa and enslaved to the Northern Atlantic. Still, they were freed from bondage before slaves in North America.Most of them came into the US during the 1920s seeking bettereducation and employment opportunities (Earle, Joshi, Geronimo &Acevedo-Garcia, 2014). Settling into the US, Caribbean immigrantsshared many experiences with African-Americans (Earle et al. 2014)though partially since their entrepreneurialism and perceived hardwork ethics were valued by White American employers.
African-Americanshave continued to strive with the challenge of attaining economicsuccess plagued by structural inequality in wages, wealth, andoccupations. This study has consistently mentioned the existingwealth disparity between Whites and African-Americans as supported byliterature (Chambers & Michelson, 2016). As indicated in thetable below, there exist a huge disparity in the distribution andsustainability of wealth between Whites and Black.
Table1: Percentage of Household Asset Ownership by Race in 2000.
Disparitiesare also apparent in wages and occupation from non-college, minimumeducation to advanced degrees. For instance, African-Americans in themedical field only comprise 4% of surgeons and doctors and earn 29 %less as compared to their White counterparts (Camera, 2015).Additionally, there is also a disparity in the fields occupied byAfrican-Americans. Evidently, more Whites are getting employment atmanagerial and professional levels than do African-American men(Camera, 2015). The following data from the Bureau ofLaborStatistics shows that Whites receive better-paying jobs thanAfrican-American who typically have lower paying and salesoccupations (Table 2). This occupational segregation can help inexplaining why Blacks are over-represented in low-income jobs withheightened hardships influenced by unemployment and the economicdownturns.
Table2.Laborforce characteristics by ethnicity
2.2Theoretical Foundation and Conceptual Framework
Theconnection of the economic history of African-Americans and studieson cultural and social capital ignites a speculation on the methodsof making financial decisions being employed by African-Americans.While financial illiteracy has been dealt with in by severalscholars, there is a need for research to explore the gap between thefinancial literature of African-Americans and that of Whites. The‘filters’ employed by an ethnic group or class group when makinga financial decision has rarely been explored. This study refers tothis filter as the Ethnic Finance Knowledge (EFK).
EthnicFinance Knowledge is the concept suggesting the influence of ethnichistory and values passed down on the understanding of financialdecision making to ensure survival. These survival techniques areknown to host economic elements that can filter the understanding ofcontemporary financial issues. Current measures give little detailon the influence of culture and values in the making of financialdecisions. For African-American male in Texas, the values of familysupport, and their experiences with economic hardship have beenpassed down as social and cultural capital and can be a benefit orliability in navigating financial markets. Understanding thissocial-cultural explanation could help in the development offinancial literacy policies and programs that understand thefinancial behaviors contributing to the maintenance and increase ofpoverty levels as well as the struggle for monetary wealth amongAfrican-American males in Texas.
A notion that can be used to give ground and enhance theunderstanding of the EFK concept in financial literacy originatesfrom prior knowledge found in the scientific literature on educationand cognition. Dooleyand Schreckhise (2016)argue that prior knowledge is essential in learning and providesscholars with conceptual models that help in filtering new knowledge.In this study, prior knowledge would be social-cultural capital infinancial literacy passed on as family culture and values. This priorknowledge will be the essence of the conceptual framework, EFK.
Chapter1 briefly discussed the EFK idea within existing studies. Theliterature on the dynamics of ethnic enterprise and enclaves (Dooley& Schreckhise, 2016 Carson,2013)and rotating credit associations (Wu& Hutchins, 2015)align to some of the perceptions surrounding EFK. They all representethnic, economic survival tactics usually among those found in theimmigration history of the USA. A prime example of EFK is theimmigration history of the Koreans into the United States in 1883.The number of immigrants grew immensely after lifting of the 1924Immigration Act and the 1952 overriding of Former President Truman’sveto by parliament on the McCarran-Walter Immigration Act thatoffered Asian the chance to seek naturalization (Meier& Sprenger, 2015 Wu & Hutchins, 2015).When Koreans arrived, they engaged in entrepreneurship and smallenterprises that were characterized by nepotism. Wu& Hutchins, (2015)note that Korean culture highly values ethnic solidarity and isseldom concerned about competition. Koreans thus hire kinsmen meaningthat very little is paid as labor wages. The understanding is thekinsman imparted business to his workers to help them sustain theirfuture businesses. As a result, there was an overproduction of Koreanentrepreneurs who found themselves in direct competition with otherethnic or family co-members. Influenced by their history of externaloppression and communal assistance during financial difficulties, theKoreans felt assaulted by the matter and made efforts to limitcompetition among themselves by encouraging ethnic unity and opennessabout business needs. Clearly, their history and values influencedtheir financial knowledge and behavior which in turn ensured theireconomic survival (Edwards,McMillon, & Turner, 2015).
Anotherexample of EFK is the rotating credit association (RCA) found amongseveral ethnic groups including Koreans, Caribbean/African, andJapanese ethnicities. RCAs are informal organizations wherebymembers make regular monetary contributions that are subdivided amongmembers in various cycles (Thompson,2017).While RCAs have existed in the home countries of immigrantcommunities, they have thrived in the United States surviving assurvival tactics and representation of the value of solidarity.Participants have managed to pool funds for various expenses includeseed capital, mortgage and general management of cash flow. Relatedto RCA is the mutual aid society prevalent among African-Americans.Mutual aid societies (MAS) have assisted people to pool financialresources together to provide essential needs that the state wouldnot meet including medical care, burial insurance, schools, homes,and other forms of welfare (Wuand Hutchins, 2015).
Theconcept of EFK constructed in this study recognizes the history andcultural values in ethnic enclaves, RCAs and MAS. These types ofexperiences are the source of EFK. However, ethnic finance knowledgeis more inclusive including behaviors and general knowledge within agiven ethnic group. It reinforces the notion that members of a givenethnic group have unique experiences and understanding about money.The study will analyze how participants make financial decisionsusing the components of EFK.
2.3Review of Literature2.3.1Financial Literacy
Theknowledge of money and monetary transactions has gained popularityunder the name of financial literacy. The term is relatively new,and business and economics literature have used it since the firsthalf of the 1990s to address programs and campaigns from governmentagencies, banks, as well as community groups and organizations(Spaulding,Lerman,Holzer & Eyster, 2015).However, detailing the elements making up the meaning of the term ismade difficult by the compounded literature on the subject offinancial literacy across institutions, programs, hearings andwebsites of relevance. Earlier initiatives and programs on financialliteracy focused mainly on financial understanding of the fundamentalconcepts of proficiency in budgeting, saving, spending, debt andcredit. Nonetheless, the financial world has become more complex asresult of the economic downturns and advancements in technology whichled to the expansion of definitions to include advanced elements likestock and bond, pension, mortgage restoration and the transitionbetween jobs following layoffs (Wooldridge,2016). Several studies have examined individual components of financialliteracy (Wooldridge,2016 and Rubenstein et al. 2016)but few have managed to cover the full scope.
Asa result of a limitation in the scope of this study, the discussionwill not highlight the extensive possibilities of existing topicsthat could qualify as components of financial literacy revealed in anexhaustive review of both scholarly and non-scholarly literature. Itis, however, important to note that financial literacy componentsinclude experience, knowledge, and behavior. All of these componentsare needed for the comprehensive assessment of financial literacy(Rubensteinet al. 2016).As such, the next subsection of the literature review will focusbasically on the factual knowledge and behavior of African-Americans.
2.3.2Financial Knowledge andBehaviorof African-Americans
Researchon financial literacy over the past three decades has mainly focusedon two areas: assessment of factual knowledge about money, andevaluation of specific areas of personal finance. Tests on financialliteracy present scores of assessment results to media as findings ofwhat Americans ‘know’ about finance. Studies focusing onspecific areas of personal finance focus on demographic influence onthe financial literacy of an individual within the geographic area(Irvin,Byun, Meece, Reed, & Farmer, 2016).For examples, some studies investigate the demographic aspects offinancial literacy like gender, age, experience, education levels,marital status, and ethnicity (Noguera,2014).Although studies focusing on African-American are few, their findingsare consistent. Though the studies are not prominent in literature,the social-economic statistics discussed earlier indicate the needfor enhanced understanding of the financial knowledge and behavior ofAfrican-Americans.
Hissection of the proposal is time-consuming, not only because of itsimportance but also because it carries information on the scope ofthe study. The focus of this study is on the financial literacy ofBlacks. Literature is reviewed relevant to the topic of the study.This literature is on the history and socio-economic background ofBlacks, financial literacy among African Americans, financialeducation, and human behavior.
Theliterature revealed that financial literacy scores forAfrican-Americans have consistently been below those of their Whitecounterparts (Irvinet al., 2016, and Rubenstein et al. 2016).Reports indicated that when investigated across various topics offinancial literacy like credit, saving, income, spending, and moneymanagement, more African-Americans fail as compared to their whitecounterparts (Spauldinget al. 2015).As such, fewer Blacks than White set aside emergency funds for rainydays to cover financial needs during a job loss or even sickness.
Furthermore,studies indicate that there is a great deficit among African-Americanon financial matters and aspects that favor their well-being(Spaulding et al. 2015 and Rubenstein et al. 2016.For instance, African-American will look to save for near-termexpenses like purchasing a car, as compared to Whites who wouldprefer to save for long-term expenses like retirement. Moreover,Whites have more high-yielding investment assets than blacks. Thesefindings indicate that while Americans overall have a general deficitand problem in financial literacy, for African-Americans the problemis consistent. Yet, the factors contributing to lower financialliteracy among Americans are unknown and why they do not fullyparticipate in opportunities of the financial market, like stocks andbonds. Structural constraints forced them to align their financialknowledge and behavior on money-making decisions perceived to be lessrisky.
Giventhe history and structural exclusion of African-Americans fromfinancial knowledge, the observed gap in financial literacy limitspersonal participation in the financial market. There is an existingfinancial knowledge among African-American households filtered fromthe perception of their financial world and mirroring their cultureand life. Because most African-Americans score have a low financialknowledge, many are likely to be unbanked or are victims of predatorylending and under-banked (Spaulding,et al., 2015).
Initiativeshave been channelled towards the provision of financial education forall people from the individual to the community level in America.However, financial illiteracy is still widespread in the U.S. today.African-Americans and Hispanics form the largest percentage of peoplewith low-education and low-income with disproportionate financialliteracy. Still, the American leaders in this frontier relentlesslywork to enhance financial health of Americans.
Researchsuggests that school, workplace and community are the primary sourcesof financial literacy for American (The White House, 2012). FINRA(2013 indicates that there is a direct link between financialliteracy, wealth and indebtedness. The effects of this relationshipimpact not only the individual but also the economy of the family,community, and the entire nation.
Thiscurrent chapter presents the methodology to be used in uncovering therequired answers to the phenomenon of Interest. The chapter describesthe research design, sample population, instrumentation, validity,reliability, data collection, data analysis procedure, ethicalconsiderations, limitations, and delimitation. This study will employa qualitative approach to gain insight into the observed differencesin financial literacy knowledge andbehaviorbetween African-Americans and White Americans and how this influencesjob turnover among African-American males in Texas.
3.1Statement of the Problem
AfricanAmerica males between the ages of 23 and 30 encounter financialliteracy voids that relates to decreased degree completions and jobturnover rates. Those black males that go ahead to start highereducation end up quitting along the way because of the high cost ofattendance. Financially destructive behavior among black males isresponsible for their poverty
R1:To what extent is financial literacy related to job turnover ratesamong the black males of ages 23-30 in Texas?
R2:Howdoes Ethnic Financial Knowledge influence job turnover among blackmales of age 23-30 in Texas?
Themethodology of the study will utilize a qualitative approach throughthe use of questionnaires, semi-structured focus group, andinterviews. The importance of the qualitative approach to the studyis given that exploration of the depth of the phenomenon under studycan be captured. The acquired information from utilizing themethodology will be used to gain an in-depth understanding that isessential in giving meaning to the findings behind the researchquestions. Meaning can be drawn from the views of the subjectsregarding decreased degree completion and the incidence of jobturnover rates and the linkage of the findings to the extent offinancial illiteracy, money management, and retirement planning amongthe black males of ages 23-30 in Texas.
Thefamily is important when it comes to money matters as the primarysource of knowledge. This study will focus on African-Americanexperiences both at family and individual levels and its relation tofinancial literacy and overall job turnover among African-Americanmales in Texas. The research design that will be employed isphenomenology. Phenomenology is critical in identifying the realityof situations from the lived experiences of people (Maxwell, 2012).
Phenomenologicalresearch describes the meaning of lived experiences or phenomenon bya group of individuals (Maxwell, 2012). There are two forms ofphenomenology: transcendental and hermeneutical. Hermeneuticalphenomenology focuses on the interpretation of responses to as givenphenomena or experience. Transcendental Phenomenology on the otherhand aims at describing the experiences (Gun, 2016). The approach ofphenomenology allows researchers to their personal experiences duringstudy preparations, collection and analysis of data.
Phenomenologyaims at describing shared experiences by participants to the studyand giving an interpretation of the overall meaning of the sharedphenomena. Maxwell (2012) asserts that phenomenology researchcollects data from individual participants with shared experiences toa given phenomenon of interest and develops a general description,that is, transcendental. Participants in this case are brought up inAfrican-American families living in the U.S.
Thoughthe experiences are broad, they inform the study on how financialknowledge is transferred and the economic experiences of both theindividual and family level. Potions of transcendental andhermeneutical phenomenology will be evident in the design of thestudy though they may vary depending on the type of question askedregarding the financial experience of the sample population.
Whilethe family is considered important when it comes to money matters,individual views on financial matters are borrowed and learnt fromthis primary source even though there are embedding institutions likeschools, churches and the community at large. The focus of this willstill be on African-American and their individual and familyexperiences. Critical explorations are based on the followingresearch questions:
R1:first are there any financial lessons passed as values withinAfrican-American families that are considered different frommainstream knowledge of money and economics. If there are, can thisknowledge and behavior be considered as financially literate orsavvy, and what is its effect on college completion and occupationselection.
R2:secondly, what is the existing body knowledge among African-Americanfamilies that is considered to be ethnic and unique to them? How thisknowledge is transferred to generation and its effects on jobturnover and money management.
3.5Population and Sample Selection
Thefocus of the study is male Texas residents of African descent. Thestudy will examine learned knowledge and behaviors and how theyinfluence completion of college education and job turnover. Responsesto the questions will be divided according to geographic origins andclass origins because of the existing differences in background andexperience.
Theprimary focus is on African American graduates. The literature onsocial science and financial literacy has largely left out importantspecifics about Black graduates and their issues (Hastings, et al.,2013). Have, this body of literature also recognizes the existingimplication of the history of African-Americans but has overlookedits value until recently when its intricacies began to be explored.
African-Americandemographics are however very complicated because of the existingdiversity within the group. The study will cover knowledge andbehavior in financial situations passed through generation ascultural capital, along with family lines of Black-Americans and howit affects group ethics and behavior around financial issues.Considering the differences within the group, the study understandsthat there are unique experiences and backgrounds thus, thedemographic origins contribute a certain level of knowledge toacquired cultural capital. The respondents will, therefore, bedivided into two major categories based on geographic origins(Southern, Northern, or Caribbean roots) and occupation (working orunemployed).
Samplingwill make use of non-probability methods of data collection, implyingthat participants will be selected from the population in a nonrandomapproach. Methods available for collection of such data includeconvenience sampling, snowball sampling quota sampling, and judgmentsampling. Convenience sampling is most common in recent studies andis usually used to get an inexpensive estimation of subjects (Price,2013). As suggested by the name, the samples will be selected becausethey are convenient according to the researcher.
Thereare no measuring standards for financial literacy and thereforemeasuring it is difficult (Prudential,2013).However, studies have previously measured financial literacy ofparticipants considering definitions provided by academicians andscholars. Quantitative studies have previously used questionnaires asinstruments together with research questions to test assumptions(Ramasawmy,Thapermail, Dowlut, & Ramen, 2013, and Prudential, 2013).
In1997, an initiative to conduct national surveys was started, theJump$tart Coalition for Personal Financial Literacy (JCPFL). JCPFLmeasured financial knowledge among high school seniors bienniallyuntil 2008 when the surveys began to include college students(Jump$tartCoalition for Personal Financial Literacy, 2012).
Knowledgeon financial matters pertaining to risk diversification, interest,and inflation have been use recently to measure financial literacy.These concepts are popular among finance researchers because they arestandard and consistent. They have been used across the U.S. (Lusardi& Mitchell, 2011c)
In2013, Prudential measured and defined financial literacy usingcombined questions on financial literacy designed by Kimberly andWillis, Lusardi and Mitchell, and others. This instrument assessedthe financial knowledge of participants in areas of compoundinterest, investment portfolio, products and markets, and portfoliodiversification.
In2010, FINRA used questionnaires to test financial literacy ofAmerican citizens. FINRA assessed the financial knowledge ofparticipants in risks, bond prices, inflation, mortgage, andinterest. The assumption of the study was that Americans needed basicknowledge on financial economics to help them sustain theirlivelihoods.
Datawill be drawn from both secondary and primary sources. The use ofboth primary and secondary sources is advantageous to the study,given that bias will be eliminated, and that acquisition of a vastpool of informationon the topic at hand(Shodhganga, n.d). Secondary sources will be identified from thereview of selectedliterature, while the primary source instruments will take note ofthe use of questionnairesand interviews as suggested by FINRA (2010).
Theinstruments will be used to assess five key areas of financialknowledge among participants such asrisks, bond prices, inflation, mortgage, and interest.The only preceding question will cover education level and incomelevel. The FINRA model will be used because: (1) survey records wereavailable to be used as reference data for this study, and (2) theinstrument has been tested for validity and reliability.
3.7Validity and Reliability
Qualitativeresearch in Social Sciences has often used instruments likequestionnaires to measure variables. However, results may vary. Tominimize these, researchers must ensure that instrument are not onlycorrect ones (valid) but also remain consistent for all cases(reliable). Therefore, a valid instrument is also a reliableinstrument (FINRA, 2010).
Theconcepts of validity and reliability are central to research. According toJump$tart Coalition for Personal Financial Literacy (2012)validity refers to the extent to which a given research instrumentmeets its supposed function of measurement. An instrument is rarely100% efficient. The degree of validity often varies depending on thetype of data being collected. The validity of questionnaires,observations, and interviews will be addressed through a pilot study.It is expected that these tools will be reliable in the collection ofprimary data.
Reliabilityis equally important in research for the development of acceptablescientific findings. Phenomenology has been used by otherresearchers including conducting similar studies on financialliteracy in the different aspects of age, sex, among other (Maxwell,2012 &Gunn, 2016).Phenomenology describes shared experiences by participants to thestudy and gives an interpretation of the overall meaning of theshared phenomena.
Phenomenologicalquantitative studies are being increasingly used in social sciencesto develop defensible knowledge. Phenomenology will be critical inunderstanding the experiences of the subjects through the use of theresearch question. Phenomenology allows for the development ofinsight on financial illiteracy, job turnover rates among theAfrican-American black males between ages 23 and 30, in Texas and thedecrease in degree completion, management of money and retirementplanning.
3.8Data Collection and Management
DataCollection employs a critical selection of instruments thatfacilitate any given study (Bastos, Duquia, González-Chica, Mesa, &Bonamigo, 2014). The instruments that will be utilized in the studyare questionnaires (open and closed-ended), interviews andsemi-structured focus groups. Purposive sampling will be applied whenaddressing the research question and hypothesis. Purposive samplingallows for the grouping of subjects into groups based on set criteria(Nieswiadomy, 2011). The sample of selected African-American malestudents aged between 23 and 30 drawn from Texas is expected to befive hundred. The aim will be to understand why the degree completionis related to financial illiteracy, money management, job turnoverrates and retirement planning.
Aninformal pilot study will be conducted at the preliminary stage ofthe study. The purpose of the pilot study will be to test theefficiency of the interview questions and to aid in the practice ofconversation delivery on financial subjects and family dynamics onmoney economics. The study will be conducted on five individuals. Allof the respondents will be male. The interviews are projected to takeup to one and a half hours and shall be recorded and may betranscribed or not depending on the type of notes recorded during theinterview. The main goal will be to test the clarity of interviewquestions and the type of responses received.
Afterthe pilot study, a semi-structured open-ended questionnaire will beadministered to guide the interviews. Interview questions will notonly be explanatory but will also cover several topics. Questionswill be created by the researcher on the basis of the findings fromthe literature review and informal interviews (pilot), experiencesand conversations on specific themes of relevance to the populationunder study: family values, ethnic knowledge on financial andcultural capital.
Beforethe interview questions are administered, participants will be madeinstructed on the nature of the study. Details on the procedure andthe role of the study will be outlined. Furthermore, participantswill be assured of voluntary participation and the right to withdrawat any given phase of the study without penalties whatsoever. Theresearcher will share information about the recording of interviewsand protection of identity and content confidentiality.Identification information will be cleared during data analysis, andrespondents will be represented by pseudonyms. Moreover, respondentswill be informed on the benefits of participations. Information willbe delivered verbally, and the same information will be availed on awritten consent form. Participants will have ample time to read andsign consent forms. The forms will be filled, signed and dated intriplicate. The research will also sign and date the documents uponreception.
Aspart of data collection during the study, preliminary interviews willbe conducted with representatives from at least two leading financialliteracy organizations in Texas. The interview will only cover alength of one hour and will serve the purpose of informing theresearch about elements of culture that lack within the education offinancial literacy. Information collected from these interviews willbe used to inform the development of interview questions and add tothe pool of data that will be discussed in chapter five of the study.Other than interviews, the researcher will observe the intervieweesas part of data collection.
Additionally,thorough analysis of electronic documents will be conducted duringdata collection. The internet remains a great source not only for thecollection of data but also as a provider of education on financialliteracy. A myriad of books and articles are available and will beused to inform the study on the available methods and resources onfinancial literacy.
3.9Data Analysis Procedure
Dataanalysis involves processes that are aimed at using statistical orlogical means to condense, illustrate and assess data, thus providinganswers to study queries (Statistics Canada, 2015). Data analysiswill take note of the following issues formation of a concept drawnfrom the results garnered (“QualitativeResearch Designs,” n.d).Concept development will then be done through selective sampling ofimportant literature (“QualitativeResearch Designs,” n.d).Concept modification will then be done, where a conclusion based onthe findings will be provided (“QualitativeResearch Designs,” n.d).Insighton financial illiteracy, job turnover rates among theAfrican-American black males between ages 23 and 30, in Texas and thedecrease in degree completion, management of money and retirementplanning.
Onceinterviews are done with, the researcher may transcribe therecordings. The transcription process will be useful especially inthe preliminary phase of the study. Questions will act as headingsbelow which each participant will give their answers. The data willthen be reviewed for emerging themes. According to Maxwell (2012)phenomenology data demands that the research reviews the transcriptsand highlight important statements, quotes and sentences that help inunderstanding the experiences of the interviewees. This process ofdata coding will allow the study to assess patterns of response toeach participant. Information falling outside the significance marginwill be recorded in notes and memos. After collection and coding ofinterview answers, data will be sorted and analyzed in a set ofthemes guided by the research questions (R1 and R2).
Adherenceto ethical norms is imperative in research (Resnik, 2016). Given thatthere is the potential of unethical conduct in a research study suchas unconfidentiality, subject selection bias, and misuse of theinformation drawn from the subjects, the study will have to operateas per strict ethical guidelines. The study will take note of andadhere to the ethical considerations, in agreement with theguidelines presented by the National Health and Medical ResearchCouncil (2017), throughout the study. The anonymity of the subjectswill be done to protect the identities of the subjects. Thedescription of the data collection method that will be used will beprovided data usage will be in compliance with the intended reasongiven to the data providers.
Additionally,participants will be allowed to withdraw participation at any phaseof the project without fear of any repercussions whatsoever. Whereasparticipants are free to leave the study, they will be informed ofthe potential benefits of participating in the research fully. If aparticipant opts out, their position will not be replaced by anotherand they are free to rejoin at heir will.
Theresearch will seek to emphasize on integrity by strict adherence tothe ethical principles and professional guidelines. Subjectrecruitment will be done in a purposive manner to ensure that thestudents are grouped based on set criteria. Site authorization willbe sought for before undertaking the study. African-American malestudents aged between 23 and 30, drawn from Texas. The aim will be tounderstand decreased degree completion and the incidence of jobturnover rates and link the findings to the extent of financialilliteracy, money management, and retirement planning among the blackmales of ages 23-30 in Texas.
3.11Limitations and Delimitations
The disadvantages ofusing phenomenology inresearch are thatthesubjectivity of the data leads to difficulties in establishingreliability and validity of approaches and information. It isdifficult to detect or to prevent researcher induced bias.
Chapterthree describes the research design, sample population,instrumentation, validity, reliability, data collection, dataanalysis procedure, ethical considerations, limitations, anddelimitation. Thestudy methodology will employ a qualitative approach through the useof questionnaires, semi-structured focus group, and interviews. Thequalitative approach is important to the study given that explorationof the depth of the phenomenon under study can be captured (Irvin,et al., 2016).
Theinstruments that will be utilized in the study are questionnaires(open and closed-ended), interviews and semi-structured focus groups.Purposive sampling will be applied when addressing the researchquestion and hypothesis (Nieswiadomy, 2013). Data analysis will takenote of the following issues formation of a concept drawn from theresults garnered (“QualitativeResearch Designs,” n.d).Given that there is the potential of unethical conduct in a researchstudy such as unconfidentiality, subject selection bias, and misuseof the information drawn from the subjects, the study will have tooperate as per strict ethical guidelines. The study will take note ofand adhere to the ethical considerations, in agreement with theguidelines presented by the National Health and Medical ResearchCouncil (2017), throughout the study.
Thenext chapter, chapter four, will discuss the findings of the study.This will include data from both primary and secondary sources ofinformation. The findings will then be analyzed in chapter five ofthe study.
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Figure1:Adapted from the New Release of Labor Statistics, 2017