| There is a major theoretical gap in the literature as it relates to how the complexities of African American financial socialization networks (structures) intervene in the transmission of financial literacy, knowledge, perspectives, and behavior (processes; Danes & Yang, 2014). National and state personal financial literacy assessments historically exhibit the same outcome---African American teens demonstrate low to average financial knowledge performance when compared to their White counterparts (Lucey & Giannangelo 2006, as cited in Danes & Brewton, 2014; Lusardi & Mitchell, 2007). Correspondingly, it is important to assess financial knowledge, determine how other sociodemographic variables may predict the heterogeneity among subgroups in financial knowledge, and investigate why these differences exist. To this end, establishing a good financial education foundation influenced by the positive presence of socialization agents (e.g., parents, family, school, religion, peers, and media) may be a critical solution in refining the transmission of financial literacy, financial knowledge, behavior, and subsequent personal financial management. This research explored financial literacy acquisition and the determinants that may influence financial knowledge among African American teens. |
