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Education and Urban Society
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Short Changed: The Importance of Facilitating Equitable Financial

Education in Urban Society
Thomas A. Lucey and Duane M. Giannangelo
Education and Urban Society 2006; 38; 268
DOI: 10.1177/0013124506286942
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SHORT CHANGED
The Importance of Facilitating Equitable
Financial Education in Urban Society
THOMAS A. LUCEY
Illinois State University
DUANE M. GIANNANGELO
The University of Memphis
Through this literature review, the authors explore financial education’s relevance to urban society.
They consider research measuring children’s financial development by observing environmental
influences that affect both financial learning and personal judgments. These conditions neces-
sitate financial curricula addressing associated challenges. The authors recommend a cooper-
ative rather than competitive financial education curriculum. Such a framework would employ
student-centered instruction to create awareness of the societal consequences for financially
based personal judgments related to financial differences.
Keywords: equity; finance; urban settings
The financial illiteracy of American youth represents an important urban

education issue. When they leave high school, American students do not
possess basic knowledge of income, money management, spending and
credit, and savings and investments (Jump$tart Coalition, 1997). Recent
surveys document the general worsening of this financial illiteracy (American
Express, n.d.; Americans for Consumer Education and Competition, 2001;
Jump$tart Coalition, 2000, 2002, 2004). Financial education represents a
basic social skill, a multicultural challenge, and a governmental concern. If
or how urban educators address this challenge represents an important issue.
Knowledge of processes for acquiring, managing, and developing financial
resources represents a tenet for societal success. Surveys (Jump$tart Coalition,
1997, 2000, 2002, 2004; Lucey, 2002) suggest that most students lack sat-
isfactory knowledge in four financial education areas: income, money man-
agement, spending and credit, and savings and investment. This situation
EDUCATION AND URBAN SOCIETY, Vol. 38 No. 3, May 2006 268-287

DOI: 10.1177/0013124506286942
© 2006 Corwin Press, Inc.
268

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Lucey, Giannangelo / SHORT CHANGED 269
represents a predicament of different dimensions in urban settings because of

their increasing cultural diversity. Financial awareness serves as a particularly
important success measure in competitive urban settings—thus, financial
literacy represents a vital education interest for urban children.
Financial education challenges contain multicultural dimensions. Literature
(Lucey, 2002; Mandell, 2002) indicates that underrepresented children pos-
sess strikingly less financial understandings than their White peers. An
urban society comprised of culturally diverse populations should not ignore
its multicultural financial learning patterns. Failure to do so leaves under-
represented socioeconomic groups at risk. However, the notion of an urban
multicultural financial curriculum does not appear to have been extensively
investigated or advocated. A quarter century ago, Bristol, Weed, and Boger
(1979) observed lower economic literacy in low socioeconomic students. In
justifying their economics for a multicultural society program, they argued
that urban students required stronger economic understandings. Although
the proposed program stimulated awareness of urban economic differences,
it did not address associated disparities by ethnicity. To be comprehensive,
financial education curricula must account for multicultural conditions.
In a capitalist society, financial literacy represents a basic life skill that
all children require. Subpart 13 of the No Child Left Behind Act of 2001
formalized the United States’s recognition of financial education as an
important concern. Subpart 13 of the legislation (U.S. Department of
Education, 2001) intended to “promote economic and financial literacy
among students in kindergarten through grade 12” and provided funding for
related education efforts (U.S. Department of Education, 2001, p.1). With
this legislation, the federal government acknowledged a need for effective
financial learning. Financial education represents an urban multicultural
education issue acknowledged by the federal government.
This literature review explores the relevancy of financial education in an
urban society. The review draws from documents contained in the ERIC,
economic literature, and dissertation abstracts databases. Based on the
information contained in these documents, the authors also procured papers
presented at professional research conferences, recommended by financial
publications experts, and retrieved from Internet sources.
The review commences with a synthesis of literature identifying the
relevancy of financial literacy to children and its relevancy to urban set-
tings. Secondly, we point out the contextual influences on development of
financial behaviors before exploring the urban relevancy of this issue. We
then explore research into economic education processes before offering
recommendations for practice.

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270 EDUCATION AND URBAN SOCIETY / May 2006
FINANCIAL LITERACY AND CHILDREN
Financial illiteracy occurs well before students reach high school. Because
elementary school students experience similarly low financial knowledge
(Lucey, 2002; McKenzie, 1970), society can be expected to wrestle with this
problem for the foreseeable future. If children develop both cognitive and
behavioral patterns prior to and during elementary school, financial education
must occur during the early stages of cognition and behavioral development.
Although there has been much research concerning the development of
consumer understandings (e.g. Brenner, 1998; John, 1999; Schug & Birkey,
1985; Strauss, 1952), we believe that urban contexts subject children to a
plethora of consumer demands. Holst (1999) expressed concerns about the
consumer demands of young children in the United States, observing that
industries label children as young as age 3 as consumers. She recognized
the challenge commercialization places on creativity and self-discipline.
Teaching prudent financial behavior offers important long-term conse-
quences. If longevity of urban settings depends on resistance to conflict and
practice of innovation, urban educators must acknowledge the critical
nature of financial education.
Financial illiteracy plagues young children. Although McKenzie (1970)
documented the economic illiteracy of fourth grade students in rural Virginia,
an indicator of urban financial illiteracy came from Lucey’s (2002) survey of
financial understandings of the fourth graders in a southern city school sys-
tem. Students averaged correct responses to less than one half of all the survey’s
items and averaged similarly low scores on the survey’s money management
and spending and credit items. Urban children appear to be financially illit-
erate. Urban educators must work to improve this situation.
During their development, children expand their patterns of value judg-
ments and cognitive skills, which will be the bases for future economic
decisions. Suiter and Meszaros (2005) argued for the importance of facili-
tating financial education early in school, observing that children’s decision-
making skills and their increased spending propensity prompt this need.
Greenspan (2005) pointed out that financial education represents an impor-
tant process for preparing children to make sound choices and for thwart-
ing deceptive financial practitioners. Financial literacy represents an
especially important educational component for young children because
they need the guidance that will affect future decision making processes.
Among teens, financial illiteracy appears to plague both urban and rural
communities. Valentine and Khayum (2004) found that financial literacy
in southwestern Indiana high school students was affected by possession
of part-time employment, savings account ownership, and postsecondary

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education plans. They found no difference between rural and urban students.
However, their sample consisted of 300 economics students from only five
high schools. Although the limited sample affects extrapolation of results,
it appears that financial experience and aspirations relate to financial
knowledge. Urban educators must offer students both the practice and hope
necessary for success.
URBAN RELEVANCY
If similar degrees of financial understandings or lack thereof occur in both

rural and urban contexts, what prompts the urgency for affecting financial edu-
cation processes in urban areas? We argue that three challenges prompt this
need. First, students within urban settings experience stronger consumer-based
social pressures challenging sound financial decisions. Although technology
extends these pressures to rural areas, the digital divide subjects urban set-
tings to more intensive technological exposure than rural communities (U.S.
National Commission on Libraries and Information Systems, 1999; Wiburg,
2003), thereby having a greater effect on social behaviors (Monke, 1998).
Second, intense urban economic competition prompts the development of
children whose self-images relate to material comparisons (Trzcinski,
2002). Certainly, Bobbitt (2002) argued that these images extend to inter-
pretations of social identity. Although social expectations differ among eco-
nomic classes (Payne, 1995), some undependable evidence (Hogarth, 2002)
suggested that underrepresented populations suffer from unfair treatment
because of their financial illiteracy. Indeed, Cohen (2003) found patterns of
higher credit costs associated with car loans for minority borrowers. Urban
society needs a financial education curriculum that prepares students for
financial experiences in society, debriefs them about these experiences, and
facilitates a human awareness obscured by material dependence.
The consequences of low financial literacy are readily apparent. Caskey
(2002) pointed out that about 10 million households subsist without bank
accounts. In metropolitan areas, these circumstances prompt payment of
exorbitant fees for check cashing, money order purchasing, and bill paying.
This unbanked population consists mostly of low income minority (African
American and Hispanic) members. Formal financial education processes
provide opportunities for teaching underrepresented populations about
basic life skills.
Evidence indicates patterns of the unbanked stem from societal policies.
Doran and Fisher (n.d.) argue that a “racial wealth gap” (p. 5) results from
income, inheritance, and homeownership disparities. It also occurs because

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of differing entrepreneurial levels, profitability, and financial structures.

Yet, evidence indicates that population patterns and community involve-
ment represent important influences as well (Anas, 2002; Portney & Berry,
1997). According to Alesina, Baqir, and Easterly (1999), governments in
ethnically diverse municipalities provide less support for basic public
goods (e.g., education). Because public financial education represents a
particular challenge in urban settings containing significant populations of
underrepresented groups, urban educators must be cognizant of these needs
and develop appropriate responses. Multiculturally appropriate financial
education curricula represent important investments toward socially just
urban societies.
Urban areas exhibit the effects of these disparities. Patterns of foreclo-
sure and neighborhood change disadvantage underrepresented populations
(Baxter & Lauria, 2000), residential segregation remains problematic despite
reported gains (Glaeser & Vigdor, 2000; Logan, 2001), (in absence of credit
insurance) credit overrides prompt inequitable lending patterns (Courchane,
Nebhut, & Nickerson, 2000; Ross & Tootell, 2004), and geographic patterns
of predatory lending and preforeclosures occur (Newman & Wyly, 2004).
Underrepresented victims suffer from these circumstances because their
comfort with a costly system of parasitic financial markets (Caskey, 2002)
challenges realization of sound financial practices and motivation for change.
Efforts to address these situations occur. For example, collaborations
between financial corporations and advocacy groups (Citigroup, 2004) pro-
vide some effort to educate and to alleviate financial illiteracy. However, a
long-term solution requires that urban educators teach these skills to
children. By facilitating the foundational behavior and cognitive elements
necessary for prudent practice, urban educators offer potential for mean-
ingful economic and social change.
The literature (Martin & Oliva, 2001; Mundrake & Brown, 2001) generally
advocates early financial education efforts. Where these efforts occur, curricu-
lum standards facilitate financial education for secondary educators. Joshi
(2004) determined that New York state economic standards emphasized con-
tent about macroeconomic concepts (content involving economic patterns
associated with population groups). Financial education, involving tenets of
basic money practice, received less emphasis. Joshi’s findings suggest that
legislatures emphasize teaching of theoretical economic patterns rather than
basic financial management skills. It appears that legislatures marginalize
financial parity in society and encourage dehumanizing economic-based soci-
etal conceptualizations. Urban educators must recognize the negative conse-
quences of such policies and the benefits of more practical curricula.

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However, few legislative and curricular incentives motivate the imple-

mentation of financial education training for elementary school teachers. It
is important to consider the merits of legislating financial education for
early childhood, elementary, middle, and high school settings. Urban educa-
tors must proactively encourage public officials to pursue such policy.
ENVIRONMENTAL INFLUENCE
Contextual influences affect children’s development of financial knowl-

edge. Bronfenbrenner (1979) theorized that children develop within contexts
of several interacting societal systems. Vygotsky (1978) theorized that cultural
influences affect child development. Just as growth and behavior derive
from cultural and historical influences, similar development and behavior
processes influence personal financial practice. Varcoe et al. (2001) found
that teens of various social contexts differ in their financial education prior-
ities. Because children respond to modeled activities and contextual influ-
ences, public education represents a venue for providing sound financial
information, facilitating the knowledge to affect prudent financial behavior.
Likewise, developmental environments affect financial behaviors and
understandings. When asked where they learned most about money man-
agement, most students surveyed by the Jump$tart Coalition (1997, 2000,
2002) indicated learning about their finances from their families at home
and from managing their own funds. Indeed, nearly all the teenagers in an
American Savings Education Council and Matthew Greenwald and
Associates (1999) survey indicated parents as their primary financial infor-
mation sources. Children learn to manage finances by practice and guidance
from their parents.
HOUSEHOLDS AND PARENTS
Domestic contexts strongly influence consumer socialization, but differ-

ences occur within and among households. Phelan and Schvaneveldt (1969)
discovered that although household patterns influence consumer socializa-
tion, domestic settings do not compensate for individual economic learning
differences. Michael and Becker (1973) affirmed the diversity of household
patterns and argued consumer practices occurred through different condi-
tions. Churchill and Moschis (1979) found families that provided children
with opportunities to discuss consumption concepts encountered outside the
home. Moschis (1985) identified 10 ways families influence the consumption

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attitudes in children. The research indicates that families affect children’s

financial behaviors in many dimensions, with parents strongly influencing
this development. A meaningful financial education process must consider
and respond to the patterns of familial influences.
SOCIAL DIFFERENCES
Understanding differences in the development of financial behavior

patterns offers potential benefits for a diverse population of children. These
challenges affect sound child development because economic differences
foster many comparisons among children (Trzcinski, 2002). Because home
settings model consumer behavior patterns, urban educators must recognize
that social differences occur among domestic settings and that these differ-
ences prompt diverse patterns of financial behaviors among children.
Within urban settings, economic differences relate to financial under-
standings. Hansen (1980) found an inventory of economic influences (income,
savings, borrowing and lending, purchasing experiences, bartering, travel,
external influences [newspapers, television, radio, etc.]) correlated with
financial knowledge of urban male (but not female) third graders. Lucey
(2002) found that economic circumstances positively correlated with finan-
cial literacy in fourth grade students and also discovered positive correla-
tions between economic circumstances and both money management
concepts and financial concept applications. Financial knowledge comes
with financial awareness and practice. Urban students need opportunities to
both learn the financial rules for survival and gain opportunities to practice
their skills.
CHANGING INFLUENCES
Influences on financial development change over time (Hira, 1997); part

of this change consists of technological involvement. As society increases
its technological involvement, urban educators must recognize the associ-
ated financial and human effects. Our increasingly sophisticated society
differentiates classes based on patterns of technology ownership. As
Weatherford (1997) distinguished social classes by their money systems,
from electronic funds to cash, technology accentuates social disparities
through financial technology access and use. Those able to afford home
computers control financial accounts more effectively than those unable to
afford computers and not having financial accounts.
But technology not only affects the information available for learning finan-
cial tenets, it also represents a vehicle for accelerating financial transactions.

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As urban society becomes more technologically involved, those without ready

technology access experience increased potential for financial disadvantage.
Technology accentuates existing differences between those with financial
accounts and those without. Internet access creates access to funds outside of
normal business hours, thereby potentially increasing long-term investment
growth or savings income. The Check 21 Act (2003) accelerates businesses’
ability to collect funds while decreasing check-dependent account holders’
potential use of short-term credit garnered by float. Within urban society,
financial education requires a technology component teaching the importance
of both maintaining financial accounts and accessing them online.
The technological mismatch adversely affects underrepresented groups.
Among ethnicities, larger percentages of Hispanics and African Americans
do not use a computer compared to Whites (U.S. Department of Commerce,
National Telecommunications and Information Administration, 2002).
When controlling for education, Novak and Hoffman (1998) determined
that race represented a significant variable in comparisons of African
American and White home computer use. Whites of all education levels
were more likely to own home computers than African Americans. The dig-
ital divide contains financial dimensions that widen existing disparities
between Whites and underrepresented ethnicities.
The literature indicates societal and intergenerational influences affect
children’s economic understandings and behaviors, with corporate players
increasing their influence. In an increasingly technologically involved urban
setting where access affects both financial attitudes and financial develop-
ment, effective financial education curricula must address sound financial
practices and media decoding skills to counter impulsive financial practices
and judgments.
EDUCATIONAL PROCESSES
Determining appropriate instructional processes represents an important

element of the financial education system. The importance of this issue
involves the competitive nature of urban settings and the need to teach
children to negotiate both financial and social challenges. The financial
processes involve developing the discipline and tenacity to become for-
mally educated, pursuing regular income, controlling spending, and under-
standing insurances, credit, savings, and investment environments. Unless
educators teach children working understandings of the competitive urban
markets, children risk becoming adults who are victimized by predatory
lenders and unscrupulous financial representatives.

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The social processes consist of competitive consumerist views fostering an

idea of self-worth founded on acquisitions of goods and services. By advo-
cating ideas of self-respect based on possessionary themes, educators fail to
instill necessary resistance to spending impulses prompted by comparative
motivators. More problematic is that these processes prompt competitive
attitudes leading to inhumane attitudes. Sparks (1994) recognized the com-
petitive challenges of urban settings, including the high degree of violence
associated with low-income areas. She attributed these circumstances to
patterns of “institutional racism and the gross inequities . . . in terms of
income, employment, health care, education, and political oppression”
(p. 318). Urban educators must recognize the benefits of teaching children
to respect people of all financial circumstances. Developing sound curricu-
lum content involves reconciling ideas of financial accumulation and man-
agement with urban community.
CLASSROOM PROCESSES
Alleviating competitive environments requires modeling of nurturing

classroom communities. The development of student-centered settings rep-
resents an important vehicle toward community building. Economic theo-
rists have advocated open-ended classroom processes for some time. For
example, Stigler (1963) argued that economics education standards lacked
higher level thinking requirements and encouraged discussion of contem-
porary issues by considering legislative topics. Chapman (1966) noted eco-
nomics required practicality, commenting (as part of a sixth-grade curriculum)
that long-term goals should include a student’s recognizing the association
of economic processes with students’ lives and those of others. Ramsett
(1972) argued the economic learning at elementary grades should employ
open, flexible learning processes involving learning centers, teacher spon-
taneity, and student-interested environments. Research indicates student-
centered processes as effective for economic education.
Interactive communication and discovery appear to underlie successful
financial practice. Kourilsky and Murray (1981) found significant gains in
the economic reasoning, parent satisfaction, and child satisfaction associ-
ated with family budget processes. Their results indicated that dialogues
involving economic reasoning provided enhanced financial processes.
Berti, Bombi, and De Beni (1986) concluded that children require both
informational receipt and discovery to develop mature understandings of
economic concepts, such as profit. Through facilitation, children may develop
new economic interpretations. Laney, Frerichs, Frerichs, and Pak (1996)

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demonstrated that a combined cooperative and mastery learning method

prompts the most effective learning and retention process for economics at
the primary grade levels. It appears that both student dialogues and teacher
guidance represent necessary components to effective economic learning.
Urban educators should recognize the importance of employing complete
instructional repertoires.
CORPORATE INFLUENCES
In an economically competitive setting, urban educators must guard

against professional bias prompted by undue corporate influence. Early the-
orists recognized the challenges of professional bias. Stigler (1970) noted
that economics education involves an untapped values component, com-
menting “there are numerous value judgments on which the experts have no
expertise and [on which] there a very substantial divergence of views among
the experts on the most efficient policy to pursue” (p. 81). Financial expert
involvement prompts ethical challenges as well. Ajello, Bombi, Pontecorvo,
and Zucchermaglio (1987) pointed out the conflicts between teacher and
expert knowledge. However, expert involvement provides its share of chal-
lenges. Commercial financial education bias represents a documented con-
cern. Stanger (1997) illustrated how corporate developed financial educational
materials frequently contain commercial bias, resulting in poor financial
advice. Absent critical reviews, materials from profit-motivated financial
organizations present risks to creditable financial education content. Urban
educators should recognize the importance of facilitating dialogues among
children to enhance their comprehension of financial principles. As a pre-
requisite, we must command sound knowledge of financial principles to crit-
ically interpret content provided by corporate sources.
Corporate threats to financial education extend beyond the classroom.
Lucey (2005) indicated that Jump$tart Coalition’s survey of financial liter-
acy involves elements of social bias. Lucey (2004) elaborated the coali-
tion’s composition challenges its ability to develop equitable financial
education curricula. It was observed that the term financial expert mistakes
the nature of such professionals because the term commonly indicates rep-
resentatives of financial products rather than educators of financial skills.
The survey did not measure what was necessarily content appropriate for
the students’ socioeconomic contexts. To prompt socially relevant financial
curricula, urban educators should teach and assess content relevant to all
students. Assessments must consider the financial tenets of students from
all societal contexts.

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DEVELOPMENT AND ASSESSMENT
Effective financial education requires objective assessment of knowledge

and behaviors. Yates (1978) noted that economic education’s goals should
parallel student development and recognized standardized testing processes
do not adequately measure associated achievement. Although not address-
ing economic learning per se, Shepard (2000) challenged the established
system by calling for ongoing consideration of learner needs. With her
open-ended assessment theory, Shepard offered clear direction in assessment
processes. This framework encouraged positive feedback to boost students’
self-esteem and achievement. Likewise, assessments of financial under-
standings should involve open-ended elements facilitating learner efficacy.
By encouraging students’ creative expression of financial understandings,
urban educators affirm diverse perspectives that a community needs.
TEACHER KNOWLEDGE AND ATTITUDES
Teachers’ knowledge about academic content and their attitudes or beliefs

represent important learning elements. Teachers must understand their con-
tent and be motivated to convey it effectively. The same principle applies to
financial education.
Teacher understandings of financial principles represent important
determinants of students’ financial learning. Indeed, research (e.g., Murray,
Raths, & Zhang, 2004) shows a relationship between teachers’ knowledge of
mathematical tenets and their students’ achievement. Unfortunately, studies
(McKenzie, 1971; McKinney, McKinney, Larkins, Gilmore, & Ford, 1990)
suggest that elementary school teachers lack knowledge of economic (includ-
ing financial) content. Poor content awareness impairs opportunities for
student learning, Bosshardt and Watts (1994) demonstrated that students
comprehend economics better from Grades 4 through 10 through formal
economics courses taught by teachers with economics course work. Teachers
require formal financial training for successful implementation of financial
education curricula. Unless teachers adequately understand the content,
they cannot effectively communicate it to students.
Although Bosshardt and Watts (1994) did not strictly apply findings to
elementary school teachers, students learn more about financial principles
from teachers who have been exposed to financial information. Schug,
Wynn, and Posnansky (2002) experienced successes with elementary school
financial education programs when providing teachers with the necessary
financial knowledge. Clearly urban teachers need to be taught the financial
content necessary for improving associated student learning.

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Perspectives toward the content are also important. Chamberlin (1978)

found overwhelming teacher support of hazardous products and rights and
responsibilities as the areas of curriculum content, with selling techniques to
be the least favored area. Economic systems and selling techniques, topics
taught to aspiring entrepreneurs, held little worth in teachers’ views.
Chamberlin’s data suggested some differences between teachers’ and policy
makers’ economic education priorities exist. Teachers largely espoused defen-
sive or protective consumer-oriented education, where curricula contained
offensive (aggressive) income producing and financial management educa-
tion. Teachers valued topics that fostered responsibility within students, not
only for themselves but for the community. In an urban society, where eco-
nomic contexts represent strong behavioral and curriculum influences
(Lucey, 2003b), challenging implications for financial education occur. A
financial education curriculum based on wealth accumulation tenets of a
financial industry only prompts societal success based on possession terms.
Definitions for success lack the sorely needed human caring and account-
ability elements obscured by obsessions with pursuits of wealth.
Based on Chamberlin’s (1978) findings, teachers and administrators differ
in preferences of financial education content. These administrative priori-
ties mirror the economic priorities determined in Joshi’s (2004) findings of
deemphasized financial education. Policy makers prioritize macroeco-
nomic concepts prompting dehumanizing societal attitudes. Urban educators
must recognize the importance of commitments to community responsibility
and accountability.
Educating teachers about economic concepts may affect their attitudes
about associated classroom content. Schug (1983) found differences in teacher
attitudes toward economic concepts based on academic levels (preservice,
elementary, and secondary). Because economics course work represents a
prerequisite for licensure of secondary social studies teachers, research
should consider the possible relationships of economic courses, the content,
and associated teacher attitudes. Teacher financial education programs must
include a values or social justice component.
Student-centered processes prompt effective financial learning. However,
corporate influences impair development of appropriate content and challenge
accurate associated assessment. This situation results, in part, from weak
teacher knowledge, prompting acceptance of donated classroom materials
and implementation of inappropriate curricula. Effective financial educa-
tion requires objective content and assessment. However, such processes
require meaningful input from all education stakeholders—teachers, parents,
students, community, and administrators.

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ECONOMIC PERCEPTIONS
Historical contexts illustrate how social class relates to societal interpre-

tations. For instance, the upper-class classical Greek philosophers theorized
a societal order involving functional roles, whereas the Jewish peasant,
Jesus of Nazareth, conceptualized an open, random, society of humanistic
equality (Lucey, 2003a). Economic contexts strongly affect modern society
to the extent they now influence interpretations of state identity (Bobbitt,
2002) and of education institutions (Lucey, 2003b). They have also been
argued to affect interpretations of religion and associated moral ideas
(Lucey, 2004). A diverse and competitive urban society must recognize
economic contexts influence personal judgments and consider the associ-
ated human effects to meaningfully reconcile disparities of moral thought.
RECOMMENDATIONS
Urban settings prompt economically competitive environments. Financial

education represents an important tool, empowering students not benefiting
from domestic learning. To facilitate equitable financial learning and
respect for those of different economic contexts, we provide the following
recommendations.
CURRICULUM
Legislators and school administrators must facilitate financial education

beginning in elementary grades. Curriculum guidelines should address the
effects of financial circumstances on personal interpretations. The earlier
urban educators commence these processes, the greater the potential impact
for children. Lucey (2004) found educators in kindergarten through fourth
grades agreed with a character or values component to financial education,
providing support for this direction. Legislators and school boards should
recognize and respect the existence of contextually derived individual
financial learning differences and challenge related bias.
Teacher preparation programs must ensure their candidates take the nec-
essary courses to ensure understandings of basic financial principles. This
process facilitates teacher content knowledge that they may impart on
students. It also prompts the critical awareness necessary for scrutinizing
donated corporate materials.
Urban educators must foster student-centered learning processes that
facilitate and debrief students’ responses to awareness of different financial

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contexts, their associated challenges, and community needs. Through these

experiences children may develop experiential awareness of these condi-
tions and a sense of accountability for these situations.
Financial education curricula must consider a community approach that
involves parents, family, and community in the learning process. Such
efforts could prompt family learning efforts, providing bases for construc-
tive home dialogues.
Classrooms must employ cooperative community oriented experiences,
fostering accountability for collective human worth. By encouraging students’
listing of challenging skills, taking a field trip to local community centers, and
enlisting residents to teach the listed skills, educators may heighten awareness
and sensitivity to needs for interdependency. This experience could also be
reversed so students teach community partners. Such processes teach students
the need for human codependency regardless of economic contexts.
INSTRUCTION
Instructional processes should pursue student-centered models allowing

embrace of human commonalities. The models require facilitation skills to struc-
ture settings and debriefing skills to allow students’ verbal and written reflection.
For example, financial educators should employ student introductions
emphasizing community membership. Using random or blind selection
techniques to choose students for classroom participation equalizes chances
of student involvement and social parity, prompting an idea of random
equity with the classroom.
List and regularly rotate class officials (e.g., a class ambassador to escort
visitors from the school office to the classroom, or a class veterinarian to
care for class pets) so all students perform these roles, ensuring roles for all
students. This process allows all students opportunities to experience and
value all elements of their classroom society, instilling an idea of participa-
tion within all societal levels.
Pursue studies of historic conflict, discussing the economic perspectives and
exploring alternative efforts for resolution. For example, research the long-term
background of the conflict with Iraq and its economic causes. How could Iraq
and United States leaders have thought and acted differently to prevent such
military conflict? Because of limited textual content, social studies and history
texts contain shallow coverage of many historical events, limiting depth of
content coverage. Presenting balanced in-depth understandings of these
conflicts allows students to understand economic perspectives of different
cultures. By relating historical events to contemporary occurrences, students
meaningfully experience that they can connect with personal realities.

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Educators should use self-made instructional materials in their classes.

Not only does this process model the importance of frugality, it deters the
use of materials lessons developed by corporate entities, which may involve
content accuracy and bias.
Discuss financial institutions (including pawn shops) and their associ-
ated costs and benefits. This process allows students to examine existing
financial relationships and evaluate their appropriateness.
Conduct parallel studies of the economically disadvantaged when study-
ing political leaders. Discuss the associated economic relationships and
possible societal perceptions. Consider whether poverty represents an
ongoing issue or (as presented in history texts) one occurring in particular
times. This process facilitates awareness of ongoing economic challenges
and the need to develop creative ideas to address them.
Enact role-plays involving personal economic differences and responses
to them. Use role-play to re-create conflicts and have the class point out how
such conflicts could be resolved differently.
Conduct critical class research into successful historical figures touted
by textbooks. Diamond (1999) pointed out the role of fortune, as well as
hard work, in garnering societal fame. Educators should encourage research
into the contemporaries of successful people and their historical roles and
should discuss the criteria for financial success compared with those com-
monly espoused.
CONCLUSIONS
Personal finance represents an important urban education issue. In a

competitive setting, a sound urban financial education curriculum requires
a strong character or values component. In the following commentary,
C. S. Lewis (1960) interpreted the shapes of financial values.
If our expenditures on comforts . . . [are] up to the standard common as those

with income as our own, we are probably giving away too little. . . . We are
tempted to spend more than we ought on shadowy forms of generosity [tipping,
hospitality] and less than we ought on those who really need our help. (pp. 81-82)
We think Lewis (1960) suggests that economic community involves an

acceptance of human risk. Our urban society employs fear of financial fail-
ure to promote imagery of material success. Urban educators must closely
examine the societal risks associated with this mentality and compare them
to benefits of promoting financial stewardship and human respect as vehi-
cles for communal harmony.

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Money represents an objective standard of societal value. However, it

also prompts a societal paradox through the subjective economic judgments
humans make. Societal interpretations of rightness or wrongness boil down
to views of economic power not human objectivity.
Financial education represents a critical issue in urban society. American
children are financially illiterate, and existing processes fail to effectively
provide tools for equitable financial success. Because existing efforts solely
advocate financial accumulation without considering the problematic cul-
tural, psychological, and societal consequences, they short-change students
in social currency lacking security. Urban educators need to assume leader-
ship roles to overcome these conditions and the cultural bias they foster.
The challenge is a formidable one. Economic and financial profession-
als continually employ financial and professional resources to influence
legislation of ineffective financial curriculum. As Kvasny (2005) deter-
mined efforts to stem the digital divide require consideration of all com-
munity needs, we argue financial literacy efforts need similar perspectives.
Closing the widening financial divide requires comprehensive efforts to
build complete financial education communities that value input from all
stakeholders. Urban educators must approach legislators and administers
about the dimensions associated with this important issue and provide the
professional balance that financial education requires.
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Thomas A. Lucey, Ed.D., is an assistant professor in the Department of Curriculum and

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Leadership in the College of Education at University of Memphis, Memphis, Tennessee.

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Education and Urban Society

Short Changed: The Importance of Facilitating Equitable Financial

The online version of this article can be found at:

Email Alerts: http://eus.sagepub.com/cgi/alerts

Citations (this article cites 35 articles hosted on the

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Keywords: equity; finance; urban settings

The financial illiteracy of American youth represents an important urban

EDUCATION AND URBAN SOCIETY, Vol. 38 No. 3, May 2006 268-287

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Lucey, Giannangelo / SHORT CHANGED 269

represents a predicament of different dimensions in urban settings because of

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270 EDUCATION AND URBAN SOCIETY / May 2006

FINANCIAL LITERACY AND CHILDREN

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Lucey, Giannangelo / SHORT CHANGED 271

If similar degrees of financial understandings or lack thereof occur in both

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272 EDUCATION AND URBAN SOCIETY / May 2006

of differing entrepreneurial levels, profitability, and financial structures.

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Lucey, Giannangelo / SHORT CHANGED 273

However, few legislative and curricular incentives motivate the imple-

Contextual influences affect children’s development of financial knowl-

HOUSEHOLDS AND PARENTS

Domestic contexts strongly influence consumer socialization, but differ-

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274 EDUCATION AND URBAN SOCIETY / May 2006

attitudes in children. The research indicates that families affect children’s

Understanding differences in the development of financial behavior

Influences on financial development change over time (Hira, 1997); part

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Lucey, Giannangelo / SHORT CHANGED 275

As urban society becomes more technologically involved, those without ready

Determining appropriate instructional processes represents an important

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276 EDUCATION AND URBAN SOCIETY / May 2006

The social processes consist of competitive consumerist views fostering an

Alleviating competitive environments requires modeling of nurturing

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Lucey, Giannangelo / SHORT CHANGED 277

demonstrated that a combined cooperative and mastery learning method

In an economically competitive setting, urban educators must guard

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278 EDUCATION AND URBAN SOCIETY / May 2006

DEVELOPMENT AND ASSESSMENT

Effective financial education requires objective assessment of knowledge

TEACHER KNOWLEDGE AND ATTITUDES

Teachers’ knowledge about academic content and their attitudes or beliefs

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Lucey, Giannangelo / SHORT CHANGED 279

Perspectives toward the content are also important. Chamberlin (1978)

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280 EDUCATION AND URBAN SOCIETY / May 2006

Historical contexts illustrate how social class relates to societal interpre-

Urban settings prompt economically competitive environments. Financial