Chapter One Flashcards
The purpose of the project was to discover if establishing a Christian “Financial Education” Literacy Stewardship curriculum prototype could catalyze empowering St. Paul A.M.E.C. clergy and laity to improve and develop vital financial skills by informing and transforming their knowledge and individual fiscal management habits
Purpose of the Project’s Study
The purpose of the project was to discover if establishing a Christian “Financial Education” Literacy Stewardship curriculum prototype could catalyze empowering St. Paul A.M.E.C. clergy and laity to improve and develop vital financial skills by informing and transforming their knowledge and individual fiscal management habits
The Problem
The Annuity organization and the Milken Institute support the Researcher’s premise, stating:
“African Americans have struggled for decades to build wealth in America. Historical injustices — including slavery, systematic inequality, employment discrimination, racist housing policies, and other barriers — have stymied economic well-being and harmed retirement confidence for the community… In 2019, white Americans had a median family wealth of $188,200, while Black Americans had a median family wealth of just $24,100. “
The Problem 2
Historically, African American communities also “lacked access to financial literacy materials and education and had been underserved by mainstream financial institutions” due to institutional racist practices and policies. Currently, an insufficiency in financial literacy for African Americans is still problematic, thereby creating a financial literacy chasm compared to whites
What evidence illustrates African-Americans are lagging behind in financial literacy?
Teachers Insurance and Annuity Association (T.I.A.A.) Institute:
This report uses the third wave of the T.I.A.A. Institute-GFLEC Personal Finance Index (P-Fin Index) to examine the state of financial literacy among African American adults and the relationship between financial literacy and financial wellness. Key findings include: WWPersonal finance knowledge among African American adults lags that of whites. On average, African Americans answered 38% of the P-Fin Index questions correctly, with only 28% answering over one-half of index questions correctly.
What is the Personal Finance Index (P-Fin Index)?
What is the relationship with the Milken and Teachers Insurance and Annuity Association (T.I.A.A.) Institute data and Financial Industry Regulatory Authority (F.I.N.R.A.) Investor Education Foundation to St. Paul AMEC?
Indeed, some of the survey’s African American/Black youth are members of St. Paul A.M.E.C., and those survey statistics results probably mirror their family households’ financial literacy levels, particularly the adults. Therefore, as St. Paul A.M.E.C. Christian Education Director, Bible Study instructor, Sunday Church School teacher, an AARP volunteer teaching financial literacy workshops, and a retired New York City school administrator and supervisor, it is imperative that St. Paul A.M.E.C. address the issue of financial literacy within its ranks.
What is the Financial Industry Regulatory Authority (F.I.N.R.A.) Investor Education Foundation Study about regarding the Wake County High Schools (2016-2017?
The authors’ data results confirmed a disturbing trend that the financial literacy levels for North Carolina remained stagnant or decreased since the F.I.N.R.A.’s survey of 2012.
The authors cited the following outcomes:
* Roughly 23% of W.C.P.S.S.’ male students demonstrated high financial literacy compared with only 13% of females.
* Asian and White students exhibited rates of financial literacy roughly double those of their Black and Hispanic/Latino counterparts.
Why is the Financial Industry Regulatory Authority (F.I.N.R.A.) Investor Education Foundation Study about regarding the Wake County High Schools (2016-2017?
Indeed, some of the survey’s African American/Black youth are members of St. Paul A.M.E.C., and those survey statistics results probably mirror their family households’ financial literacy levels, particularly the adults.
Therefore, as St. Paul A.M.E.C. Christian Education Director, Bible Study instructor, Sunday Church School teacher, an AARP volunteer teaching financial literacy workshops, and a retired New York City school administrator and supervisor, I felt I had an obligation and thought it was imperative that St. Paul A.M.E.C. address the issue of financial literacy within its ranks.
What was the reason you chose this subject matter for to study for your project?
The Researcher’s project was an inspiration conceived while serving as the faith-based volunteer consultant with the Associate Director of the North Carolina AARP with Shaw University Divinity School by assisting in developing a financial literacy curriculum for implementation as a pilot project with twenty local Wake County black churches. However, in the Researcher’s opinion, the project did not tap into the rich biblical theological principles of stewardship as it relates to treasure. The Researcher felt it was essential to draw a nexus between the available financial literacy resources, both secular and Christian financial literacy and biblical and theological resources related to the stewardship principle of treasure.
What does the AMEC say about the stewardship of possessions?
The 2016 edition of the Doctrine and Discipline of the African Methodist Episcopal Church raises the following question:
“How may one’s belief in the stewardship of possessions be made effective and transforming in his or her daily life?
Why did you chose St. Paul AME Church for this pilot project?
The historic AMEC is the flagship Church for NC and has strong roots in the prophetic tradition of pursuing justice.
In light of the economic disparities regarding financial literacy and economic empowerment personally and collectively for the church’s lay and local community.
I saw an opportunity to improve the financial literacy levels and empower St. Paul A.M.E.C. clergy and laity to develop additional vital financial skills by informing, influencing, and transforming their knowledge and individual fiscal management practices by adopting and practicing a Christian stewardship lifestyle.
