Abstract

The purpose of “Using Participatory Action Research to Explore the Financial Literacy Needs of those nearing Retirement” was to explore the financial literacy needs of persons age 50 or above. If individuals nearing retirement have a sense of not saving sufficiently to retire on their own timing or to support the lifestyle desired in retirement, what are elements of a financial literacy program (workshop or series of workshops) that might help them positively change their financial situations between now and retirement? The methodology used in this study was participatory action research. Critical theory was used to examine power relationships and how inequities in those relationships may result in individuals feeling powerless. Interviews yielded information which contributed to the development of a workshop. The workshop was seen as a good beginning in becoming financially literate related to retirement planning; people left the workshop enthusiastic about taking control of their retirement planning. A series of workshops is needed. More hands-on involvement is desired by participants; other learning styles need to be addressed as this workshop focused on accessing online resources. Participants commented that becoming more active in that relationship and more knowledgeable in the exchange of information would result in changes in how they interacted with financial professionals. With needed training and support, individuals can and will take a more active role in their relationships with financial professionals.

Keywords

Financial Literacy, Retirement, Participatory Action Research

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Jun 10th, 6:03 PM

Using Participatory Action Research to Explore The Financial Literacy Needs of those Nearing Retirement

The purpose of “Using Participatory Action Research to Explore the Financial Literacy Needs of those nearing Retirement” was to explore the financial literacy needs of persons age 50 or above. If individuals nearing retirement have a sense of not saving sufficiently to retire on their own timing or to support the lifestyle desired in retirement, what are elements of a financial literacy program (workshop or series of workshops) that might help them positively change their financial situations between now and retirement? The methodology used in this study was participatory action research. Critical theory was used to examine power relationships and how inequities in those relationships may result in individuals feeling powerless. Interviews yielded information which contributed to the development of a workshop. The workshop was seen as a good beginning in becoming financially literate related to retirement planning; people left the workshop enthusiastic about taking control of their retirement planning. A series of workshops is needed. More hands-on involvement is desired by participants; other learning styles need to be addressed as this workshop focused on accessing online resources. Participants commented that becoming more active in that relationship and more knowledgeable in the exchange of information would result in changes in how they interacted with financial professionals. With needed training and support, individuals can and will take a more active role in their relationships with financial professionals.