Financial Education Needs of Credit Counseling Clients

This study examines the expressed financial education needs of employed individuals who had an 18-month client relationship with a large credit counseling agency .

The results indicate that the financial education desires were similar to, but slightly different, from than those who are adequately managing their financial resources. Credit counseling clients wanted to first have education about budgeting and credit management followed by programs on retirement planning and investments.

Those with household income of between $20,000 and $30,000 were more likely to desire financial education than those in other income groups. In addition, credit counseling clients were less likely than other respondents in previous studies (Anderson, Kerbel, and Xiao, 1997; Kim, Bagwell, Garman, 1998; Joo and Garman, 1998) to desire additional financial education. Implications and directors for future research for financial educators and credit counselors are discussed.

  Download Report