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The relationship between job turnover rates and financial literacy in black males
- Literature Review
- Background Of The Problem/Gap
- There is a need for research that connects between undergraduate rates among African American males and accesses to financial literacy. It is only those that are in high debts that still fail to produce higher graduation rates in the African American student population.
- Financial literacy refers to the ability, knowledge, and set of skills that enables a person to make efficient, effective and informed decisions with all his/her financial resources. According to Lusardi & Mitchelli (2007), financial literacy empowers a person to manage his wealth and investment in an effective way and given that its link with the financial stability of a person, it has an effect on the job turnover rate. Having a college degree provides a person with basic financial knowledge, which means that having a high percentage of a given component of the general population without education is an indication that that component will have low financial literacy.
- Although job turnover rates are there, there is not enough to studies done to make a connection between this turnover and financial literacy. This study investigate the graduation rates for African-American males in the US. Further, it seeks to investigate how financially deprived HBCUs are faring in the main goal of educating African American males. Among the minority group (African American), only 19% of the population aged between 22 and 29 years have a college degree.
- The number of African Americans graduating from four-year colleges stills lags by far behind that of their white counterparts. Compared to 61% graduation rate of white students enrolling in four-year colleges in the first year, the rate for African American students is only at 39%. DeAngelo et al. (2011) states that completing a college degree is held in high esteem in the American society and is often used to gauge the quality of an institution