Identifying the Connections Between Financial Literacy and Catholic Social Teaching

Abstract

Despite recent financial endeavors and investments in Detroit, the city and its citizens are still suffering. This study involves a University of Detroit Mercy (UDM) student service learning experience with the “Banking on Our Future” (BOOF) financial literacy program organized through the worldwide organization, Operation HOPE. In this paper, I examine the impact of the BOOF program. Not only can financial literacy programs improve our society economically by educating the underprivileged about basic financial concepts, but there is a clear and unique connection between the promotion of financial literacy, through programs such as BOOF, and the principles of Catholic Social Teaching. These principles include “dignity of the human person”, “participation”, “commitment to the common good”, and “option for the poor and vulnerable”. BOOF promotes financial literacy and financial dignity in an effort to break the cycle of poverty and provide young people with the tools they need to participate more fully in an increasingly complex financial world. For this study, a sample of fifty-two female students comprised of sixth and eighth graders attending the Detroit International Academy completed a survey before and after they participated in the BOOF program. Using the results from these surveys, I examined the effectiveness of BOOF and the impact it has on students’ basic financial knowledge as well as students’ feelings, attitudes, and confidence levels. The results indicated that there were improvements in both students’ financial literacy and feelings and attitudes regarding confidence, self-respect, and participation. This service learning model is a new and promising approach to breaking the cycle of poverty, and this study shows the connections between financial literacy and Catholic Social Teaching and the impact financial literacy can have on the students and hopefully the city of Detroit.