The U.S. Department of Education and the Social Security Administration [Friday] announced the award of $466,603 to four Minority-Serving Institutions to conduct research in the areas of retirement security, financial literacy, and financial decision-making within minority and low-income communities.
The purpose of the program is twofold: to provide opportunities for graduate students at institutions with high proportions of minority and low income students to conduct rigorous research in these needed fields; and to address the financial literacy and retirement planning needs within minority and low-income communities.
“Smart money management and sound financial planning are critical to our well-being as individuals and as a nation,” said U.S. Secretary of Education Arne Duncan. “These grants will help improve strategies to provide greater retirement security for minority and low-income communities.”
“Social Security recognizes the importance of retirement planning and is committed to researching ways to strengthen financial literacy across the country,” said Carolyn W. Colvin, Acting Commissioner of Social Security. “Through these grants, we plan to improve our understanding of how to best educate individuals in minority and low-income communities and prepare them for a more secure financial future.” <Read more.>