This study shows that regardless of their previous level of finance education and technology awareness, people exhibit a common positive reaction to educational interventions. The central theory and basis for the proposed model suggests that unless African American women have the proper financial education about the effects of the future value of their money, they cannot understand the concept of investing in securities for their future retirement. Thus, for people without the ability to understand the basic technology of investing in securities, the technology acceptance model and theory of reasoned action do not apply.
This study evaluates the success of training for two groups of African American women who differ in their level of formal education. The statistical analysis shows a significant positive change among both groups of participants with regard to their self-efficacy associated with the possibilities inherent in investing in securities for their future retirement. The implications for management are evident; this research clearly shows that companies can increase the number of employees who participate in their 401K or 403B retirement plans by providing this type of professional financial planning education.