Bridging the Gap: Community-Engaged Learning and Financial Literacy in Jesuit Business Education
Introduction
Jesuit business education emphasizes values-driven leadership, community engagement, and experiential learning. The Inspirational Paradigm for Jesuit Business Education (IAJU, 2020) identifies "hungers" such as dignity in work, moral integrity, and experiential learning as critical elements in student development. This paper presents a Community-Engaged Learning (CEL) initiative integrated into an Economics course at Seattle University, designed to address two pressing educational needs: experiential education and financial literacy. Through the Ignatian Pedagogical Paradigm (IPP)—context, experience, reflection, action, and evaluation—the CEL project empowered students to deepen their financial knowledge while serving underserved communities.
The Role of Community-Engaged Learning (CEL)
CEL is a pedagogical approach that integrates real-world learning with community service. Unlike traditional internships or volunteerism, CEL ensures a reciprocal relationship where both students and community members benefit. By applying business and financial concepts in a practical and socially relevant setting, CEL enhances technical competencies, social responsibility, and critical thinking. Research suggests that CEL improves students' financial literacy, communication skills, and ethical awareness while addressing gaps in financial education among marginalized communities.
The Financial Literacy Deficit and the Role of Business Education
Financial literacy—defined as the ability to manage personal finances effectively—is crucial for economic stability and empowerment. However, studies indicate persistent financial knowledge deficits, particularly among low-income and underrepresented communities. These gaps contribute to poor financial decision-making, limited economic opportunities, and generational wealth disparities. Despite ongoing efforts in financial education, U.S. literacy rates have stagnated at around 50% (World Economic Forum, 2024), underscoring the need for innovative, application-based learning models such as CEL.
The CEL Project: Financial Literacy in Action
In Winter 2024, an experiential Community-Engaged Learning project was implemented within Econ 3780: Financial Markets and Economic Development at Seattle University. Students partnered with Seattle’s High School Changemakers program, a community initiative supporting underrepresented youth. The project followed the IPP framework:
- Context – Students engaged with Changemakers to assess financial literacy needs.
- Experience – Students developed and delivered interactive workshops on saving, investing, credit management, and financial planning.
- Reflection – Participants documented insights, challenges, and personal growth through structured self-assessments.
- Action – Students identified key financial topics resonating with the community and refined their approach based on feedback.
- Evaluation – pre-and post-session surveys assessed knowledge retention and workshop effectiveness, demonstrating significant learning gains.
Key Findings and Impact
- High Engagement in Financial Topics – Investment and credit-building were the most engaging topics, with students expressing increased confidence in financial decision-making.
- Student Development – Participants improved their financial literacy, presentation skills, and social responsibility awareness.
- Community Impact – Surveys showed that high school participants valued the workshops, with requests for additional sessions.
- Challenges and Lessons Learned – Faculty involvement, resource allocation, and sustainability remain key considerations for future CEL projects.
Conclusion and Future Implications
The CEL initiative at Seattle University successfully bridged experiential education with financial literacy, reinforcing Jesuit principles of ethical leadership and community engagement. While implementation requires time, institutional support, and structured evaluation, CEL remains a transformative pedagogical tool for business education. Future iterations can expand partnerships, refine content delivery, and institutionalize CEL within curricula to further impact student learning and community well-being.
By integrating financial literacy into community-based education, Jesuit business schools can equip students to be leaders in financial empowerment and social responsibility, fostering a more inclusive and economically resilient society.