Becoming Money Wise: Assessing the Effectiveness of a Financial Education Program

This study examines the effectiveness of a financial education program, MoneyWise, developed to improve the financial knowledge, skills, and behaviors of low income households in the surrounding Ithaca, NY communities. In an environment of increasing wealth and income inequality, financial complexit...

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Bibliographic Details
Published in:Journal of financial education 2020-12, Vol.46 (2), p.221-237
Main Authors: Pena-Shaff, Judith B., Silva, Ana C., Altman, William S., Florio, Jeannine
Format: Article
Language:English
Subjects:
EDUCATIONAL RESEARCH
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Summary:This study examines the effectiveness of a financial education program, MoneyWise, developed to improve the financial knowledge, skills, and behaviors of low income households in the surrounding Ithaca, NY communities. In an environment of increasing wealth and income inequality, financial complexity, and predatory practices, it is important to determine the effectiveness of financial education interventions in generating financial literacy and influencing healthier financial behaviors among vulnerable populations. The curriculum of the program being evaluated includes both a financial content knowledge component and a training component that focuses on soft skills such as planning propensity, self-confidence, and self-control. Results indicate that the educational program had a significant impact in the financial literacy, self-efficacy, planning, and actual behavior of participants. Most importantly, these newly acquired financial skills and behaviors did not deteriorate four to six months after the program had ended.
ISSN:0093-3961
2332-421X