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Are Financial Education Programs Meeting the Needs of Financially Disadvantaged Consumers?

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  • Yunhee Chang
  • Angela Lyons
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    Abstract

    This paper uses data collected from a retrospective pre-test to investigate he impact that a financial education program has on participants’ financial behaviors. Specifically, we compare program impact across participants with varying levels of financial competency prior to the program and examine whether the program is meeting the educational needs of those it was designed to target – namely, financially disadvantaged consumers. The findings show that the program benefited all of the participants and the greatest improvement in financial behavior was observed for those who reported lower levels of financial ability prior to the program. The findings offer important practical information to consumer educators, program developers, and financial counselors.

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    File URL: http://indstate.edu/business/NFI/leadership/papers/2007-WP-02_Chang-Lyons.pdf
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    Bibliographic Info

    Paper provided by Indiana State University, Scott College of Business, Networks Financial Institute in its series NFI Working Papers with number 2007-WP-02.

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    Length: 28 pages
    Date of creation: Jan 2007
    Date of revision:
    Handle: RePEc:nfi:nfiwps:2007-wp-02

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    Web page: http://indstate.edu/business/nfi/
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    Related research

    Keywords: financial education; behavior change; disadvantaged consumers;

    References

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    1. Edward J. Bird & Paul A. Hagstrom & Robert Wild & Janet A. Weiss, 1999. "Credit card debts of the poor: High and rising," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 18(1), pages 125-133.
    2. Martin P. Shanahan & Jan H. F. Meyer, 2003. "Measuring and Responding to Variation in Aspects of Students' Economic Conceptions and Learning Engagement in Economics," International Review of Economic Education, Economics Network, University of Bristol, Economics Network, University of Bristol, vol. 1(1), pages 9-35.
    3. Zietz, Joachim & Joshi, Prathibha, 2005. "Academic choice behavior of high school students: economic rationale and empirical evidence," Economics of Education Review, Elsevier, Elsevier, vol. 24(3), pages 297-308, June.
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    Cited by:
    1. Miller, Margaret & Reichelstein, Julia & Salas, Christian & Zia, Bilal, 2014. "Can you help someone become financially capable ? a meta-analysis of the literature," Policy Research Working Paper Series 6745, The World Bank.

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