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

Author

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  • Yunhee Chang
  • Angela Lyons

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.

Suggested Citation

  • Yunhee Chang & Angela Lyons, 2007. "Are Financial Education Programs Meeting the Needs of Financially Disadvantaged Consumers?," NFI Working Papers 2007-WP-02, Indiana State University, Scott College of Business, Networks Financial Institute.
    • Handle: RePEc:nfi:nfiwps:2007-wp-02
    as

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    File URL: http://www.indstate.edu/business/sites/business.indstate.edu/files/Docs/2007-WP-02_Chang-Lyons.pdf
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    References listed on IDEAS

    as
    1. Zietz, Joachim & Joshi, Prathibha, 2005. "Academic choice behavior of high school students: economic rationale and empirical evidence," Economics of Education Review, Elsevier, vol. 24(3), pages 297-308, June.
    2. Angela C. Lyons & Erik Scherpf, 2005. "Moving from unbanked to banked: evidence from the Money Smart program," Proceedings 964, Federal Reserve Bank of Chicago.
    3. 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, vol. 1(1), pages 9-35.
    4. 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., vol. 18(1), pages 125-133.
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    Cited by:

    1. Margaret Miller & Julia Reichelstein & Christian Salas & Bilal Zia, 2015. "Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature," The World Bank Research Observer, World Bank, vol. 30(2), pages 220-246.
    2. Geert Van Campenhout, 2015. "Revaluing the Role of Parents as Financial Socialization Agents in Youth Financial Literacy Programs," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(1), pages 186-222, March.
    3. B. Ronchini & G. Tagliavini, 2010. "Sviluppo di competenze, di attenzione e di atteggiamenti prudenziali nei programmi di educazione finanziaria," Economics Department Working Papers 2010-EF01, Department of Economics, Parma University (Italy).
    4. Angela C. Lyons & Shawn Howard & Eric Scherpf, 2010. "Starting a New Chapter: The Role of Credit Counseling in Helping Debtors Recover from Bankruptcy," NFI Working Papers 2010-WP-06, Indiana State University, Scott College of Business, Networks Financial Institute.

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