Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Financial Education and Financial Literacy 
Historically, financial education has been the primary means for attempting to improve 
financial literacy. Much of the historical research on financial education and financial literacy 
was conducted through programs delivered in schools, and less in workplace settings. Overall, 
the associations and effectiveness of financial education programs at improving financial literacy 
and subsequent behaviors has been mixed (Martin, 2007). A great deal of these mixed results can 
be explained by lack of consistency among definitional frameworks for financial literacy, the 
lack of a consistent measure, and the variety of topics and methods of program delivery (Huston, 
2010; Remund, 2010). 
Research by Mandell (2008), who looked at the impact of financial education among high 
school students, represents an alternative finding within the literature. Very little evidence was 
found in support of full-time courses in personal finance actually increasing financial literacy. 
However, evidence was found that these education courses did improve financial decision 
making. On the opposing side, Garman, Kim, Kratzer, Brunson, and Joo (1999) conducted a 
representative research study on workplace financial education, exploring the differences and 
similarities between employee participants and non-participants. The participants 
overwhelmingly reported making more confident and better decisions, as well as higher levels of 
financial satisfaction. The participants attributed positive changes in their financial behavior to 
the workshops and highly valued the education they received. Additionally, Fletcher, Beebout, 
and Mendenhall (1997), found that participating in workplace financial education resulted in 
improved financial knowledge, attitudes, and behaviors. 
Despite the lack of consistency among findings, research has generally concluded that 
many existing financial education programs and approaches have proved to be effective at 
increasing financial literacy and improving some associated financial behaviors (Martin, 2007). 

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Research is greatly needed to expand the testing of more comprehensive forms of financial 
education, specifically in a workplace setting, where a vast amount of financial education is 
delivered today.