Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Change in Financial Literacy and Well-Being 
Another set of tests were performed to explore the correlation between the change in 
financial literacy and the six financial well-being measures for Hypothesis 7. Pearson correlation 
coefficients were used to assess the relationship between changes in financial well-being and 
changes in financial literacy among the participant group, among the control group, and for both 
groups combined. The hypothesis was that the change in financial literacy among participants 
would be highly correlated with the changes in financial well-being. However, the results 
indicated that five of the six financial well-being measures were not correlated with the change 
in financial literacy for the participant group. These results failed to support Hypothesis 7 and 
indicated that the changes participants experienced in financial literacy were not similar to the 
changes in financial well-being, except in the case of the savings satisfaction measure (p=.048).  
The comparison of these results illustrates the need for the use of quasi-experimental 
methods to draw meaningful conclusions as to the effects associated with the financial education 
program itself. While the Garman et al. (1999) study helps to support some findings with the 
measures used, it cannot fully support the hypothesis that participation matters for changing 
financial satisfaction. However, both studies support the findings in historical literature which 
found that financial education that is delivered in the workplace increases perceived financial 

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management and decision-making confidence, enabling an individual’s ability to weigh 
alternatives in order to achieve personal financial goals and objectives (Bayer et al., 2009; 
Bernheim & Garrett, 1996).