Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Implications 
The implications of the results of this study include setting proper expectations that a 
comprehensive financial education program may reduce financial well-being across several 
measures in the short term. The implications also call for additional research to better understand 
the length of the impact on well-being and whether subsequent behavior, resulting from higher 
levels of financial literacy, can increase well-being over time.       
In addition, the implications of these results provide support for historical findings such 
as those of Mugenda et al. (1990), where reduced financial well-being was thought to be the 
result of greater awareness of perceived financial inadequacy. Since there have been mixed 
results in historical literature as to the effectiveness of a financial education program on financial 
well-being, these results provide support for a reduced impact in financial well-being across 
several worry-related measures including income, expenses, and debt. This is a critical point 
when educators are discussing the potential benefits and effectiveness of a comprehensive 
financial education programs to employers, association groups, or other financial educators.  
In addition, the implications of financial literacy and financial well-being not being 
widely correlated among program participants is also an important finding about which to 
communicate. This means that participants may gain improved financial literacy, skills, and 
abilities, but at least in the short term, may experience feelings of negative financial well-being 
as a result of greater awareness of their current financial position and behaviors. The 
implications of this messaging to help position these programs may be integral in setting proper 
expectations and gaining favorable program value results.  

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Historical workplace financial education research has overwhelmingly focused on 
retirement planning primarily targeted at employees nearing retirement (Bernheim & Garrett, 
2003). This study provides a unique perspective into a younger, higher educated, and higher 
income group representing the next generation of future retirees, with 63% of the participant 
group under the age of 45, 47.9% having at least a bachelor’s degree, 39.3% having an annual 
household income over $101,582, and 85% having a positive net worth. As generations younger 
than the boomers begin to plan for retirement, the implications of this study can lend insight for 
those who develop worksite financial education and pension plan education programs.  
As employer-sponsored financial education begins to evolve as an employee benefit, the 
potential costs and benefits of offering these programs can be better supported. Historical 
literature clearly shows the preference for financial education in the workplace among employees 
and the value they place upon the education they receive. However, further research is clearly 
needed to better understand if the increased financial literacy from the comprehensive financial 
education program can be applied to improve well-being over time through better financial 
management and financial decision making.