Microsoft Word Ed Horwitz Post Dissertation Fina docx

Figure 5.1 Relations among Financial Literacy, Knowledge, Education, Behavior, and 
Well-Being         
 
 
 
 Essay One: “The Effectiveness of a Comprehensive Financial Education Program in 
the Workplace” 
The first essay of this dissertation, “The Effectiveness of a Comprehensive Financial 
Education Program in the Workplace,” explored the changes in financial literacy after 
participation in a worksite comprehensive financial education program.  
This essay asked the following research questions: 
1.  What is the association between participation in a comprehensive financial 
education program and changes in financial literacy scores? 
2.  What is the association between the number of classes attended in the program 
and changes in financial literacy scores?   

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3.  What is the association between the demographic, familial, and household 
financial characteristics of program participants and changes in financial literacy 
scores? 
The results of this essay found that participation in a worksite comprehensive financial 
education program significantly increased financial literacy scores as compared to the control 
group, holding all else equal. However, due to the high number of class modules attended by the 
participants, testing was unsuccessful in determining if attending more class modules was 
associated with a greater increase in financial literacy. These results, utilizing quasi-experimental 
research methods, provide strong support for the effectiveness of a worksite comprehensive 
financial education program in significantly increasing financial literacy among participants, 
thereby supporting the positive link within the framework of financial literacy.   
The 90-day follow up indicated less than expected increases in pension plan 
contributions. One possible explanation is that many of the participants suffered from higher 
perceived levels of excessive personal credit card debt, which they had indicated was a priority 
to address in the classroom discussion. Since savings, budgeting, and debt management were key 
topics of the comprehensive financial educational program, participants may have decided to 
address reducing their debt levels before making increases to their retirement plan contribution 
levels. Eighty percent of responders to the follow up survey indicated they had implemented a 
plan to reduce their credit card debt since starting the financial education program.  
The lack of added pension contributions could also be explained by the indication of 
higher levels of current retirement savings confidence and expected comfortable retirement 
confidence. If participants were currently taking full advantage of employer matching 
contributions and were on target with retirement savings levels, addressing debt concerns first 

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would be consistent with their learned financial knowledge. It would also stand to reason that 
knowledge of adequate retirement savings and plan contribution levels wouldn’t be exclusive to 
the participant group, and the employees of a financial services company would have greater 
awareness of adequate retirement savings levels. This explanation is supported by the results of 
the financial well-being t-tests, which indicated that changes in retirement savings confidence 
scores were similar between the participant and control groups. However, following the 
education program, participants gained significantly more confidence about having a 
comfortable retirement than the control group. Together, the t-test results and follow up survey 
provide support for preference to address debt issues first, and a perception of currently adequate 
pension savings rates, and indicate evidence of applied financial knowledge leading to informed 
specific action.