Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Essay Two: “The Effectiveness of a Comprehensive Financial Education Program on 
Changing Financial Well-Being”  
The second essay, “The Effectiveness of a Comprehensive Financial Education Program 
on Changing Financial Well-Being,” sought to better understand how participation in a 
comprehensive financial education program is associated with changes in financial well-being. 
This essay posed the following research questions: 
1.  What is the association between participation in a worksite comprehensive financial 
education program and change in savings satisfaction? 
2.   What is the association between participation in a worksite comprehensive financial 
education program and change in income worry?  
3.   What is the association between participation in a worksite comprehensive financial 
education program and change in expense worry? 

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4.   What is the association between participation in a worksite comprehensive financial 
education program and change in debt worry? 
5.   What is the association between participation in a worksite comprehensive financial 
education program and change in retirement savings confidence? 
6.   What is the association between participation in a worksite comprehensive financial 
education program and change in comfortable retirement confidence? 
7.   What is the correlation between changes in financial literacy and changes in financial 
well-being among participants of a worksite comprehensive financial education 
program? 
The results of this essay found that participation in a worksite comprehensive financial 
education program increased savings satisfaction and comfortable retirement confidence, 
increased income and debt worry, and found no change for retirement savings satisfaction and 
expense worry. These results suggest that participation in a financial education program affects 
financial well-being and financial literacy in different ways. However, decreases in financial 
well-being may not be considered bad for the individual if the decrease was associated with 
greater awareness of current financial situation as a part of an overall comprehensive financial 
education program and leads to improved financial behavior. No relationship between the 
variables for change in financial literacy and change in financial well-being was found. 
Historical studies have found mixed results for the relationship between financial literacy 
and financial well-being. These mixed results have raised questions as to the value of financial 
education programs. However, the results of this research indicated two important findings. First, 
participation affects changes in financial literacy differently than changes in well-being, and 

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second, that participation having a negative effect on certain types of well-being measures is 
expected and possibly an indication of greater financial awareness.