Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Description of Studies 
This dissertation is comprised of three essays to help explore and better understand (a) 
the effectiveness of a financial education on changing financial literacy, (b) the association 
between financial literacy and retirement best practice behaviors, and (c) financial education’s 
impact on changing financial well-being. Two of the essays in this dissertation utilize primary 
research data collected during 2013 and 2014. Pre and post surveys were created to help capture 
participant data prior to, and immediately following, the delivery of a financial education 
program.  
In addition, the use of control groups is employed to measure the changes of the same 
variables during the same periods of time for a control group of non-participant employees. The 
surveys were designed to assess and measure beginning and ending scores of financial literacy 

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and financial well-being. Employee participants self-selected into the financial education 
program offered by their employer, while the control group was selected among current 
employees to be similar to the participant group. Data was collected from 102 surveys, of which 
46 were participants and 56 were from the control groups.  
The first study of this dissertation, “The Effectiveness of a Comprehensive Financial 
Education Program in the Workplace,” explores the changes in financial literacy after 
participation in a worksite comprehensive financial education program. Quasi-experimental 
research methods were employed as financial education programs were delivered to employee 
groups in a workplace environment. Measures for objective financial literacy were assessed, and 
statistical analysis was used to provide a better understanding of the relationships between the 
variables for both the control and participant groups. This essay seeks to answer 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?   
 
The second essay, “The Effectiveness of a Comprehensive Financial Education program on 
changing Financial Well-Being,” is guided by historical literature, and seeks to better understand 
how changes in financial literacy affect changes in financial well-being. Using quasi-
experimental research methods, a financial education program was conducted and delivered in a 
workplace environment. Measures for financial literacy and financial well-being were collected, 
and statistical analysis was assessed for both control and participant groups. The findings from 

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the research conducted for paper two is expected to provide much-needed insight into the 
impacts associated with a financial education program and perceived financial well-being.  
The purpose of this research is to better understand the effects of financial education on 
changing financial well-being. To that end, the following research questions are posed: 
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? 
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 third essay, “Financial Literacy and Retirement Preparedness Best Practice 
Behaviors,” utilizes data from the 2012 FINRA National Financial Capability Study, and 
explores the relationship between financial literacy and three best practice behaviors. The best 
practice behaviors are: (a) calculating retirement savings needs, (b) owning an individual 

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retirement savings products, and (c) owning stocks or securities. It is posited that individuals 
with higher levels of financial literacy are more likely to follow recommended financial practices 
and engage in these best practice behaviors. To better understand the relationship between 
financial literacy and retirement preparedness best practice behaviors, the following research 
questions were explored: 
1.  What is the association between financial knowledge and calculating retirement 
savings needs? 
2.  What is the association between financial knowledge and individual retirement 
product ownership behavior? 
3.  What is the association between financial knowledge and stock or securities 
ownership behavior?