Microsoft Word Ed Horwitz Post Dissertation Fina docx

Copyright 
EDWARD J. HORWITZ 
2015 
   
 
 
 
 

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Abstract 
Retirement savings and income projections are among the most financially complex 
calculations individual Americans will encounter. The movement towards self-directed employer 
retirement plans has shifted the responsibility for securing an adequate retirement increasingly to 
the employee, who may lack the financial understanding needed for proper calculations and 
decisions. There is an expressed preference among employees for the delivery of financial 
education in the workplace, where a majority of their financial knowledge is obtained. However, 
adoption of workplace comprehensive financial education programs has been slow due to the 
cost, time commitment, and lack of empirical support for their value. 
While there have been some mixed findings, literature has generally supported 
associations between financial education programs and improved literacy and behaviors. A great 
deal of these mixed results can be explained by the lack of consistency among definitional 
frameworks for financial literacy, the lack of consistent measures, and the variety of topics and 
methods used, all of which limit the ability to establish causal support for the educational 
program’s effectiveness. However, the preference for financial education in the workplace 
among employees suggests both the need and desire for more comprehensive financial education 
offered by employers.  
The purpose of this research was to investigate and test the links between the components 
in the framework for financial literacy by testing participation in a worksite comprehensive 
financial education program. In Essay One, the link between financial education and change in 
financial literacy was tested. Essay Two tested the link between the financial education program 
and financial well-being. In Essay Three, the link between financial literacy and financial 
behavior was explored. The results indicated associations between all three links in the financial 

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literacy model, utilizing both primary research employing quasi-experimental methods, and 
secondary research from a larger national data sample.  
For financial educators who are interested in developing and facilitating comprehensive 
financial education programs for employee or other groups, this research can help provide 
support and guidance for those efforts. If comprehensive financial education programs can be 
better positioned to help improve the levels of financial literacy among Americans, fewer 
negative associated behavioral effects, such as lack of planning and under saving for retirement, 
may occur.  
  
 
 

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