Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Variables 
 Dependent Variable 
 
Financial literacy measures were chosen from scales established by Lusardi and Mitchell 
(2007a, 2007b, 2009, 2011). A variable was created to identify the changes in financial literacy 
over the measured time period using a total of ten objective financial knowledge and skills 
questions. Questions and coding can be found in the table of measurements (Appendix B.2). 
Three multiple-choice answers were provided along with “don’t know” and “refuse to answer.” 
Correct answers were coded as 1, and all other responses were coded as 0. A scale was created to 
capture correct answers to the ten questions, resulting in a variable range from 0 to 10. Financial 
literacy was assessed both pre and post delivery of the financial education program, and a raw 
change in literacy score was calculated by subtracting the pre score from the post test score. 
When viewed within the financial literacy framework, with basic questions representing 
knowledge and sophisticated questions representing the application of knowledge through skills, 
the ten questions used for the assessment of financial literacy consist of seven basic questions 
and three sophisticated. The questions used to assess financial literacy and their classification as 

---

 
32 
either basic or sophisticated, according to the framework used for financial literacy, are shown in 
Appendix B.2.        
 
The independent, or treatment, variable is participation in a comprehensive financial 
education program. Participants in the educational program and the control group were identified 
on the survey and coded as such. The number of classes attended was a self-reported measure for 
the participants, ranging from 1 to 10.    
 
Demographically based control variables were included in the analysis and separated into 
three groups: demographic characteristics, familial characteristics, and household financial 
characteristics. The demographic characteristics of participants included age, ethnicity, and 
education level. The familial characteristics included marital status and gender. Household 
financial characteristics included income and net worth. Surveys gathered data to measure the 
three independent variable groups before program delivery only, because changes in these other 
variables were not expected nor considered relevant to measure post program for the purposes of 
this research.