Microsoft Word Ed Horwitz Post Dissertation Fina docx

Table of Contents 
List of Figures .............................................................................................................................. xiii
 
List of Tables ............................................................................................................................... xiv
 
Acknowledgements ....................................................................................................................... xv
 
Dedication ................................................................................................................................... xvii
 
Chapter 1 - Introduction .................................................................................................................. 1
 
Why Financial Literacy is a Growing Concern .......................................................................... 1
 
Negative Effects of Low Financial Literacy ............................................................................... 2
 
Financial Education and Financial Literacy ............................................................................... 5
 
Financial Education and Financial Well-Being .......................................................................... 6
 
Purpose ........................................................................................................................................ 6
 
Description of Studies ................................................................................................................. 7
 
References ................................................................................................................................. 11
 
Chapter 2 - Paper One: The Effectiveness of a Comprehensive Financial Education Program in 
the Workplace ........................................................................................................................ 14
 
Introduction ............................................................................................................................... 14
 
Literature Review ..................................................................................................................... 16
 
Theoretical Framework and Hypothesis ............................................................................... 16
 
Adult Learning Theory ..................................................................................................... 16
 
Framework for Financial Literacy .................................................................................... 17
 
Literature on Financial Education ......................................................................................... 21
 
Review of Comprehensive Financial Education ............................................................... 23
 
Methodology ............................................................................................................................. 27
 
Overview ............................................................................................................................... 27
 
Sample ................................................................................................................................... 28
 
Overview of Financial Education Program ........................................................................... 28
 
Research Design .................................................................................................................... 29
 
Assessment of Financial Literacy ............................................................................................. 31
 
Variables ................................................................................................................................... 31
 

---

ix 
Dependent Variable .............................................................................................................. 31
 
Research Hypotheses ............................................................................................................ 32
 
Empirical Model ................................................................................................................... 33
 
Data Analysis ........................................................................................................................ 34
 
Sample Characteristics .......................................................................................................... 35
 
Results ....................................................................................................................................... 37
 
Outcomes of the Financial Education Program .................................................................... 42
 
Discussion ................................................................................................................................. 43
 
Outcomes of the Financial Education Program .................................................................... 45
 
Change in Pension Contributions...................................................................................... 46
 
Changes in Financial Behaviors and Beliefs .................................................................... 46
 
Implications ........................................................................................................................... 47
 
Limitations ............................................................................................................................ 49
 
Conclusion ............................................................................................................................ 51
 
References ................................................................................................................................. 54
 
Chapter 3 - Paper Two: The Effectiveness of a Comprehensive Financial Education Program on 
Changing Financial Well-Being ............................................................................................ 58
 
Introduction ............................................................................................................................... 58
 
Literature Review ..................................................................................................................... 60
 
Theoretical Framework and Hypothesis ............................................................................... 60
 
Literature on Financial Education ......................................................................................... 61
 
Financial Well-Being ............................................................................................................ 63
 
Financial Literacy and Financial Well-Being ....................................................................... 64
 
Methodology ............................................................................................................................. 66
 
Overview ............................................................................................................................... 66
 
Sample ................................................................................................................................... 66
 
Overview of Financial Education Program ........................................................................... 67
 
Research Design .................................................................................................................... 68
 
Variables ................................................................................................................................... 69
 
Dependent Variables ............................................................................................................. 69
 
Other Variables ..................................................................................................................... 70
 

---

x 
Research Hypotheses ........................................................................................................ 70
 
Data Analysis .................................................................................................................... 71
 
Sample Characteristics ...................................................................................................... 72
 
Results ....................................................................................................................................... 74
 
Financial Education and Change in Well-Being ................................................................... 74
 
Differences among Participant and Control Groups ............................................................. 75
 
Differences between Participant and Control Groups .......................................................... 76
 
Regression Analysis .............................................................................................................. 79
 
Change in Financial Literacy and Well-Being ...................................................................... 83
 
Discussion ................................................................................................................................. 84
 
Financial Education and Change in Well-Being ................................................................... 84
 
Change in Financial Literacy and Well-Being ...................................................................... 90
 
Limitations ............................................................................................................................ 91
 
Implications ........................................................................................................................... 93
 
Conclusion ............................................................................................................................ 94
 
References ................................................................................................................................. 96
 
Chapter 4 - Paper Three: The Effects of Financial Literacy on Retirement Preparedness Best 
Practice Behaviors ............................................................................................................... 100
 
Introduction ............................................................................................................................. 100
 
Statement of Purpose .......................................................................................................... 100
 
Retirement Preparedness Best Practices ............................................................................. 101
 
Literature Review ................................................................................................................... 102
 
Conceptual Framework ....................................................................................................... 102
 
Financial Literacy ........................................................................................................... 104
 
Financial Knowledge ...................................................................................................... 104
 
Financial Skills................................................................................................................ 105
 
Financial Knowledge, Behaviors, and Beliefs ................................................................ 105
 
Best Practice Behaviors ...................................................................................................... 106
 
Calculating Retirement Savings Needs ........................................................................... 107
 
Retirement Product Ownership ....................................................................................... 107
 
Stocks and Securities Ownership .................................................................................... 108
 

---

xi 
Financial Influences ............................................................................................................ 109
 
Financial Confidence and Skills ..................................................................................... 109
 
Financial Condition ......................................................................................................... 109
 
Research Questions ................................................................................................................. 110
 
Methodology ........................................................................................................................... 110
 
Dependent Variables ........................................................................................................... 111
 
Retirement Preparedness Best Practice Behaviors ......................................................... 111
 
Independent Variables ........................................................................................................ 112
 
Objective Financial Knowledge ...................................................................................... 112
 
Subjective Financial Knowledge .................................................................................... 114
 
Self-Assessed Financial Skills ........................................................................................ 114
 
Financial Condition ......................................................................................................... 115
 
Financial Beliefs ............................................................................................................. 116
 
Socio-Economic Variables .............................................................................................. 117
 
Research Hypotheses .......................................................................................................... 118
 
Analysis .................................................................................................................................. 118
 
Sample Characteristics ........................................................................................................ 119
 
Results ..................................................................................................................................... 121
 
Financial Literacy and Best Practices ................................................................................. 121
 
Financial Skills .................................................................................................................... 123
 
Financial Condition ............................................................................................................. 124
 
Financial Beliefs ................................................................................................................. 125
 
Socio-Economic Characteristics ......................................................................................... 125
 
Discussion ............................................................................................................................... 126
 
Best Practices and Financial Literacy ................................................................................. 126
 
Calculating Retirement Savings Needs ........................................................................... 126
 
Individual Retirement Plan Ownership ........................................................................... 127
 
Stocks or Securities Ownership ...................................................................................... 128
 
Other Financial Variables ................................................................................................... 128
 
Financial Condition ......................................................................................................... 128
 
Financial Beliefs ............................................................................................................. 130
 

---

xii 
Implications ............................................................................................................................ 131
 
Conclusion .............................................................................................................................. 132
 
References ............................................................................................................................... 134
 
Chapter 5 - Conclusion ............................................................................................................... 138
 
Overview ................................................................................................................................. 138
 
Essay One: “The Effectiveness of a Comprehensive Financial Education Program in the 
Workplace” ......................................................................................................................... 139
 
Essay Two: “The Effectiveness of a Comprehensive Financial Education Program on 
Changing Financial Well-Being” ........................................................................................ 141
 
Essay Three: “Financial Literacy and Retirement Preparedness Best Practice Behaviors” 143
 
Summary of Results ................................................................................................................ 144
 
Implications ............................................................................................................................ 144
 
Conclusions for Financial Education Program Development ................................................. 146
 
References ............................................................................................................................... 151
 
Appendix A - Surveys ................................................................................................................. 153
 
Appendix B - Table of Measurements ........................................................................................ 175
 
 
 
 

---

xiii