Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Changes in Financial Behaviors and Beliefs 
The second part of the follow up survey collected data on self-reported behaviors and 
beliefs among participants. Responders indicated that 95.2% had greater overall financial well-
being, 100% indicated improved financial decision making, 95.2% indicated greater overall 
understanding of financial matters, 100% indicated greater confidence to address future 
financial challenges, and 85% indicated improved confidence with investment decision making. 
It should be noted that with a 48% response rate, responder bias is a valid concern. However, the 
overwhelming positive indications of improved self-reported financial confidence, changes in 
financial management behaviors, improved understanding of financial matters, and greater 
overall financial well-being clearly supports, at a minimum, the perceived effectiveness of the 
comprehensive education program on nearly half of the employee participants.    

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Another relevant comparison can be made with the historical literature of Garman et al. 
(1999), pertaining to decision making, confidence, and behaviors attributed to participation in the 
program. Among responding participants, 75% indicated (a) improved financial decision 
making, (b) improved confidence with investment decision making, and (c) improved investment 
diversification. These same questions were included in this research so that comparisons could 
be made. The worksite comprehensive financial education participants in this research indicated 
that 93.5% had (a) improved financial decision making, and 95% reported both (b) improved 
confidence with investment decision making and (c) improved investment diversification. These 
results confirm the findings from Garman et al., where higher levels of self-reported financial 
confidence and abilities were found following participation in the education program.