Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Literature on Financial Education 
A review of the representative financial education research is presented to better 
understand what types of programs were used to impact financial literacy and what behaviors 
and attitudes were measured. Historically, research shares similar yet different components for 
categorizing types of educational programs used within definitional frameworks, and these have 
yet to be established as uniform (Huston, 2010; Remund, 2010). Financial education programs 
have been delivered using either a limited topical or comprehensive approach (Black, Ciccotello, 
& Skipper Jr., 2002). A comprehensive financial education program can be defined as providing 
multiple education sessions covering a wide variety of finance categories (Huston, 2010).  

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A summary of financial education indicates focus on the personal finance topics of (a) 
basics, (b) borrowing activity, (c) savings and investing related areas, and (d) insurance risk 
management (Huston, 2010). Historical studies have also similarly classified financial education 
by setting, audience, and subject (Todd, 2002; Braunstein & Welch, 2002). Workplace financial 
education has been varied among employers, and can generally be categorized into the three 
primary dimensions of content, media, and frequency (Bernheim & Garrett, 2003). Content of 
subject topics related to savings include (a) retirement income sources and needs, (b) the 
establishment of goals, (c) pension participation, (d) retirement income planning, (e) time value 
of money concepts, (f) budgeting, and (g) debt reduction. Topics related to asset allocation 
include (a) concepts of risk, (b) risk tolerance, (c) diversification, and (d) asset characteristics. 
The classifications for different types of media are mostly face-to-face education in a workplace 
setting, and include online and printed educational materials. The frequency of education 
program delivery ranges from single meetings or workshops to regularly scheduled classes that 
meet consistently until program completion (e.g., weekly). Online education programs have also 
been utilized whereby participants have access, for a specified period of time (e.g., calendar 
quarter), to education modules which are viewable when time permits.  
  
The assessment of financial education has met with mixed results. Financial education 
delivered in a scholastic setting, over the course of a term/semester, has shown little effect on 
improving financial literacy among college students (Mandell, 2008). However, the students did 
show association with improvements in several financial behaviors. Historical literature has also 
found support for improving financial behaviors through financial education, as well as support 
for increasing financial literacy (Chen & Volpe, 2002; Hilgert et al., 2003; Lusardi & Mitchell, 
2007a, 2007b; Robb & Woodyard, 2011; Yoong, 2010, Martin, 2007). A summary of the limited 

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historical research shows that financial education provided specifically by employers can 
improve financial behaviors (Loibl & Hira, 2005). However, lack of uniformity among 
educational programs, as well as the research methods employed, has made it difficult to draw 
meaningful conclusions among the literature. Establishing causation for change in various 
financial measures and outcomes has also been difficult due to the lack of quasi-experimental 
research methods utilized in historical literature.