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Participant Group (N=46)
Variable
N
%
N
%
Age
Less than 25
4
7.1%
9
19.6%
25 to 34
22
39.3%
10
21.7%
35 to 44
7
12.5%
10
21.7%
45 to 54
15
26.8%
5
10.9%
55 and over
8
14.3%
12
26.1%
Gender
Male
21
37.5%
11
23.9%
Female
35
62.5%
35
76.1%
Race
White
56
100.0%
45
97.8%
Non-White
0
0.0%
1
2.2%
Ethnicity
Hispanic
4
7.1%
0
0.0%
Non-Hispanic
52
92.9%
46
100.0%
Education
High school graduate or less
7
12.5%
3
6.5%
Assoc and Some college
14
25.0%
21
45.6%
Bachelor degree and post-grad
35
62.6%
22
47.9%
Marital status
Single
16
28.6%
20
43.5%
Married
40
71.4%
26
56.5%
Homeownership status
Homeowner
45
80.4%
31
67.4%
Not a homeowner
11
19.6%
15
32.6%
Income
Lower: Less than $38,521
5
9.0%
5
10.8%
Moderate: $38,521 to $101,582
29
51.7%
22
47.8%
74
Results
Financial Education and Change in Well-Being
A series of t-tests were run to compare the pre and post six financial well-being measures
among and between the participant (N = 46) and the control group (N = 56). The mean reported
scores among the participant and control groups, as well as the results of t-tests investigating
changes in scores between the pre and post survey, are shown in Table 3.2. Results of the t-tests
were interpreted using a one-tailed t-value that aligned with the hypotheses.
Higher: Over $101,582
22
39.3%
19
41.3%
Net Worth
Below 0
7
12.5%
7
15.2%
$1 to $49,999
16
28.6%
14
30.4%
$50,000 to $149,999
12
21.4%
10
21.7%
$150,000 and over
21
37.5%
15
32.6%
Household size
One
3
5.4%
3
6.5%
Two
28
50.0%
23
50.0%
Three
9
16.1%
10
21.7%
Four or more
16
28.6%
10
21.8%
75
Table 3.2 Well-Being in Relation to Participation in Workplace Financial Education
Program (N=102)
Financial Well-Being Measures
Pre Survey
Post Survey
t
Q1: Savings Satisfaction
Participant
1.93
2.87
7.42***
Control
2.20
2.88
5.66***
Q2: Income Worry
Participant
2.48
3.02
3.93***
Control
1.98
2.80
7.57***
Q3: Expense Worry
Participant
2.17
2.96
5.14***
Control
1.86
2.77
7.57***
Q4: Debt Worry
Participant
2.50
2.72
1.34*
Control
2.29
2.84
4.75***
Q5: Retirement Saving Satisfaction
Participant
2.41
2.87
4.02***
Control
2.48
2.96
4.23***
Q6: Retirement Confidence
Participant
2.24
2.93
5.29***
Control
2.52
2.98
4.29***
* p<0.10, ** p<0.05, *** p<0.01
Note: Financial satisfaction was assessed using a scale where 1=strongly disagree, 2=disagree,
3= agree, and 4=strongly agree.
Differences among Participant and Control Groups
For the savings satisfaction question, a significant increase in the average satisfaction
scores was found among both the participant group, t(45) = 7.24, p = .001, and the control group,
t(55) = 5.66, p = .001. For the income worry question, a significant increase in worry was found
among both the participant group, t(45) = -3.93, p = .001, and the control group, t(55) = -7.57, p
= .001, thereby decreasing well-being. The results for the expense worry question showed
76
significant increases in worry for both the participant group, t(45) = -5.14, p = .001, and the
control group, t(55) = -7.57, p = .001, which decreases well-being. The debt worry question
results indicated a significant increase in the average worry scores among the control group,
t(55) = -4.75, p = .001, and the participant group, t(45) = 1.34, p = .092, negatively impacting
well-being. The retirement savings confidence question indicated a significant increase in the
average confidence scores among both the participant group, t(45) = 4.02, p = .001, and the
control group, t(55) = 4.23, p = .001, which increases financial well-being. The results for the
comfortable retirement confidence question showed a significant increase in the average
confidence scores among both the participant group, t(45) = 5.29, p = .001, and the control
group, t(55) = 4.29, p = .001, indicating increased well-being.
Differences between Participant and Control Groups
To test the hypotheses that participation in a worksite financial education program would
significantly improve well-being for the participant group as compared to the control group, a
series of six independent t-tests were performed. The results of these analyses are shown in Table
3.3. Results of the t-tests were interpreted using a one-tailed t-value that aligned with the
hypotheses. The financial well-being variable distributions for the participant and control groups
were sufficiently normal for the purposes of conducting the t-tests (i.e., skew < |2.0| and kurtosis
< |9.0|; Schmider, Ziegler, Dannay, Beyer, & Buhner, 2010). A series of Levene’s F tests for
homogeneity were performed for the pre survey, post survey, and change in scores for the six
financial well-being measures. Where Levene’s F test indicated significance, the variances were
assumed to be unequal and the t-tests was performed assuming unequal variances. When the
results of the Levene’s F test indicated insignificance, the variances were assumed to be equal
and the t-tests was performed assuming equal variances. Nonparametric tests were also
77
performed to provide a more robust analysis of the financial well-being scores between the
groups. The Mann-Whitney test was used since there were an unequal number in the participant
and control groups.
Table 3.3 Financial Well-Being in Relation to Participation in Workplace Financial
Education Program (N=102)
Financial Well-Being Measures
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