Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Limitations 
Even though quasi-experimental research methods were employed in this research, 
several limitations and concerns are still present. A limiting factor of these results is the younger 
and higher income makeup of this sample. The generalizability of these findings are therefore 
reduced and not as broad as some historical literature, which has utilized a larger, more 
representative dataset of the population. However, the combined sample of 102 was adequate to 
provide the needed data for statistically valid analysis and is comparable to several smaller 
studies of financial education.  
Another limitation is that the sample of employees was from two financial industry 
employers. The skills, experience, and education levels required for their specific industry 
resulted in the higher levels of initial financial knowledge of both participant and control groups. 
These concerns were addressed through use of the control group, which allowed the actual 
change resulting from the program treatment to be isolated. However, valid concerns can still be 
raised as to the effectiveness of the educational program for less educated and financially literate 
participants.    
The financial education program was available to all employees and those who self-
selected into the program were similar to the control group. However, there is still a self-
selection bias concern among the participant group. Consistent with the theoretical framework 
for this research, adult learning theory supports the search for knowledge as a part of the 
constructivist view of learning, therefore the participant’s self-selecting behavior can be 

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explained as the desire to seek knowledge. The resulting significant changes in financial 
satisfaction of the participant group as compared to those of the control group provide additional 
support for the effectiveness of the educational program and the delivery using the constructivist 
approach. However, a study by Meier and Sprenger (2013) suggested that time perspective and 
an individual’s time preference may explain who will or will not decide to become financially 
literate through financial education programs. Further research is needed to properly assess if the 
desire to seek financial education is a factor for change in financial satisfaction, versus 
mandatory participation.  
There may also be concerns about the selection of the control group. Attempts were made 
by the employer program administrators to select control group members who resembled 
participants. A randomly selected assignment of both participant and control groups would have 
been preferred. However, the educational program was offered as an employee benefit requiring 
a small fee for participation, and therefore random selection and assignment was not possible.  
Lastly, the influence of the program facilitator as a contributing factor in the results exists 
as a possible concern. Facilitator bias to focus on certain key topics of assessment interest, which 
could potentially impact the results, is a valid concern. However, there must also be recognition 
of the consistency of program delivery. Critical cognitive learning assimilation of the 
constructivist view of adult learning theory required special skills, knowledge, and understanding 
for program facilitation. Therefore, concerns related to the influence of the facilitator should be 
taken into account as both potentially positive and negative factors. The alternative of having 
more than one instructor adds potential variability of delivery and concerns as to consistency of 
content covered. Testing several instructors as an added variable would have provided greater 

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validity. However, the resources and number of employer groups necessary to accomplish this 
was beyond the scope of this study.