Microsoft Word Ed Horwitz Post Dissertation Fina docx

participation. Journal of Financial Economics, 101(2), 449-472.  
Yoong, J. (2010). Financial illiteracy and stock market participation: Evidence from the RAND 
American Life Panel (Working Paper No. 2010-29). Retrieved from Pension Research 
Council website: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1707523 
 
 
 

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Chapter 5 - Conclusion 
 Overview 
The purpose of this dissertation was to investigate the links between the components in 
the framework for financial literacy (Figure 5.1). Specifically, the three essays combined to 
explore the effect of a worksite comprehensive financial education program on financial literacy 
and financial well-being, and the link between financial literacy and retirement preparedness best 
practice behaviors.  
Historical research has found mixed support for the associations and effectiveness of 
financial education programs at improving financial literacy, subsequent behaviors, and financial 
well-being (Martin, 2007; Willis, 2008). While literature has generally supported associations 
between financial education programs and improved literacy and behaviors, the methods used 
limit the ability to draw conclusions establishing causal support for the programs’ actual 
effectiveness (Martin, 2007; Garman, Kim, Kratzer, Brunson, & Joo, 1999; Willis, 2008). A 
great deal of these mixed results can also be explained by the lack of consistency among 
definitional frameworks for financial literacy, the lack of consistent measures, and the variety of 
topics and methods used for program delivery (Willis, 2008; Huston, 2010; Remund, 2010). 
Quasi-experimental research methods were employed, including control groups, pre and 
post program data collection, multiple groups, and longitudinal program testing. The use of these 
methodologies is a notable contribution to the literature, as historical research and testing of 
financial education programs has mostly relied on less rigorous methods. Overall, this research 
sought to (a) test the fundamental component links in the financial literacy model, (b) test the 
emerging model of a worksite comprehensive financial education program, and (c) help provide 
meaningful clarity to historically mixed results on financial education programs.  

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