Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Implications 
Given the methodology employed and the education strategy used, this research provides 
meaningful insight into effective financial education. First, the use of quasi-experimental 
research methods to isolate the effectiveness of a comprehensive financial education program 
represents a much-needed addition to the body of research on financial education. The use of 
control groups helped to clearly show the significant and positive effectiveness on financial 
literacy following the delivery of a workplace comprehensive financial education program. 
Collectively, these methods stand in contrast to some historical research that did not assess pre-
testing levels (Garman, et al., 1999), measured inconsistent applications of the financial 
education received as the treatment variable (Garman, et al., 1999; Prawitz & Cohart, 2014), or 
used a less comprehensive form of financial education program only focused on a single topic, 
such as retirement investing (Martin, 2010).  

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Secondly, historical workplace financial education research has overwhelmingly focused 
on retirement planning primarily targeted at employees nearing retirement (Bernheim & Garrett, 
2003). This study represents a unique perspective into a younger, higher educated, and higher 
income group representing the next generation of future retirees, with 63% of the participant 
group under the age of 45, 47.9% having at least a bachelor’s degree, 39.3% having an annual 
household income over $101,582, and 85% having a positive net worth.  
When considering the implications of the research findings, it is important to note the 
critical program elements, which contributed to producing these results. First, the comprehensive 
educational program was design based on key financial topics identified in historical literature. It 
was important to make sure that all topics of importance were included while being mindful not 
to overload the program so that the amount and complexity of information would overwhelm 
participants. 
 Second, the program incorporated multiple class sessions for delivery over an extended 
period (10-weeks) of time, versus a one-time retirement workshop. The financial education 
delivered in a module-based lesson format, provided the opportunity for participants to 
assimilate new knowledge through reflective thinking, reasoning, and discussion of current 
beliefs and behaviors. Additional reference reading materials were provided in each module so 
that all participants could assimilate information at the rate and depth they desired.  
Lastly, an objective academic and financial industry professional, skilled in program 
delivery consistent with a constructivist learning approach, performed the facilitation of the 
education program. Based on the feedback from participants of the program, the objectivity and 
credibility of the facilitator was a key component for the programs value. Participants expressed 
their lack of trust and credibility of advice from prior educational presenters who were employed 

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by investment advisors, pension plan company representatives, or other wealth management 
firms. Additionally, the employers who participated in this research also expressed the criteria 
that the program facilitator not be a licensed representative with any financial services firm or 
insurance company.  
The implications of this effective combination of program elements include providing 
guidance for future development of comprehensive financial education programs. In addition, 
these results can help to guide employers and employee benefit managers looking to provide 
employee financial education in the workplace. The opportunity exists for employers to create 
real value in the eyes of their employees through comprehensive financial education programs in 
the workplace. The results of this research can help to provide a list of important elements to 
consider as potential programs are evaluated for use within the employer’s organization.