Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Limitations 
Despite the fact that quasi-experimental research methods were used in the research, 
several limitations and concerns are present. First, although appropriate for the testing use, the 
participant group sample was small. Additionally, the sample of employees used was taken from 
two financial industry employers, which could potentially represent a limitation of this study. 
The makeup of the sample indicated higher levels of initial financial knowledge of both 
participant and control groups, which could be a function of the knowledge needed for their 
specific industry. The use of the control group helped to isolate the effects of the program itself, 
despite the makeup of the participant group in the study. Therefore, the actual change resulting 
from the program treatment could be isolated, regardless of the higher initial financial knowledge 
level of participants. However, valid concerns can still be raised as to the effectiveness of the 

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educational program on participants who have a higher level of initial financial literacy, and 
whether the outcomes would be similar for less educated and literate participants.    
There is a potential self-selection bias among participants. While the financial education 
program opportunity was open to all employees who were able to attend weekly, those who 
ultimately chose to participate did self-select into the program. Adult learning theory supports 
the search for knowledge as a part of the constructivist view of learning, which is consistent with 
the theoretical framework for this research. Additionally, the lower average education level and 
lower initial financial literacy scores among the participant group could have been a motivating 
factor in the decision to seek increased financial education when offered by their employer. 
Therefore, the fact the participant group self-selected is consistent with the knowledge-seeking 
desire contained within the framework of adult learning theory. The resulting positive and 
significant increases in financial literacy, as compared to the control group, can provide 
additional support for the effectiveness of the program development and delivery using the 
constructivist approach. Further research is needed to properly assess if the desire of self-selected 
participants to seek financial education is a factor for change in financial literacy, versus that of 
those who may be mandated to participate. 
There could also be concerns related to the selection of the control group. The employer 
financial program administrators at each company attempted to select control group members 
who resembled participants, based on their knowledge of employees within the company. There 
was also a consideration of those who would be trustworthy and return both pre and post 
surveys. Random selection and assignment of employees into both groups would have been 
clearly preferred. However, since the delivery of the financial education program associated with 
this research was offered as an employee benefit requiring a small fee for participation, random 

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selection and assignment was not possible. More importantly, the OLS regression performed 
helped to address the demographic differences between the groups, providing further support for 
participation having a significant effect on positive changes in financial literacy. 
The delivery of the financial education program by the research lead represents a 
potential concern to address, in that the influence of the program facilitator may have been a 
contributing factor in the results. A bias may have existed to focus more on certain key topics of 
assessment interest, potentially impacting the results. However, there must also be consideration 
of the consistency of program delivery and the special skills needed for proper facilitation that 
was provided. Facilitation of program delivery required special skills, knowledge, and 
understanding of critical cognitive learning assimilation of the constructivist view of adult 
learning theory. Therefore, the facilitator played a positive role in the content and consistency of 
program delivery, but those impacts may also have been a contributing factor in the increases 
seen among some participants.