Microsoft Word Ed Horwitz Post Dissertation Fina docx

Participants 
Control 
T 
Q1: Savings Satisfaction 
 
 
 
  Pre Survey 
1.93 
2.20 
 1.73** 
  Post Survey 
2.87 
2.88 
0.06 
  Change in Savings Satisfaction  
0.94 
0.68 
1.46* 
Q2: Income Worry 
 
 
 
  Pre Survey 
2.48 
1.98 
-2.92*** 
  Post Survey 
3.02 
2.80 
-2.28** 
  Change in Income Worry  
0.54 
0.82 
1.60* 
Q3: Expense Worry 
 
 
 
  Pre Survey 
2.17 
1.86 
-1.83** 
  Post Survey 
2.96 
2.77 
-1.73** 
  Change in Expense Worry 
0.79 
0.91 
0.67 
Q4: Debt Worry 
 
 
 
  Pre Survey 
2.50 
2.29 
-1.12 
  Post Survey 
2.72 
2.84 
1.03 
  Change in Debt Worry 
0.22 
0.55 
    1.72** 
Q5: Retirement Savings Confidence 
 
 
 
Pre Survey 
2.41 
2.48 
0.41 
Post Survey 
2.87 
2.96 
0.91 
Change in Retirement Savings Confidence 
0.46 
0.48 
0.14 
Q6: Comfortable Retirement Confidence 
 
 
 
Pre Survey 
2.24 
2.52 
1.62* 
Post Survey 
2.93 
2.98 
0.51 
Change in Comfortable Retirement 
Confidence  
0.69 
0.46 
-1.37* 
* 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. 
 

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78 
The results of the t-tests for savings satisfaction indicated the participant group was 
associated with a significantly higher average level of pre survey satisfaction compared to the 
control group (t(99) = 1.73, p = .043). The results of the nonparametric tests also indicated a 
significant difference in the pre survey median scores between the groups (p <.05). Additionally, 
a significant difference in means was also found between the groups for change in savings 
satisfaction, (t(97) = 1.46, p = .072). These results support Hypothesis 1, with participation 
having an improved effect on the saving satisfaction measure, thereby increasing financial well-
being. 
The results of the t-tests for income worry indicated differences in the increased average 
worry levels of pre survey means, t(100) = -2.92, p = .002, post survey means, t(99) = -2.28, p = 
.012, and change in means, t(89) = 1.60, p = .055, between the groups. The results of the 
nonparametric tests indicated a significant difference in the medians for the pre and post survey 
for income (p <.01), but not for change in income worry. While these results indicated that 
participation had a significant effect on income worry, the change was an increase in worry for 
both groups. These results fail to support Hypothesis 2, and financial well-being was not 
improved.  
Similarly, the results for expense worry also indicated a difference in the increased 
average worry levels of pre survey means, t(100) = -1.83, p = .035, and for the post survey 
means, t(100) = -1.73, p = .043, between the groups. The nonparametric tests also indicated a 
significant difference among the pre survey means (p <.05), and no significant differences were 
found between the groups for the post survey scores. These results fail to support Hypothesis 3, 
with participation increasing expense worry and thereby decreasing well-being. 

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79 
The results of the tests for debt worry indicated insignificant differences between the 
groups for both pre and post survey scores. However, the scores for change in debt worry 
indicated a significantly better effect, t(100) = 1.72, p = .043, for the participant group. The 
results of the nonparametric tests also indicated a significant difference in the medians for the 
change in debt worry scores (p <0.1) between the groups. These results partially support 
Hypothesis 4 in that participation had a significantly greater effect on the debt worry measure. 
However, well-being decreased for both groups as indicated by an overall mean increase in debt 
worry scores, thereby failing to fully support the hypothesis. 
The results of the retirement savings confidence measure indicated insignificant 
difference in means of the pre survey, post survey, or changes in scores between the groups. 
Additionally, the Mann-Whitney nonparametric tests indicated a similar result of insignificance. 
These results fail to support Hypothesis 5, with participation not improving retirement savings 
confidence and financial well-being. 
The results of the comfortable retirement confidence measure indicated a significant 
difference in means of the pre survey, t(100) = 1.62, p = .053, and change in scores, t(100) = 
1.37, p = .086, between the groups. Additionally, the Mann-Whitney nonparametric tests 
indicated a similar result of significant differences for the median scores between groups. These 
results support Hypothesis 6, indicating that participation had an improved effect on the 
retirement confidence measure of financial well-being.