on the methodology of measuring the effectiveness of financial education programs
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On the Methodology of Measuring the Effectiveness of Financial Education Programs. Jeanne Hogarth Dan Gorin Casey Bell Consumer & Community Affairs Federal Reserve Board

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on the methodology of measuring the effectiveness of financial education programs

On the Methodology of Measuring the Effectiveness of Financial Education Programs

Jeanne Hogarth

Dan Gorin

Casey Bell

Consumer & Community Affairs

Federal Reserve Board

The analysis and conclusions set forth in this presentation represent the work of the author and do not indicate concurrence of the Federal Reserve Board, the Federal Reserve Banks, or their staff. Mention or display of a trademark, proprietary product, or firm in the presentation by the author does not constitute an endorsement or criticism by the Federal Reserve.

critiques of studies
Critiques of Studies
  • No control group
  • No longitudinal studies
  • Sensitive to stages of behavior change
  • Multiple measures of outcomes
    • Behaviors, attitudes, satisfaction
federal reserve system efforts
Federal Reserve System efforts
  • Three major efforts at evaluation of financial education are in at various stages
    • Federal Reserve Board - Financial management course at Ft. Bliss
    • Philadelphia Reserve Bank (RB) – Homeownership Counseling study
    • Kansas City RB – Workplace Fin. Ed.
federal reserve system efforts4
Federal Reserve System efforts
  • Philadelphia Reserve Bank longitudinal study of the effectiveness of homeownership counseling
    • $2 million study
    • 1,000 participants randomly assigned to two different levels of training
    • To be tracked for 5 years including tax returns and credit bureau records
    • Have enrolled over 600 families
federal reserve system efforts5
Federal Reserve System efforts
  • Kansas City Reserve Bank evaluation of Workplace Counseling
    • Working with Wadell & Reed Financial Advisors
    • Access to large amount of proprietary data on employee responses to financial education efforts in the workplace
financial management behaviors of military personnel project
Financial Management Behaviors of Military Personnel Project
  • Addresses issues of control group and longitudinal nature of studies
  • Tracks changes in stages and behaviors
  • Includes multiple measures
    • Behaviors, attitudes, satisfaction
project timeline
Project Timeline
  • 2002 – MOU with Defense
  • 2003 – identified AER as collaborator
  • 2004 – obtained funding and contractor
  • 2005 – developed survey and web site
  • 2006 – started paper surveys

implemented 2nd round online surveys

project timeline8
Project Timeline
  • 2007 – started paper surveys for 2nd round
  • 2008 – on-post “umbrella week” paper survey
    • Some 2nd round surveys, some new baseline data
lessons learned
Lessons Learned
  • Be patient, but not too patient
    • Have back-up plan(s)
  • Communicate your priorities
  • Find an advocate
  • Follow up
baseline data
Baseline Data
  • Ages 19-25
  • 3/4ths are E1 or E2 ($1,350 - $1,500/mo)
  • 2/3rds have HS or GED
  • Race/ethnicity same as general population
  • Financial ed course vs. “basic training”
  • All have bank accounts
baseline data11
Baseline Data
  • Collected at time of course (financial education group) or “in-processing” at ACS orientation (control group)
  • Identify baseline differences between 2 groups
  • ~ 680 in control group, ~2625 in education group, ~95 time series obs.
questions
Questions
  • Demographics
  • Pre-military history/experiences
  • Financial products
  • Current financial standing
  • Financial behaviors
  • Financial activities
  • Self-assessment – stress, skills, situation
  • Additional financial education or training
what s next
What’s Next?
  • Comparisons
    • Education vs control
    • Reserve & National Guard vs others
    • “in-processing” control group vs umbrella week control group
    • 1-day education group vs 2-day education group
  • Time series
    • Changes over time
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