Translating Financial Education into Behavior Change for Low-Income Populations

19 Pages Posted: 12 Mar 2013

See all articles by Angela Lyons

Angela Lyons

University of Illinois at Urbana-Champaign - Department of Agricultural and Consumer Economics

Yunhee Chang

University of Mississippi

Erik Scherpf

University of Illinois at Urbana-Champaign

Abstract

The impact that financial education had on the financial behaviors of (a) the agency staff who were trained to deliver the program and (b) the low-income individuals who participated in the program was investigated. Specifically, the researchers examined the relationship between total number of financial education lessons completed, prior financial experience, and improvement in individuals’ financial behaviors. The results provide some evidence that financial education may result in improved financial behaviors. However, the findings suggest that prior level of financial experience may matter more than the number of lessons completed. Researchers may want to re-examine the indicators currently being used to show program impact and whether financial knowledge is the appropriate catalyst to foster behavior change.

Keywords: financial education, financial socialization, low-income populations, program evaluation

Suggested Citation

Lyons, Angela and Chang, Yunhee and Scherpf, Erik, Translating Financial Education into Behavior Change for Low-Income Populations. Journal of Financial Counseling and Planning, Vol. 17, No. 2, 2006, Available at SSRN: https://ssrn.com/abstract=2232122

Angela Lyons (Contact Author)

University of Illinois at Urbana-Champaign - Department of Agricultural and Consumer Economics ( email )

440 Mumford Hall, 1301 W. Gregory Drive
Urbana, IL 61801
United States
1-217-418-6086 (Phone)

HOME PAGE: http://https://ace.illinois.edu/directory/anglyons

Yunhee Chang

University of Mississippi ( email )

Oxford, MS 38677
United States

Erik Scherpf

University of Illinois at Urbana-Champaign ( email )

601 E John St
Champaign, IL 61820
United States

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