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Financial education: Does it work and how do we know?
| Content Provider | Semantic Scholar |
|---|---|
| Author | Bell, Casey J. Gorin, Dan R. Hogarth, Jeanne M. |
| Copyright Year | 2009 |
| Abstract | Financial education has risen on the agendas and priority lists of a number of agencies and organizations, including the Federal Reserve Board, as evidenced by recent hearings on financial literacy in Congress and speeches by Federal Reserve Chairman Ben Bernanke.2 The issue is also a “hot topic” among academics and researchers, and numerous programs have arisen to address financial education gaps, targeting a variety of topics from student loans and credit card debt to home buying and retirement planning.3 Yet, despite the increased attention from policy makers and educators—both via the school system and community-based education efforts—we know that consumers continue to face financial difficulties. In addition, questions around the effectiveness of financial education still loom large. In an effort to address these questions, the Federal Reserve Board conducted a research study focusing on the effectiveness of a financial education program for military personnel.4 Beginning in 2003, we collaborated with Army Emergency Relief (AER), the U.S. Army post at Ft. Bliss in El Paso, Texas to provide financial education for young enlisted soldiers and to evaluate the impact of that education on the soldiers’ financial management behaviors. Soldiers attending the Army’s air defender advanced individualized training (AIT) at Ft. Bliss were offered a two-day financial education course taught by staff from San Diego City College; funding for the course was provided by AER.5 At the end of the two-day course, soldiers completed a survey of financial behaviors that served as a baseline for the evaluation; most of the surveys were conducted from 2006 through 2008. A second group of soldiers at Ft. Bliss, who did not participate in the financial education course, served as a comparison group. Followup surveys were conducted in January 2008 and January 2009 to provide second data points for those who took the financial education course. Specifically, we explored the differences in behaviors between those who took the course and those who did not, focusing on six topics Financial Education – Does It Work and How Do We Know? Research Findings from a Study of Financial Education Among Soldiers By Casey Bell, Dan Gorin, Jeanne Hogarth Division of Consumer & Community Affairs, Federal Reserve Board1 |
| Starting Page | 15 |
| Ending Page | 16 |
| Page Count | 2 |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://www.frbsf.org/community-development/files/hogarth_jeanne.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
