Connect * Empower * Impact

2019 AFCPE® Research and Training Symposium

AFCPE Pre-Symposium: Sunday, November 17 - Tuesday, November 19
AFCPE Symposium: Tuesday, November 19 - Thursday, November 21
Schedule Subject to Change

Thursday, November 15th, 2018
Category: Financial Counseling
Change in Financial Knowledge Post Peer Financial Counseling
The purpose of this study was to test the effectiveness of peer-based financial counseling in changing subjective and objective financial knowledge. To do so, we examined mean differences in financial knowledge scores from a financial counseling intake survey to a two-month follow-up survey. Results suggest that financial counseling had positive effects on financial knowledge. Most notable, this study focused on the impact of financial counseling across various sub-groups. Before financial counseling there was great disparity in financial knowledge among sub-groups, and after financial counseling this disparity mostly disappeared. Financial counseling seems to create balance in financial knowledge among sub-groups, as significant differences in both subjective and objective knowledge among sub-groups largely vanish after counseling.
Implications for Practitioners
Using these findings, policy makers and educational administrators should target these populations for financial counseling programs, as they stand to gain the most. Rather than simply providing access to financial counseling, policy makers and administrators should consider recruiting and incentivizing these groups, especially considering some of these groups may be less apt to seek financial counseling on their own.