Consumers need to acquire financial knowledge and confidence in order to take effectual actions to accumulate adequate retirement wealth and improve their overall financial well-being. Thus, quality financial education programs are needed to empower consumers to achieve these goals. The purpose of this study was to evaluate the effectiveness of the Utah State University (USU) Retirement and Savings Seminar as measured by participant satisfaction and participants‘ financial knowledge, financial confidence, and financial behavior change compared to a similar group of non-participants. The program evaluation was guided by a logic model developed for the seminar. Data for this study were collected with three online questionnaires emailed to USU employees who enrolled in the seminar as well as a comparison group matched by gender and employment category. A total of 188 individuals responded to the surveys, with subsamples of 54 treatment group participants and 134 comparison group participants. Results from chi-square crosstabulations and an independent samples t test revealed that age, total household income, and current retirement assets were the only significant group differences between seminar participants and non-participants. Based on the results of this study, it can be concluded that the Retirement and Savings Seminar is a beneficial program. Overall, seminar participants reported that they were very satisfied with the seminar and would recommend it to other university employees in the future. Results from the hierarchical regression models found a significant increase in seminar participants‘ financial knowledge and financial confidence from the pretest to the posttest. Additionally, seminar participants improved their financial knowledge and financial confidence scores more than non-participants above and beyond group differences in age, total household income, and pretest scores. A one-way repeated measures ANOVA found that financial behavior also increased more for seminar participants than for non-participants two months after completing the seminar. According to the Transtheoretical Model of Change (TTM), individuals progress through five stages of behavior change to modify a problem behavior or acquire a positive behavior. Consistent with this theory, a Wilcoxon signed-ranks test indicated that the seminar helped seminar participants to progress to a higher TTM stage of change more than non-participants.

abstract: This study examined poverty, material hardship, financial capability, and quality of life among residents of a subsidized housing complex for seniors and adults with disabilities in Phoenix, Arizona. Respondents (N-25) completed a 42-item questionnaire in March of 2017. Data analysis revealed reports of incomes as low as 200% of the poverty level, difficulty paying for food, medications, recreation, and transportation. The study found a positive correlation between the presence of a disability and obtaining sufficient food. In addition, the results indicated lowered financial literacy, reduced ability to keep up with monthly expenses, and a positive correlation between lower income and inability to come up with $2000 in the event of an unexpected expense. Respondents reported minimal use of non-mainstream financial services; most had checking accounts, while fewer reported savings accounts. Scores on financial literacy questions were low and respondents indicated interest in a financial literacy course. The study also revealed low perceived quality of life among the majority of respondents and a positive relationship with material hardship and lower quality of life scores. Implications include the need for further research within the population. / Dissertation/Thesis / Masters Thesis Social Work 2017

The inability of a large proportion of the working class to sustain a decent quality of life has placed increased importance on paying employees a living wage, that is, an income amount that enables meaningful participation in society above mere survival. However, while this notion seems promising, it does not account for the complexities in the relationship between income and quality of life; which, of course, is influenced by several moderating factors. This study considered two of these, financial capability and decent work, thereby assuming that the ability of income to effectively lead to a good quality of life is influenced by whether or not individuals engage in financial capability behaviours or perceive their work as decent. A cross sectional descriptive design was used and a final sample of N = 153 general salaried employees in South Africa participated in a self-report survey. Exploratory factor analysis revealed that each of the four financial capabilities (making ends meet, keeping track, planning ahead, and staying informed behaviours) were unidimensional in nature; while decent work produced a three-factor structure, inconsistent with its original five-factor conceptualisation. Spearman rho correlation results revealed that income was positively related to quality of life, and moderation analysis revealed that planning ahead was the only financial capability that influenced the relationship between income and quality of life. All other financial capabilities as well as decent work produced non-significant findings. Considering these results, study limitations and recommendations for future research are discussed, followed by outlining theoretical and practical implications.

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This study is a design science research (DSR) project in which a description of the development and evaluation process for several novel technological artifacts will be communicated. Specifically, this study will establish: 1) an ontology of recommender systems issues, 2) an ontology of financial capability goals, and 3) a framework for a Personal Financial Recommender System (PFRS) application designed to improve user financial capability, called FinPathlight. The impetus for the RecSys Issues Ontology is to address a gap in the literature by providing researchers with a comprehensive knowledge classification of the issues and limitations inherent to recommender systems research. The development of a Financial Capability Goals Ontology will contribute domain knowledge classification for technological systems within the domain of finance and serves as a recommendation item knowledgebase for our PFRS. The FinPathlight framework provides the architecture and principles of implementation for a novel, financial-technology (FinTech) PFRS. FinPathlight is designed to improve the financial capability of its users through the recommendation, tracking and assistance with achieving financial capability enhancing goals. This research is notable in that it expands the influence and furthers the relevance of information systems research by providing an explicitly applicable research solution to an area of significant socio-economic importance, financial capability, a heretofore unsolved “wicked problem” (Churchman 1967) domain. In light of current financial conditions, recommender systems research that addresses a problem such as consumer financial capability is a step towards ensuring that information systems research continues to matter and retain its influence and relevance in everyday practice.

Young adults with disabilities face barriers that affect their financial capability and financial inclusion in the marketplace. Barriers include a lack of autonomy, skills, and opportunities. This mixed method strengths and needs assessment aimed to explain and explore the financial skills and goals of young adults with disabilities. A standardized scale captured young adults with disabilities financial skills, photovoice participatory action research documented their valued financial skills and goals, and semi-structured interviews notated parents financial aspirations and goals for their daughters and sons. The mixed methods analysis suggested young adults with disabilities underlying financial skills fell 25 percent below the average score among U.S. adults; valued financial skills and goals included their hobbies, talents, and continued education to pursue a livelihood; and parents aspired that their daughter or son acquired meaningful employment, independence to include financial independence, and money management skills.

This dissertation aims to address the importance of financial literacy within the capability approach framework in the context of microfinance institutions’ clients in Indonesia, by raising four main issues. The first touches on financial capability and specifically focuses on its conceptualisation, predictors, and relationship with quality of life. A participatory method was employed to understand whether financial literacy is viewed as an important element of financial capability. An index of financial capability was built to investigate factors predicting financial capability and the relationship between financial capability and quality of life. The results suggest that socio-demographic discrepancies in financial capability exist, and financial capability is relevant for the improvement of quality of life. The remaining three issues centre on the instrumental value of financial literacy. In the second part, it is proposed that financial literacy is a relevant conversion factor. Within the capability approach literature itself, there is a lack of empirical discussion on conversion factors. It can be concluded that financial literacy is associated positively with conversion rate efficiency. The third research topic examined is the role of financial literacy in household financial decision-making authority. Previous studies have used household decision-making authority as a reflection of agency, which is an important building block of the capability approach. This thesis focuses on financial decision making, which is often perceived as “difficult”, “boring”, and “full of uncertainties”. It is suggested that the relationship between financial literacy and household financial decision-making authority is complex and contingent upon various factors. The role of financial literacy in the relationship between financial decision-making authority and subjective well-being is the last topic investigated in this dissertation. While decision-making authority has been argued as a reflection of human agency and source of power within households, it can also be perceived as a burden. These two interpretations of authority lead to an unclear relationship between household financial decision-making authority and subjective well-being. While a negative relationship between household financial decision-making authority and subjective well-being can be found among those with low levels of financial literacy, a similar correlation is absent among those who score high in financial literacy. This suggests that skills are important for people to value agency.

The purpose of this study was to assess the financial literacy continuing profession education cognitive needs of Florida small business owners through exploring their profile. To determine the financial literacy profile, an instrument containing 18 tested knowledge and 5 self-assessed knowledge questions was created. Using a panel of experts, the instrument was developed from previously tested financial literacy questions from several sources. Data were collected from clients of the West Central Region of the Florida Small Business Development Center at the University of South Florida. The online survey completed by participants included demographic questions to provide data to profile small business owners’ financial literacy by gender, age, education level, and small business classification. The results indicated small business owners have a high financial literacy. There were significant differences found between the financial literacy of men and women. Men’s scores were higher for both tested knowledge and self-assessed knowledge. Younger small business owners scored lower than older small business owners. There were significant scoring differences between the highest and lowest levels of education. Tested scores and self-assessed scores increased with higher education levels. Pre-venture/start-up business owners scored lower than the small-medium enterprise owners. Implications included developing educational programs attentive to women small business owner’s needs, as well as newer and/or younger small business owners.

Using data collected from undergraduate students attending a southeastern United States University, the current dissertation includes two manuscripts examining the relationships between personal characteristics, financial socialization, financial capability and financial well-being among college students. These relationships were also compared between a focal group of students identifying as minority, low-income, and first-generation students to a comparison group not identifying as minority, low-income, or first-generation students. The first study used structural equation modeling to explore the relationships between personal characteristics (i.e., attachment, locus of control, and self-esteem), financial socialization, and the four dimensions of financial capability (financial knowledge, access to financial resources, attitudes, and actions). Findings suggest financial socialization partially mediated the relationships between personal characteristics and financial attitudes and financial actions. These findings suggest that parents continue to play a role in the development of financial attitudes and behaviors of college students. The second study used regression analysis to examine how financial knowledge and skills (i.e., applied knowledge), materialistic attitudes, compulsive spending behaviors, and access to financial resources (i.e., number of bank accounts, credit cards, and alternative financial services) are related to students’ financial well-being. Findings suggest greater financial skills and less materialistic views are related to greater financial well-being. However, among those not identifying as minority, low-income, or first-generation college students less compulsive spending behaviors and greater credit card use were positively related to financial well-being; among minority, low-income, or first generation college students, alternative financial services usage was related negatively to financial well-being.

Microfinance encompasses a broad range of financial services targeted at low income individuals seeking to build income and assets. There has been extensive research on the role of microfinance institutions (henceforth “MFIs”) in developing countries on poverty reduction, particularly for female clients. In contrast, research on MFIs operating within the United States is more limited. This study seeks to fill this gap in the literature and is one the first to focus on the impact of an MFI on female clients in the US using data from a Philadelphia-based MFI. The study examined the factors affecting outcomes of female entrepreneurs as compared to their male counterparts measured by changes in financial capability, repayment history, household incomes, and sustainability. Although the study does not statistically support the existence of differences between the outcomes for female and male clients of the MFI, the data does indicate positive outcomes for the clients. The business survival rates on average are above national indicators. The personal credit scores for MFI clients reflect improvement subsequent to receiving loans. This study utilized survey instruments and a focus group study to identify barriers to the success of female entrepreneurs. Noted barriers such as lack of access to capital, lack of relevant business knowledge provide a foundation for future research study. / Business Administration/International Business Administration