Embed Size (px)
Citation preview
The Pennsylvania State University
The Graduate School
CASE STUDY: AFFECTIVE LEARNING OBJECTIVES WITHIN A WORKFORCE
FINANCIAL LITERACY PROGRAM
A Dissertation in
Workforce Education and Development
by
Brad Lee Yeckley
© 2021 Brad Lee Yeckley
Submitted in Partial Fulfillment
of the Requirements
for the Degree of
Doctor of Philosophy
August 2021
ii
The dissertation of Brad Lee Yeckley was reviewed and approved by the following:
David L. Passmore
Distinguished Professor, Emeritus, of Education
Dissertation Advisor
Chair of Committee
Mark D. Threeton
Associate Professor of Education
Cynthia Pellock
Teaching Professor of Education
Cathy Bowen
Professor of Agricultural and Extension Education
Heather Zimmerman
Director of Graduate Studies
Department of Learning and Performance Systems
iii
ABSTRACT
The purpose of this qualitative, single-site case study is to explore the impact of
affective domain of learning objectives within workplace financial literacy education.
Specifically, this study targets program design objectives in order to improve efforts that
are ineffective in current financial literacy education. Effective workforce financial literacy
education can have a wide range of beneficial impacts on both the employee and the
organization. This study was undertaken to determine if an affective domain approach
focused on motivation, attitudes, emotion, and experience can be used to increase the
effectiveness and sustainability of traditionally cognitive-based content in financial literacy
education.
This study was conducted using employees of a large university that offered
financial literacy education to its staff and faculty. The study was conducted in four stages,
included nine participants, and utilized three main data sources: a survey, a measure of
financial well-being, and an interview. This data were then coded for emergent themes and
analyzed regarding the research questions.
The resulting analysis showed that an affective domain design produced enhanced
levels of trust in the educator, confidence to take action, sustainability of positive financial
behaviors, and higher-than-expected financial well-being. Motivation emerged as a
principal consideration of program design. Additionally, the importance of participant self-
assessment, discovery, and acceptance was effectively cultivated within the financial
education program. The results show that financial literacy program design incorporating
the affective domain should be considered in workplace financial literacy efforts.
iv
TABLE OF CONTENTS
LIST OF FIGURES ..................................................................................................... vi
LIST OF TABLES ....................................................................................................... vii
ACKNOWLEDGEMENTS ......................................................................................... viii
Chapter 1 Introduction ................................................................................................ 1
Historical Perspective ........................................................................................... 2 Statement of the Problem ...................................................................................... 7 Purpose of the Study ............................................................................................. 10 Research Questions ............................................................................................... 12 Summary ............................................................................................................... 12
Chapter 2 Review of Related Literature ..................................................................... 14
The Need for Workforce Financial Literacy Education ....................................... 14 Evaluation of Existing Financial Literacy Education Efforts ............................... 15 Developmental Psychology and Financial Decision-Making ............................... 17 Cognitive and Affective Domain Learning Outcomes ......................................... 19 Summary ............................................................................................................... 22
Chapter 3 Method ....................................................................................................... 23
Qualitative Overview ............................................................................................ 23 Study Design ......................................................................................................... 24 Research Study Project Template ......................................................................... 27 Data Collection Procedures .................................................................................. 28 Participants and Sampling .................................................................................... 30 Process of Data Analysis ...................................................................................... 31 Validity and Reliability Concerns of Qualitative Inquiry ..................................... 34 Credibility and Trustworthiness ........................................................................... 36 Reflexivity ............................................................................................................ 37 Limitations ............................................................................................................ 38 Summary ............................................................................................................... 39
Chapter 4 Findings ...................................................................................................... 41
Description of the Program Setting ...................................................................... 42 Study Participants ................................................................................................. 44
Participant 1 ................................................................................................... 44 Participant 2 ................................................................................................... 47
v
Participant 3 ................................................................................................... 47 Participant 4 ................................................................................................... 48 Participant 5 ................................................................................................... 51 Participant 6 ................................................................................................... 52 Participant 7 ................................................................................................... 54 Participant 8 ................................................................................................... 55 Participant 9 ................................................................................................... 57
Aggregated Survey Results ................................................................................... 57 Theme 1: Participant Perspectives About Understanding Financial Behaviors
and Habits and the Impact on Financial Well-being ..................................... 65 Theme 2: Participant Reactions About the Financial Education Program and
the Effect on Consumers Financial Protection Bureau Financial Well-
Being Questionnaire Score ............................................................................ 70 Theme 3: Participant Perspectives About Motivation in Financial Literacy
and Well-being Education ............................................................................. 74 Summary ............................................................................................................... 79
Chapter 5 Discussion, Recommendations, and Conclusion........................................ 81
Discussion ............................................................................................................. 82 Theme 1: Behavior ........................................................................................ 82 Theme 2: Well-being Measurement .............................................................. 86 Theme 3: Motivation ..................................................................................... 89
Recommendations ................................................................................................. 92 Recommendation 1: Include a behavioral finance component in
programs ................................................................................................. 92 Recommendation 2: Limit knowledge-based content to what is a current
priority .................................................................................................... 93 Recommendation 3: Make personalized motivation a priority of the
experience ............................................................................................... 94 Recommendation for Future Research ................................................................. 95 Conclusion ............................................................................................................ 96
References .................................................................................................................... 99
Appendix A CFPB Long Form Financial Wellness Questionnaire ............................ 105
Appendix B Interview Protocol .................................................................................. 108
Appendix C Code Tree ............................................................................................... 113
Appendix D Survey Questions.................................................................................... 115
Appendix E Institutional Review Board Determination ............................................. 118
vi
LIST OF FIGURES
Figure 1.0. Multi-step process of workforce financial literacy education. .................. 9
Figure 2.0. Ecological Model for Financial Literacy Education (Adapted from
Way, 2014, p. 29). ................................................................................................ 21
Figure 3.0. Basic Types of Designs for Case Studies (Adapted from Yin, 2012, p.
8) ........................................................................................................................... 26
vii
LIST OF TABLES
Table 4.1 Responses Related to Prior Financial Education Experiences..................... 58
Table 4.2 Responses Related to Financial Literacy Knowledge Content .................... 59
Table 4.3 Responses Related to Financial Behaviors .................................................. 61
Table 4.4 Responses Related to Financial Attitudes and Emotions............................. 62
Table 4.5 Responses Related to Financial Goals ......................................................... 63
Table 4.6 Responses Related to Financial Motivation................................................. 64
viii
ACKNOWLEDGEMENTS
I would like to express my deepest gratitude to the Pennsylvania State University
and the University of North Carolina Charlotte: two institutions that provided the space to
develop programs that are designed a bit differently than most.
To my committee, I want to say thank you. Dr. Pellock, your commitment to CTE
work provided me the curiosity to explore financial literacy outside of the higher education
setting. Dr. Threeton, without a serendipitous meeting with you, I may have never even
considered the affective domain. Thank you for putting the theory to my vision. Dr. Bowen,
the respect I have for you cannot be overstated. You have been in my corner from the start
and have always been an inspiration. Lastly, Dr. Passmore. Your steadfast commitment to
making sure that I find my own answers has allowed me to do more than I imagined. Thank
you for the nudges, redirections, and reminders to stay with the grind.
To Allie and Lex, thank you for believing in my vision of how a program should
look and for your commitment to the possibility that we could do better.
Lastly, to Katie and Mia, I want to say more than thank you. Making the two of you
proud is always on my mind. But more so than that, your encouragement, sacrifices,
guidance, humor, help, and commitment allowed me to do this. This dissertation is as much
yours as it is mime.
1
Chapter 1
Introduction
This chapter elaborates upon the historical underpinnings of the need for financial
literacy education and how financial literacy education and programing have been
delivered. Explanation of the factors that lead to the effectiveness of such education is
considered and then developed into a set of research questions that guided the study.
Financial literacy education and programing are any intervention designed,
deployed, and evaluated to help individuals make decisions and adjust behaviors that, in
turn, lead to higher levels of personal financial security and wellness. Education consists
of the concepts, competencies, and skills necessary to make financial decisions.
Programing is the method of delivering that education to participants. In a U.S.
Government Accountability Office Highlights publication from 2011, it was found that
employers are positioned such that they can impact not only individuals but increase
organizational effectiveness through financial literacy education and programing.
Organizational commitment to a more financially fit workforce, coupled with effective
programing efforts, may be part of the solution to an issue that has been gaining steam for
some time now, coupling individual and organizational well-being. This research posits
that the development and deployment of these impactful programing efforts be explored in
greater detail.
2
Historical Perspective
Many factors, including employee satisfaction, drive organizational effectiveness
and company profitability. Kim and Garman (2004) report that employees experiencing
financial stress at work have lower overall levels of satisfaction and more negatively
skewed attitudes toward the organizations in which they work. These facts highlight the
relationship between employee satisfaction and successful financial literacy education.
Successful financial literacy programs are ones that have measurable outcomes, stimulate
behavioral change, are comprehensive in scope, and engage participants in ways that
produce long-term habits. Implementing effective and sustainable workforce financial
literacy programing and education has the potential to positively affect organizational
effectiveness, productivity, profitability, engagement, turnover, health, loyalty, and
organizational culture (Joo & Garman, 1998; Kadlec, 2012; Kim & Garman, 2004). These
potential positive effects ultimately become drivers of employees’ safety, job performance,
retention, and health care costs. The employee engagement gap alone, according to Saks
(2006), “is costing U.S. businesses $300 billion a year in lost productivity” (p. 600). While
the engagement gap is only one measure that improved financial literacy may help to offset,
it is one that could make better financial literacy education and programing a value-added
employee benefit. Remund (2010) conceptualizes financial literacy by stating:
Financial literacy is a measure of the degree to which one understands key
financial concepts and possesses the ability and confidence to manage
personal finances through appropriate, short-term decision-making and
sound, long-range financial planning, while mindful of life events and
changing economic conditions. (p. 284)
3
This definition serves well to explain the desired outcomes and behaviors associated with
financial literacy programing, education, and assessment. Throughout the United States,
these outcomes are pursued by schools, universities, employers, community organizations,
and financial service providers. The direct and opportunity costs of this programing could
be in the billions of dollars. However, verifiable costs on a national scale are currently not
available. The effectiveness of this programing and education has been marginally
successful at best, showing “that interventions to improve financial literacy explain only
0.1% of the variance in financial behaviors studied” (Fernandes, Lynch, & Netemeyer,
2014, p. 1). The meta-analysis conducted by Fernandes, Lynch, and Netemeyer (2014)
studying the effectiveness of financial literacy programing and education and covering
10,650 articles, 168 published papers, and 201 non-redundant studies further states that
“What is unclear is why educational interventions investigated thus far have been
unsuccessful” (p. 30).
There exist substantial research and literature regarding financial literacy concepts,
knowledge, programing, education, and assessment (both intervention-based and
measurement-based). A deficiency does, however, exist in determining the most beneficial
methodology for effective and sustainable financial literacy skill acquisition and
deployment. The existing research addresses what should be taught but falls short on how
it should be taught. Standard financial literacy programing and education typically focus
on rote learning of financial literacy content and what Bloom, Englehart, Furst, Hill, and
Krathwohl (1956) defined as the cognitive domain of learning. These two areas attend to
knowledge and concrete concepts related to financial literacy and have been the foundation
of most programing and education. Reliance on only the knowledge necessary to make
4
informed decisions, its deployment, and its measurement without consideration of the
emotional and attitudinal aspects of the learning process may limit the effectiveness of
financial education and programing efforts.
Goodwin, Harris, Nelson, Roach, and Torras (2019) explain that the neoclassical
view of rational choice theory contends that an individual given an economic decision will
always make prudent decisions giving them the highest level of benefit. With the growth
and development of the field of behavioral economics, rational choice theory has been
widely disputed. As Zeckhauser (1986) points out, “Nonrational behavior in economics is
a bit like an optical illusion. Just as you cannot always trust your eyes, you cannot always
trust your behavior to be rational” (p. s440). Examples abound of individuals, groups, and
organizations making irrational economic choices. Whether they are in the pursuit of
immediate gratification, rely too heavily on heuristics, or have skewed intrinsic value
judgments, greed, or apathy, these decisions are made even though the needed knowledge
and concrete concepts are available. By combining knowledge with attention to the
emotional and attitudinal orientation of those receiving instruction, financial literacy
instruction potentially becomes more impactful.
The need for increased levels of financial literacy is not a new topic, but it is
increasingly becoming more imperative across the United States, as studies have shown
that financial literacy among the general population is lacking. Numerous organizations
and non-profits, including the President’s Advisory Council on Financial Literacy (2008),
have come to the same conclusion; that Americans lack the basic skills necessary to make
sound financial decisions. These skills are necessary for successful navigation of everyday
life and become even more critical in times of economic or organizational downturn.
5
This governmental thinking is nothing new. A letter to Thomas Jefferson, dated
August 23, 1787, shows that, over 200 years ago, John Adams recognized the need for
financial literacy: “All the perplexities, confusions, and distresses in America arise, not
from defects in their constitution or confederation, not from a want of honor or virtue, so
much as from downright ignorance of the nature of coin, credit, and circulation” (To
Thomas Jefferson, 1787). These sentiments echo today. Organizations had looked the other
way when it comes to providing employees a base of individual financial literacy and,
finally, it seems as though these times are changing.
Much like the paradigm shift that began to take place after World War II in thinking
about employees’ physical and emotional health, organizations have begun to pay attention
to the cost of having a financially "unfit" workforce. Is this financial literacy education
happening correctly, though? Large-scale organizational losses can happen in the smallest
of increments. For example, lost productivity and time slippage have an effect on all
organizations. Kadlec (2012) estimates that American workers may be spending twenty-
eight hours per month researching personal financial topics while at work. Each of these
lost labor hours has a direct impact on organizational effectiveness and profitability.
Additionally, Financial Stress Research (Financial Finesse, 2016) reported that
85% of employees surveyed in the United States are experiencing at least some financial
stress and that 25% feel that their stress is overwhelming. This report uses a data set “based
primarily on the analysis of 35,703 financial wellness assessments completed January 1,
2014, through December 31, 2015” (Financial Finesse, 2016, p. 16). Given the list of
detrimental outcomes associated with even moderate stress levels, it is not a reach to
conclude that organizations and employers should be making the reduction of financial
6
stress a priority moving forward. As Calnan (2014) found in a survey of employers in the
United Kingdom, over half of the employers do not provide financial literacy education,
even though 73% of the employees have stated that it boosts productivity, and more than
half of those surveyed stated that they had requested some kind of financial education at
work.
A deficiency exists given the history of financial literacy education, the current
methods for deployment of that education, and the research concerning the marginally
effective outcomes associated with such programing. Research focused on the outcomes
and sustainability of a model focused on individual attitudes, emotions, motivations, and
internalizations may help fill in gaps in the existing literature. This research may also
improve not only individual and organizational outcomes but may serve as a best practice
holistically.
The development of best practices becomes increasingly important when a current
intervention or outcome-based educational program is failing to deliver desired outcomes.
The documented level of financial illiteracy among diverse groups has shown that this
indeed is the case. As early as 2005, the Organization for Economic Co-operation and
Development (OECD) had been working to address the pervasive levels of financial
illiteracy by publishing and analyzing policy issues surrounding the effectiveness of
international financial literacy education programs. Numerous other studies have also
concluded that Americans especially are not equipped to or lack the commitment to making
sound financial decisions (Chen & Volpe, 1998; Volpe, Chen, & Liu, 2006; Volpe, Chen,
& Pavlicko, 1996). These findings highlight a need to explore in more detail what may be
7
causing continued low levels of financial literacy during a period where the need for and
access to education has been made a priority.
Statement of the Problem
Although there may be several potential reasons for the inability of traditional
financial literacy interventions to increase the measurable outcomes desired, this
dissertation research is focused on one reason in particular. This research concentrates on
the distinction between cognitive-based learning outcomes and affective-based learning
outcomes associated with financial literacy education and programing in a workforce
setting. As Bloom, Krathwohl, and Masia (1964) point out in the early categorizations of
learning domains and how they impact the study of educational programs as a whole:
If programs have similar objectives, do they involve similar or different
learning experiences? The classifications could be used as tools in clarifying
and organizing educational research results. What types of educational
experiences produce what types of educational development? What types
of educational development are well retained and what types are not? (pp.
5-6)
By focusing on the learning domains and their respective learning outcomes within the
context of financial literacy education, and comparing the results of the differing
perspectives, there may be room for the development of, and adherence to, a set of best
practices and recommendations. This new focus allows for a more uniform approach to
financial literacy education. Even if these distinctions can be drawn, it is difficult to draw
conclusions that are generalizable due to the fact that “relatively few evidence-based
evaluations of financial literacy programs have been conducted, limiting what is known
about which specific methods and strategies are most effective” (Government
8
Accountability Office, 2011). Lending significance to the study of how affective domain
learning outcomes can impact the effectiveness of educational objectives is the tendency
for a majority of evaluated learning objectives to fall into the cognitive domain, as they are
easier to measure. Krathwohl et al. (1964) point out that when looking at cognitive domain
objectives that “the largest proportion of educational objectives fell into this domain” (p.
6). Additionally, the Consumer Financial Protection Bureau (CFPB) (2015) stated:
With rare exceptions, financial knowledge has typically been defined only
in terms of factual knowledge of specific financial concepts or as specific
levels of numeracy. Only a handful of studies have looked at how different
types of financial knowledge influence financial behavior or what
circumstances either limit or catalyze the translation of financial knowledge
into behaviors conducive to financial well-being. Overall, we found
understanding of financial well-being to be very limited. (p. 14)
Given the lack of research and literature that explicitly targets financial literacy education
programs that highlight objectives outside of the cognitive domain, there exists a gap in
the current understanding of financial literacy programs.
This gap can only be addressed by first outlining the differences between the two
domains of learning. The cognitive domain traditionally has been based on a learner’s
capacity to remember and process information while the affective domain relies more
heavily on the learner’s attitudes and feelings that are part of the learning process. It could
be argued that without cognitive-based knowledge objectives, affective objectives focused
on attitudes, feelings, and internalized motivations do not matter. It does no good to
motivate an individual to shift their attitude toward keeping a weekly budget or managing
their credit rating if they are not, in conjunction, provided with the concepts, facts, and
knowledge to carry out these newly developed attitudes. This fact is not the argument
presented in this research. The focus of this research leans more heavily on the potential
9
shift toward affective objectives as the precursor to the cognitive ends. This shift may
potentially engage the learner in a manner that instills sustainability and internalization of
responsibility, motivation, and accountability for financial behaviors. Krathwohl et al.
(1964) point out:
As viewed from the cognitive pole, the student may be treated as an
analytical machine, a “computer” that solves problems. In contrast, viewed
from the affective pole, we take greater cognizance of the motivation, drive,
and emotions that are factors bringing about achievement of cognitive
behavior. (p. 57)
With differences outlined regarding the varied approaches to learning objectives,
research can then be conducted that looks at the space between the addressed need for
financial literacy education and the delivery of financial literacy education programs
(Figure 1.0). This space is lacking research and literature, and at times can be implemented
with a “best-effort” mindset. Available reviews of financial literacy education and
programing recommend a more affective domain objective approach concerning
engagement, motivation, interest, personal orientation, attitudes, and feelings (CFPB,
2015; GAO, 2011; Kim, 2004; PACFL, 2008; Remund, 2010). These recommendations
have yet to become mainstays of program design and development while the reliance on
cognitive-based objectives remains strong.
Figure 1.0. Multi-step process of workforce financial literacy education.
The case for financial literacy
education
Cognitive Objective Based program Development
Affective Ofjective Based Program
Developmet
Delivery of education
and programing
Assessment and
evaluation of
outcomes
10
By breaking down this space between the need for and the delivery of education
and programing, a comparison can then be drawn based on results of already available data
regarding traditionally cognitive objective-based education and programs that have taken
a more affective domain objective approach. The resulting research could then be used to
determine the best design methodology for financial education programs that are being
considered or that are in the development stage.
The CPFB (2015) found that personal attitudes and beliefs, non-cognitive skills,
and personality traits all influence financial behavior and play a role in mediating the
connection between knowledge and behavior. Research and evaluation should be
undertaken that aids in the illumination of these factors that influence behavior and aids in
the synthesis of knowledge, financial skills, and behavior. Without a body of research and
literature addressing these factors and how they integrate into the development of financial
literacy education programs, a blind spot may continue to exist, inhibiting the enhancement
of and efficacy of this type of educational programing.
Purpose of the Study
This research intends to explore and examine the dynamics associated with a
financial literacy education program that includes affective learning objectives as a critical
driver of success. This study involves financial literacy program participants at an
organization that provides optional financial literacy education to their employees.
Through analysis of interview, survey, and questionnaire responses of a criterion sample
of program participants, a narrative was then constructed with regard to program
11
effectiveness, efficacy, and sustainability. The resulting outcomes can then be used to aid
in the development and implementation of financial literacy education programing.
Financial literacy education has multiple sets of standards surrounding what should
be taught and what outcomes should be set as goals. The Institute for Financial Literacy
(IFL), Department of Treasury, The JumpStart Coalition, Council for Economic Education,
Programme for International Student Assessment (PISA), and the National Endowment for
Financial Education (NEFE) have all provided definitions of financial literacy and
standards based on content, competencies, and materials. None have yet developed
comprehensive suggestions regarding how to deliver their recommendations effectively.
Only the National Financial Educators Council (NFEC) (2018) has advocated for
implementing a psychological component to their overall definition of financial literacy
education. The NFEC states that the direct link between a person’s money and their
emotional state justifies inclusion of this component in the definition of financial literacy.
The body of existing literature covering not only program design and delivery, but
the type of learning objectives these programs intend to deliver, is limited at best. This
limitation was addressed and analyzed within this research study. An evaluation of
outcomes associated with a more affective objective learning approach is also provided by
attempting to gain insight and knowledge centered on three main research questions. By
attempting to answer these three research questions, this study works to uncover and reveal
a narrative with regard to how affective learning objectives impact the delivery and efficacy
of financial literacy education.
12
Research Questions
Three research questions were undertaken during this study. One is based on a broader
conceptualization of the program being studied, while the remaining two are more focused
in nature.
1. What are the perspectives of individuals who have been engaged in an
affective learning objective-based financial literacy education program
with regard to financial knowledge, behaviors, and decision-making?
2. How do the individuals who have been part of an affective learning
objective program score on a nationally recognized measure of financial
well-being and how do they interpret their results?
3. Does a focus on the affective learning outcomes change the attitudes,
emotions, and motivations that participants have regarding financial
tasks and goals?
Summary
This chapter serves to highlight the existing efforts being put forth in the
advancement of a more financially literate and educated public, while also lending
credibility to the fact that these efforts may be designed and implemented in a less than
optimal manner. Also discussed was an introduction to a way of looking at desired
outcomes that have been generally overlooked. Finally, three research questions
surrounding the exploration of these desired outcomes with regard to attitudes, emotions,
motivations, and internalizations were presented. Chapter 2 takes these components and
13
applies them to the existing literature and research in order to build a case for further
exploration of the research questions.
14
Chapter 2
Review of Related Literature
When building a case for this study it is important to consider three areas of existing
literature that play a role in the proposed research. First, the overall need for financial
literacy will be reviewed, and the effectiveness of existing financial literacy efforts will be
discussed. Focus will then shift to two areas specific to the research questions and the
proposed focus on attitudes, emotions, motivations, and internalizations. An exploration of
developmental psychology and financial decision-making is a central tenant of this study
and is also reviewed. Lastly, a comparison between the cognitive and affective learning
domains is discussed and expanded upon.
The Need for Workforce Financial Literacy Education
Financial literacy is an important factor for anyone interested in increased
productivity, engagement, and efficiencies of labor markets for several reasons. As
Michaud (2017) points out, there are considerations to be made when a particular labor
market suffers from financial illiteracy. Workers in these labor markets may be financially
distressed. This then leads to losses in productivity and increases in absenteeism. Workers
may have to work longer to accumulate retirement income, and they may not fully
understand an organization or firm’s financial situation during downturns. Garman, Camp,
Kim, Bagwell, Redican, and Baffi (1999) find that individuals who are dealing with
financial strains or stressors often also report that their health is suffering as a result. These
health consequences manifest in many ways, including depression, mood swings, apathy,
15
physical maladies, and emotional irregularities (Goetzel & Ozminkowski, 1999). Kim
(2004) goes further in noting that “financial stress has been shown to have a number of
negative effects on individual and family well-being. Specifically, financial strain has been
linked to depression, anxiety, marital conflict, alcoholism, and drug abuse” (p. 2). These
adverse outcomes associated with financial stress can play a direct role in employee
performance, engagement, and productivity. Estimates are that between ten and fifteen
percent of the American workforce is experiencing a reduction in productivity due to
financial stress (Brown, 1993; Garman, Leech, & Grable, 1996).
Evaluation of Existing Financial Literacy Education Efforts
Kim (2004) discussed the increased need for a more robust examination of
workplace financial education efforts:
There is currently a strong need for more empirical research examining the
impact of different types of workplace financial education on employees’
personal finances. Existing studies have been limited primarily to the effects
of financial programs on investments or retirement savings as their
programs are often limited to such topics. Most of the studies in this area
investigated one or two one-time retirement seminars provided by
employers. (p. 3)
Reviews of the existing literature available that directly assess the outcomes or effects of
financial literacy education efforts carry limitations when considered from a delivery and
development perspective. Typical examination of the impact of this type of education does
produce recommendations that fall in line with affective learning objectives (attitudes,
emotions, interests, and motivations). However, they are usually presented as future
considerations or recommendations, not as a direct and purposeful analysis of the learning
outcomes or objectives of the program. Lusardi and Mitchell (2014) have produced a
16
summary of existing education efforts and have determined that little has been learned
about the effectiveness of financial education programs, despite widespread popularity.
Hogarth (2006) and Martin (2007) presented a slightly more optimistic view of financial
literacy education in their reviews of available studies, although both cautiously contained
their optimism that education efforts were effective.
Other reviews of prior literature and studies carry with them a less favorable
evaluation. It has been contended in a number of studies that there is little evidence that
financial education affects behavior, that more rigorous evaluation is needed, and that
many programs carry design flaws resulting in weak effectiveness (Caskey, 2006;
Hathaway & Khatiwada, 2008; Willis 2008a, 2008b). The issues arising from program
design flaws are of value to this research study. By focusing on the program design and not
just content, effectiveness may be greatly increased. Collins and O’Rourke (2010)
conducted a large-scale evaluation of financial education programs and found that only
eleven out of forty-one addressed any predetermined theory or framework.
The current standard for financial literacy measurement is the Lusardi and Mitchell
questionnaire developed in 2004. This measurement tool specifically addresses the topics
of interest, inflation, and risk and is a good measure of knowledge, but not necessarily
behavior. As Hastings, Madrian, and Skimmyhorn (2013) have expressed:
Although Lusardi & Mitchell’s Big Three questions from the 2004 HRS
have quickly become an international standard in assessing financial
literacy, there is remarkably little evidence on whether this set of survey
questions is the best approach, or even a superior approach, to measuring
financial literacy. The question of how best to assess the desired behavioral
capabilities remains open. (p. 355)
Given the lack of consensus regarding the outcomes associated with financial
literacy education, the unknown best practices in program development, and concerns
17
regarding the current methods of measuring financial literacy, it could be concluded that
there is room for research and evaluation at every level of financial literacy education.
Mandell and Klein (2009) point out that research efforts should be focused on the
understanding and determination of teaching methods that elicit the most desirable
financial decision-making capabilities. This proposal now turns its focus to the financial
decision-making process and its psychological underpinnings.
Developmental Psychology and Financial Decision-Making
With available research and evaluation regarding financial literacy education
having determined that achievement of desirable behavioral outcomes is limited at best, it
becomes advantageous to look at the development and design of these education programs.
A financial literacy program should begin with an understanding of developmental
psychology and financial decision-making processes. As Collins and O’Rourke (2010)
indicated, there is a lack of guiding theory in the literature, and most studies fail to carry
with them sound theoretical underpinnings.
Mitigating the shortcomings found in current educational programs starts with an
approach that more adequately addresses components of developmental psychology and
financial decision-making. As Tokar (2015) points out, “what is clear from the analysis,
however, is that financial literacy encapsulates more than just numeracy knowledge” (p.
114). In the same study, Tokar proposed that confidence is as necessary as the knowledge
component within any financial literacy education program and that this realization can
lead to better financial decision-making.
18
If an understanding of the differences between the current focus of financial literacy
education programs and the proposition that more focus should be applied to
developmental psychology and the financial decision-making process can be reached,
successful outcomes can be realized. As Zeckhauser (1986) stated in his findings on the
matter, “Success will mean that we can systematically employ our understanding of
psychology to make nonobvious predictions about behavior in a range of problems of
economic import” (p. s449). There has been a paradigm shift from the neoclassic model
that states that profit maximization and perfectly competitive markets determine economic
outcomes. From this perspective, the rational choice theory, which contends that an
individual will make decisions that maximize utility and self-interest, took hold. With this
theory holding court in the minds of financial educators, a new school of thought has started
to take hold, namely behavioral economics. As Goodwin, Harris, Nelson, Roach, and
Torras (2019) highlight, the last few decades have seen a shift from the neo-classic view
to an alternative embracing of behavioral economics. This shift takes into consideration
social and psychological aspects that had previously been left out of financial literacy
education. They go on to then expand on this idea by suggesting that a more sophisticated
model of human motivation is required to understand why people make the financial
decisions that they do, sometimes in direct objection to their own self- interest.
Given this alternative in how individuals make decisions, a more refined focus on
these behavioral and developmental components of financial literacy education could
enhance the effectiveness of programing. Holden (2010) has examined this phenomena and
postulates that:
Financial education material and approaches are often developed by
practitioners based on the assumption that, if individuals are presented with
19
knowledge and financial tools, then they will better be able to assess the
relative advantages of known financial options and choose what is most
likely to achieve their financial goals. (p. 1)
Holden goes on to state that there is not a singular theory of development that can
adequately explain how financial decisions are made, but that there is a myriad of
individualized components that lead an individual to a particular financial decision. Given
this stance, it is postulated that a focus on only the core components of knowledge, while
not attending to attitudes, emotions, motivations, and internalizations may result in
undesirable results.
The preceding sections of this chapter were meant to provide an understanding
relating to what has been happening in this sphere of education and how the psychology of
financial decision-making can impact success. Attention will now be given to the two
domains of learning that this study intends to address by focusing on how they have
historically been used, and could be utilized, to improve program effectiveness.
Cognitive and Affective Domain Learning Outcomes
Cognitive objectives are those which place emphasis on recall, recollection, and
achievement of various topic-specific intellectual tasks. The affective objectives rely more
solely on matters of emotion, motivation, attitudes, values, and interest (Anderson &
Krathwohl, 2009). This study intends to expand upon participant affective objective
description and development.
Emphasis is placed overwhelmingly on knowledge objectives or other cognitive-
based outcomes at the expense of or detriment to the development of the ability to
adequately value or deploy that knowledge (Bloom, Krathwohl, & Masia, 1964). It is the
20
development of these abilities that this study intends to focus on. In adherence to a more
crystalized focus on the affective domain outcomes, traditional processes are better
understood, and new processes can be implemented. As Bloom, Krathwohl, and Masia
(1964) point out:
It seems clear that the cognitive approach to affective objectives is a
frequently traveled route. What about the reverse? One of the main kinds of
affective-domain objectives which are sought as a means to cognitive ends
is the development of interest and motivation. (p. 57)
By taking a more detailed look at how the affective-based objectives impact learning in the
context of a financial literacy education program, this study intends to add a depth of
knowledge to the research. This depth manifests in the emphasis on the learning tasks,
processes, and delivery of content with consideration of attitudes, emotions, motivations,
and internalizations.
Figure 2.0 (Way, 2014) can be considered one of the more comprehensive financial
literacy education models available, and within the model, there is attention paid to what
can be considered affective outcomes. This model mimics many others where the
recommendations address motivation, attitudes, beliefs, emotions, values, and
internalization. What is not clear from the review of the literature is if there has yet to be a
comprehensive study conducted that uniquely addresses the development and deployment
of programing focused on the affective-based outcomes. As Way (2014) points out:
Financial behavior is not just a function of factual knowledge and skills, but
also a complex array of other personal, interpersonal, and environmental
factors, such as intentions, beliefs and attitudes, self-efficacy and self-
regulatory ability, resources derived through authentic experiences, social
interaction, and self-reflection. While either behaviorist or constructivist
approaches to learning may be useful in developing knowledge and “how-
to” skills, the other important determinants of positive behavior may
arguably be more likely to develop through constructivist approaches. (p.
30)
21
Way does well in explaining which factors are needed to potentially develop consistent
positive financial behavior, highlighting the differences between perspectives. She does,
however, stop short in applying direct learning domain outcomes to her description.
When considering the manner in which cognitive objectives and affective-based
objectives work in coordination with each other, there is no way to completely separate the
two. The key to moving forward may lie in the understanding that learning, and
sustainability of learning over time, must include a focus on the emotional, attitudinal, and
motivational context just as heavily as the reliance on facts, knowledge, and memory.
(Anderson & Krathwohl, 2009; Bloom, Krathwohl, & Masia, 1964; Way, 2014).
Figure 2.0. Ecological Model for Financial Literacy Education (Adapted from Way, 2014, p. 29).
22
Summary
The aim of Chapter 2 was to inform the reader of the context in which a majority
of financial literacy education and programing is taking place. It is important to point out
at this juncture that the existing literature, research, and efforts are not incorrect or to be
deemed completely ineffective. In the realm of financial literacy education, cognitive
objective-based programing is far and away better than no programing at all. The intent is
to show that there is a gap in what currently exists that should be addressed. In the following
chapter the methods that are used to explore the affective domain learning objectives are
outlined and developed.
Chapter 3
Method
The transformation of knowledge, ideas, or phenomena into accepted academic
research or theory necessitates that care was taken in the development of the methods used
to conduct research. This chapter outlines the methods deployed in this study while also
giving an overview of the specific protocols and procedures that were implemented. The
chapter ends with a description of the overall project plan and addresses potential
limitations of the study.
Qualitative Overview
Methodology use is determined by a number of factors, including what is to be
studied and the research questions proposed within the study (Yin, 2012). Given the nature
of this research study, a qualitative research design is best suited for the exploration of the
proposed research questions. Qualitative researchers are interested in discovering the
meaning that people attribute to a particular phenomenon, the way they experience the
phenomenon, and how they integrate the phenomenon into their way of understanding the
world (Merriam, 1998). As Rallis and Rossman (2016) elaborated, qualitative research
begins with questions, and the purpose of undertaking this type of study is learning. This
study was undertaken with the intention of learning more so than proving or substantiating
a causal effect. This study began with questions regarding the design methodology of
financial literacy programs and their learning objectives. The resulting data were used to
24
inform and expand upon the research questions. The knowledge derived from this study
can be used to create potential new understandings of how financial literacy education is
delivered in the workplace and beyond.
Since the aim of the study is to evaluate the perspectives of individuals engaged in
a financial literacy program, and because this study uses interview responses and other
documentation that are not strictly quantitative or numerical in nature, a qualitative design
is preferable. Qualitative data allows for exploration of the research questions focused on
decision-making, motivation, emotions, attitudes, and well-being. The data generated from
this study consisted of survey responses, interviews, a questionnaire, and other
documentation/field notes that shed light on the delivery of financial literacy education to
employees within a workforce setting. Data interpretation took place in order to uncover
emergent themes regarding affective learning outcomes and their role in enhancing
financial literacy education. The research questions this study not only lend to a qualitative
study but, more specifically, a case study design.
Study Design
This research employs an embedded case study design. A case study is:
A qualitative approach in which the investigator explores a real-life,
contemporary bounded system (a case) or multiple bounded systems (cases)
over time, through detail, in-depth data collection involving multiple
sources of information (e.g., observations, interviews, audiovisual material,
and documents and reports), and reports a case description and case themes.
(Creswell, 2013, p. 97)
Given that the desired data from this study focuses on aspects of emotion, attitude,
motivation, and values, a case study design is best suited. Yin (1994) asserts that a case
25
study is best suited for “how” and “why” types of research questions, and this study is
precisely that. In particular, this study aims to illuminate why financial education programs
should consider affective objectives and how to develop and implement them. Within a
case study design, a number of factors need to be considered in order to determine the best
variation of case study to be utilized. Figure 3.0 illustrates the differences that need to be
considered when selecting a case study design. Additionally, Yin (1994) categorizes case
studies as explanatory, exploratory, or descriptive. The selection of one type of case study
design over the other is dependent upon the overall purpose of the study.
For this study, a single-site, exploratory, embedded design was utilized. Yin (2012)
states that this type of study is used in the linking of program implementation with program
effects or outcomes, a main consideration of this study. This design also sought to uncover
the potential causal links in real-life interventions. This study design allows for an in-depth
evaluation and exploration of the particular phenomena to be studied. In this case study,
that phenomenon is a workplace financial education program at a large American
university that focuses effort on affective domain learning objectives. These objectives are
undertaken in order to engage participants more readily in the areas of attitudes, emotions,
motivations, and internalizations. By utilizing embedded units of analysis as seen in Figure
3.0, the overall phenomena can be explored from multiple perspectives, thus allowing for
greater validity and reliability in the resulting data analysis. In this case, each embedded
unit is a study participant.
26
Figure 3.0. Basic Types of Designs for Case Studies (Adapted from Yin, 2012, p. 8)
27
Research Study Project Template
This study involves four distinct sessions or tiers. Session one was approximately
10 minutes, Session two was approximately 30 minutes, Session three was approximately
90 minutes, and Session four lasted approximately one hour. Total participant time actively
involved in the study did not exceed four hours. Participants could leave the study at any
time, and the entire study had the potential to last 18 months.
Session 1: A questionnaire was electronically mailed to participants to complete in a setting
of their choosing. This questionnaire was filled out online. This questionnaire took no
longer than 10 minutes. This email also contained participant consent documentation.
Session 2: A survey was sent via email to all study participants. This could be completed
in whatever setting a participant chose and was to be completed online. This survey took
no longer than 45 minutes.
Session 3: A structured interview was conducted with each program participant. A
predetermined interview protocol (Appendix D) was utilized, and the interview took place
via Zoom. This interview took no longer than 90 minutes, but participants were given the
opportunity to add more detail as they deemed necessary.
Session 4: A phone call or virtual meeting was conducted where participants had an
opportunity to review the resulting data and analysis if they wished. Participants could add
to the data at this point or make corrections. This participant checking is an important step
in data validation.
28
This study utilized a project management plan in which all participants had access
to data for viewing and commenting. This plan was available electronically throughout the
research study.
Data Collection Procedures
For this study, multiple forms of data were collected and evaluated. Interview,
survey, and questionnaire responses were the primary data collected. Erickson (1986)
spoke to the necessity of multiple data collection procedures. He stated that each collection
method has weaknesses and strengths, but that a combination of methods leads to
triangulation and more accurate findings. Each participant took a nationally available
assessment of financial well-being: The Consumer Financial Protection Bureau Financial
Well-Being Long Form Questionnaire (Appendix A) (Measuring Financial Well-Being: A
Guide to Using the CFPB Financial Well-Being Scale, n.d.). This questionnaire measures
a participant’s financial well-being as it relates to four measures. These measures are the
ability to meet day-to-day financial obligations, enjoyment of one’s life, the capacity to
absorb financial shock, and being on track to meet goals. This questionnaire was delivered
via email along with the implied consent documentation. If a potential participant returned
their score on the questionnaire, they were then moved into the next stage of the study.
Interview data and results of the CFPB questionnaire were analyzed on the
individual level. The results of the survey were aggregated in total and analyzed as a set of
responses without being identified on an individual basis. This served as a separate avenue
to explore the research questions while also giving participants the opportunity to give their
29
perspectives more openly, and anonymously, as the researcher was also the main contact
within the financial literacy education program. This anonymity allows for greater
creditability in the study. All data collected were de-identified in the final study results and
participants were assigned a participant ID.
The interviews, conducted after the questionnaire and survey, were structured and
followed a defined and prescribed interview protocol (Appendix B). The questions
followed a sequence that aligned with the research questions. Structuring this way allows
for consistency in the data collected and for the focus to remain on the research questions
being explored. All of these interviews were conducted over Zoom (https://www.zoom.us/)
and were recorded, transcribed, and stored. As Creswell (2014) points out, this is a useful
approach because direct observation behaviors of the participants cannot take place outside
of the program setting, and it gives the researcher control over the line of questioning.
The survey (Appendix D) given to study participants was developed to collect
information in six distinct areas that help to answer the study’s research questions. Each
section of the survey had five Likert-scale questions and one open-ended response
question. The Likert-scale range was presented as: Strongly Disagree - Somewhat Disagree
- Agree - Somewhat Agree -Strongly Agree. Participants selected the scale measure they
felt matched their perspective and the presented data were displayed according to the
number and percentage of selections. The administration of the survey to participates
provides an additional source of data that helps to identify and describe the impact of
affective domain objectives as they relate to the research questions. The survey was
delivered and completed electronically by program participants through Qualtrics
(https://www.qualtrics.com/).
30
The selected participants have participated in a minimum of three educational
sessions within the program setting, and the educator during these sessions collected notes
and observations related to the research questions of this study. These documents contain
source data that is representative of an individual’s demographics, beliefs, attitudes,
motivations, and worldview, thus describing an individual’s perspective (Merriam, 2015).
These documents were reviewed and field memos created.
Participants and Sampling
Creswell (2014) discussed that “the idea behind qualitative research is to
purposefully select participants or sites (or documents or visual materials) that will best
help the researcher understand the problem and the research questions” (p. 189). For this
research study, a criterion sampling technique was employed. Patton (2002) states that this
approach studies all cases that meet a predetermined criterion. It is essential in this study
that criterion sampling is utilized in order to ensure that participants have had sufficient
exposure to the phenomenon of interest (i.e., participation in the financial literacy program
that is being evaluated). An existing file of program participants was evaluated to
determine those candidates who meet the criteria for the study. There were 33 employees
who met the eligibility requirements for the study. Once identified, participant email
addresses were available on the intake documents. At initial participant selection, the
inclusion criteria entailed the following: Adult 18 years of age or older, University
employee who participated in 1-hour counseling/education sessions, and no less than three
sessions completed. Creswell (2014) contends that case studies should include four to five
31
cases. From the eligible potential participates, 27 potential participants received the
informed consent email with the CFPB questionnaire included. Of the 27 potential
participants, 11 individuals replied with their questionnaire scores. These 11 participants
were then sent the survey for completion. Of the 11 participants, nine responded to the
survey and, ultimately, seven individuals were interviewed. This sample size allows for the
interviews, documentation review, and follow-up conversations to be completed in a timely
fashion while giving ample time and data to reach a depth of understanding concerning the
research questions (Creswell, 2014).
Process of Data Analysis
Analysis of qualitative data is a robust and creative process that must include both
inductive and deductive reasoning, along with creative thinking. Creswell (2014) points
out that data analysis will naturally coincide with other aspects of the study, but that there
is a process to follow that is interactive in nature. Due to the emergent nature of qualitative
research, and specifically the design of this study, care was taken to gain a richer
understanding of all data collected and to distill this data into the most relevant themes.
All data were compiled using case study methods of notetaking, interview
transcripts, questionnaire results, and survey results. Resulting data were analyzed and
coded for inductive, emergent, and apparent themes. The data were then interpreted and
analyzed as they pertained to research questions. First, the interviews were transcribed and
reviewed for accuracy; at the same time, documents and observation notes were cataloged.
The researcher then reviewed and annotated relevant discoveries and potential themes. This
32
step “provides a general sense of the information and an opportunity to reflect on its overall
meaning” (Creswell, 2014, p. 197).
All interviews were transcribed in a timely fashion to ensure accuracy. All
transcripts were then read while listening to the original recording. Transcripts were then
downloaded into Deedoose (https://www.dedoose.com/), a qualitative data analysis
software platform. The use of this software allows for a more simplified coding process.
As Creswell (2014) points out, coding allows for an organization of the data into usable
chunks that can be labeled and categorized according to emergent themes. This making
sense of the data and coding it for meaningful themes relevant to the research questions
allows for a step-by-step analysis that can uncover a deeper understanding of the data as a
whole.
The coding process used in this study took place in three distinct stages following
the structure of the study. These stages evolved from an inductive to a combination
inductive/deductive approach, finally resulting in the construction of relevant categories
and themes that assisted in the addressing of the research questions. Stage one of the coding
process was by definition a deductive or concept-driven approach that followed a top-down
strategy, a research theory leading to a hypothesis. Appendix C lists all stage one and stage
two codes used in this study. Observation and analysis were then used to confirm or refute
the leading theory. Stage one coding for this study began with the creation of main themes
or categories as they related to the research questions. There were seven initial codes that
were created for the first pass deductive coding (Affective Domain, Cognitive Domain,
Influences, Experience, Financial Literacy, Financial Well-being, and Individual
Disposition). Using these seven codes, the data was chunked into excerpts that were
33
relevant to individual codes. These chunks were mainly in sentence or paragraph format.
Constant comparison to previous coding was used throughout this process in order to help
in the consistency, validity, and credibility of the coding. These code chunks were then
examined for ideas, themes, and any emergent observations. All coding was conducted by
the primary researcher.
Stage two of the coding process was a thematic analysis that employed both an
inductive and deductive approach. This was largely a latent approach in that the meaning
behind the actual text was given priority consideration over the absolute text or language.
This approach allowed for a deeper dive into the experience of the study participants,
particularly their discussion of personal finances. This stage of coding happened in
sequential order. First, the data was read again with stage one coding applied. Second, stage
two inductive codes were created based on the research questions; there were an additional
eighteen codes created. These additional eighteen codes can be found in Appendix C. After
this round of coding, categories were created and themes were generated to help explain
and address the research questions. These themes were reviewed through constant
comparison and triangulation of data. Finally, the resulting themes were defined. From the
results of the coding process, several significant findings were uncovered that were
analyzed to answer and elaborate on the research questions.
The survey data was analyzed to address participant perceptions within each of six
defined areas: previous education, knowledge, behavior, attitude and emotions, goals, and
motivation. The data was compiled and analyzed for frequency and type of response. Given
the small sample size and qualitative nature of this study, no additional statistical analysis
was conducted. The survey, however, could be used in future research in which more robust
34
statistical analysis may be warranted. The open-ended questions that were included in the
survey were aggregated and coded along with the interview transcripts but were not
attached to any descriptor variable and were not identified by participant in any way.
The CFPB Long Form Questionnaire was used to help uncover perceived levels of
financial well-being of the study participants. These results not only give a measure of
overall level of financial well-being of program participants but are also used to draw
comparisons to the available data of individuals who have completed the questionnaire
nationally and at the state level.
These findings and their relevance to the research questions are then presented in a
detailed discussion. These discussions are presented as a description of participant
experiences, attitudes, and emotions as they pertain to the financial literacy program and
the research questions as a whole. Creswell (2014) states that the last step in the qualitative
research process should include making an interpretation. For this particular study, the
researcher tied the results of the study to the larger realm of financial literacy education
and how programs are designed, developed, and deployed in the workforce.
Validity and Reliability Concerns of Qualitative Inquiry
Regardless of the type of research, validity and reliability are concerns that
can be approached through careful attention to a study’s conceptualization
and the way in which the data are collected, analyzed, and interpreted and
the way in which the findings are presented. (Merriam, 2015, p. 238)
Creswell (2014) stated that one of the strengths of qualitative research is its validity. This
validity can be achieved through the accuracy of the resulting descriptions from the
researchers, participants, and readers’ accounts. In order to ensure the validity of the data
35
collected in this study, complete written transcripts of interviews and narrative descriptions
are provided to participants so that they were afforded the opportunity to clarify and review
all data. This participant checking aids in determining the accuracy of the researcher’s
findings. Additionally, in order to increase the validity of this study, triangulation of the
data sources took place. Triangulation between the interviews, session notes/documents,
and observations is a critical step in the validation of codes and themes uncovered in data
analysis.
To further enhance the credibility and validity of the study, a section of this chapter
and the discussion chapter is dedicated to the clarification of potential researcher bias.
“This self-reflection creates an open and honest narrative that will resonate well with
readers” (Creswell, 2014, p. 202). For this study, in particular, it is vital to address the
reflexivity of the researcher, as the researcher is also a key facilitator of the financial
literacy education program being studied.
The reliability of a particular study is the ability to replicate that study. This
standard, however, can be problematic in qualitative research. Creating an entirely accurate
recreation of a qualitative inquiry is not possible. Merriam (2015) suggests that “rather than
demanding that outsiders get the same result, a researcher wishes outsiders to concur that,
given the data collected, the results make sense – they are consistent and dependable” (p.
251). This study provides results that very well may be some of the first of its kind when
considering the specific research questions. Reliability, in its truest form, may or may not
come as a result of other research undertaking the same or similar phenomena. Creswell
(2014) and Yin (2012) have addressed that in order to ensure this consistency and
dependability, the researcher needs to be vigilant in the documentation of all procedures
36
that take place within the study and that a detailed case study protocol and database be
constructed. Heightened diligence affords other researchers the transparency needed to
understand how the study was conducted and how the data was analyzed.
Credibility and Trustworthiness
Any sound research is done in such a manner that the researcher is acting from an
ethical perspective in hopes of concluding with a trustworthy and credible result. Yin
(2009) referenced that good case study research should utilize different perspectives and
give sufficient evidence within the resulting reporting. When this stance is taken in
combination with the strategies proposed by Merriam (2002) regarding triangulation,
participant checks, reflexivity, and rich description, the credibility, and trustworthiness of
the study are enhanced.
This study utilized triangulation and participant checks in order to verify the
accuracy of data and confirm the emergent theme discoveries. Additionally, by providing
a rich description of participant thoughts and feelings as they related to the research
questions and this study’s methodology, credibility and trustworthiness of the results are
strengthened. Merriam (2002) explained that taking this approach allows future readers of
the study to decide if their experience matches the resulting research.
37
Reflexivity
In any qualitative study it is imperative that the researchers recognize and reflect
on the role that they play in the research process. This reflection on oneself and the role
that the researcher’s background, experiences, and culture play in the study all have the
potential to guide and characterize the data and results (Creswell, 2014). Reflexivity does
not happen in one instance but must be continually considered and noted throughout the
research process. Merriam (1998) ascertained that with any qualitative research the
researcher’s biases and personal orientation will ultimately have an impact on the outcome
of the study. This impact on the outcome of the study is not necessarily a deficit or a
limitation of the study, as long as the researcher undertakes an ongoing and formalized
approach to explicitly recognizing and documenting biases, impactful views, and
dispositions. When biases are identified and accounted for there remains a potential for a
skew of subjectivity. This study in particular carried with it a potential for a high degree of
researcher subjectivity, given that I was the primary counselor in the financial education
program while also being the primary researcher. Peshkin (1988) addressed the issue by
stating that, “one’s subjectivities could be seen as virtuous, for bias is the basis from
which researchers make a distinctive contribution, one that results from the unique
configuration of their personal qualities and joined to the data they have collected” (p. 18).
In an effort to fully address potential bias and/or subjectivity considerations, I will
now discuss my experiences and dispositions in relation to this study. I have spent the last
twenty years working in some capacity helping individuals, families, and businesses to
achieve financial security and well-being. I grew up in a poor household where my parents
38
lacked the knowledge and, more importantly, the motivation and behaviors necessary to
ensure their financial success. For the last eight years of my professional career, I have
developed and delivered financial literacy and well-being programing aimed at connecting
and intertwining the knowledge, behaviors, and emotions needed to codify financial
success. As the assistant director of the financial education program, I intentionally
designed program aspects to more deliberately tie these aspects together. It was only after
witnessing the financial education program’s success, while also understanding that a
majority of other programs were failing to meet expectations, that I decided to conduct this
study. I have identified that I am indeed biased in regard to program design, and this study
is an attempt to more fully understand if this type of program design can have a meaningful
and lasting impact.
Limitations
There are limitations to this study. As described above, there exists a potential for
a degree of researcher bias and subjectivity. Care was taken to identify the potential biases
and subjectivity of the researcher through multiple data collection procedures and
participant checking. The use of an anonymous survey tool was implanted in order to assist
in offsetting the potential limitations of the researcher also being the primary educator in
the financial education program. The participant checking provided participants an
opportunity to clarify and respond to researcher interpretations of the data collected. This
process theoretically neutralizes some researcher bias in data interpretation and theme
construction.
39
A second, but no less important limitation of the study, is in the sample used to
conduct the study. This study was conducted at one location with a criteria sample of
participants. All participates had self-selected to engage in the program initially. Self-
selection in this instance is that they were not told they should or had to attend any program
offerings by their employer. All participants also spent a predetermined amount of time in
program sessions. Participants, in this case, spent a minimum of three hours engaged in
program activities. It could be beneficial in the future to broaden the sample to include
individuals who may have only experienced one or two hours of programming to see if
results are similar.
Data collection procedures could also be considered a limitation of this study. As
with any study that generates its data from participant interviews, factors such as social
desirability should be considered. The participant can share as much or as little information
as they wish and, at times, their responses may be constructed in such a manner as to fit
the narrative of the study. Additionally, participants are only speaking from their personal
perspectives and experiences. This creates a bulk of perceptual data. Patton (2002)
elaborated on perceptual data by noting that it really exists in the eye of the beholder.
Again, the use of multiple data sources was implemented to help verify what was collected
in interviews against the results of the surveys and questionnaire data.
Summary
Research questions determine the type of methods that will be used in a research
study, and the questions being undertaken in this study lend themselves to a qualitative
case study approach. Interviews, documents, and notated observations were used as source
40
data to be coded. This coding leads to emergent themes and categories that can then be
analyzed and interpreted with respect to each specific research question. A criterion sample
was used in order to produce study results that focus on participants that have had
significant time within the financial education program being studied. Participants were
given the opportunity to review the study results for accuracy and additional interpretation.
Care was taken in this study to ensure standards of both validity and consistency.
A number of established measures were taken to enhance the credibility of the study and
to allow future researchers to not only build upon the study results, but also to fully
understand the context in which the study took place, the participants themselves, the
research process, and the researcher. The primary focus of the study was to explore the
experiences and behaviors of participants. Any resulting findings can be used to inform
others of the impact of focusing financial education program design toward a more
affective learning domain position.
41
Chapter 4
Findings
The research questions that this study attempted to answer were:
1. What are the perspectives of individuals who have been engaged in an
affective learning objective based financial literacy education program
with regard to financial knowledge, behaviors, and decision-making?
2. How do the individuals who have been part of an affective learning
objective program score on a nationally recognized measure of financial
well-being, and how do they interpret their results?
3. Does a focus on the affective learning outcomes change the attitudes,
emotions, and motivations that participants have regarding financial
tasks and goals?
These questions were the basis of both the survey and interview protocols. As is discussed
below, these questions in their purest form were not completely and comprehensively
answered. The study’s emergent nature and the resulting data evolved in such a manner
that three main themes emerged. These emergent themes were related to the research
questions, but also uncovered some notable new results. This chapter will provide a richer
description of the financial education program, the individual participants, and the three
themes identified from the data.
42
Description of the Program Setting
Any explanation or discussion regarding this study’s findings would fall short in
context if care were not taking first to give a detailed overview of the program setting where
each participant spent time developing and achieving both cognitive and affective learning
outcomes. The program that this case study focuses on is offered to students, faculty, and
staff of a large university in Pennsylvania. There is no requirement for participation in the
program at any level. All participants in the study entered the individual counseling
sessions by self-selection, but for various personal reasons. No study participants were
students. Mainly, any individual participant in the individual counseling sessions would
have first been an attendee at a presentation, workshop, or virtual webinar offered
throughout the year. Two of the final study participants came to the program as a result of
a recommendation from a work colleague.
The greater focus on the affective domain learning objectives begins very early in
the initial meeting. The educator first gives a brief overview of the session process,
touching on confidentiality, and then asking what brings the participant in for the session.
This is a standard sequential process that many, if not all, financial counseling and
consultation professionals undertake. The program being studied in this research then
differentiates itself by shifting focus entirely to an affective learning outcome discussion.
Each educator in the program has a unique style or approach to this next phase of
the process. Still, the focus is on learning more about behaviors, habits, motivations,
influences, lived experiences, and emotions that play a role in the participants’ financial
decision-making. This learning process comes before any cognitive domain, competency-
43
based education, or counseling takes place. The educators are purposefully given training
in talking to the participant about the potential of not getting to the presenting issue/concern
right away in exchange for spending more time on the development of a holistic picture of
what comprises the participants’ financial world. Care is taken to reassure the participant
that follow-up sessions are available and encouraged.
Care is also taken in subsequent sessions to focus on the discoveries made during
the initial session. Questions such as “Why do you think that happened?”, “What were you
feeling when you made that decision?, “What was happening at that time for you
personally?”, and “Tell me more about what you think was driving your motivation and
decision-making when X took place” are routine. Also, educators are encouraged to
promote self-reflection on personal experiences, attitudes, behaviors, and influences that
were shared in earlier sessions. During training and review sessions for staff in the financial
literacy program, situations are routinely discussed related to a particular participant's
financial situation and the influences, emotions, attitudes, or motivations that may hinder
or help the case. This type of attention to training staff in the use of affective domain of
learning aspects is not unique, but the emphasis placed on the development and
implementation of these aspects is not the norm.
Many financial advisers, counselors, coaches, and educators in financial education
have an intake process that asks questions about habits, family influences, emotions, and
motivations. These data points typically remain just that, a data point, that is then at best
only referenced in order to help guide cognitive-based education, or at worst is used only
to build initial rapport and trust with the individual then never revisited. The distinction
between programs that strategically place affective learning objectives as equal or of
44
greater importance than cognitive learning objectives is what this study addresses.
Additionally, a broad and deep description of the study participants will help in
illuminating why this distinction in program design is so important. The study participants’
data has all been de-identified, and names are not used in this study.
Study Participants
This section provides a detailed description of the seven interviewees. This
description offers a rich summary of the interview and each individual’s diversity as it
pertains to their experiences in the same program. It should be noted that two participants
(Numbers 2 and 9) completed both the anonymous aggregated survey and the CFPB
questionnaire but did not schedule interviews. Their data were included in the study as their
data is still useful in answering the research questions. As was explained in Chapter 3,
completion of the CFPB questionnaire along with an email reply implied consent for the
study, and only individuals that met the sampling criteria were sent that initial email. The
anonymous survey was then sent to all who replied along with an email asking to schedule
an interview at their convivence.
Participant 1
Study participant 1 (P1) is a Caucasian, married female in her sixties who
participated in seven counseling sessions in the program. Her score on the CFPB Financial
Well-being Questionnaire was 61. Her initial contact with the program came as a result of
a recommendation from a personal friend.
45
At the initial consultation, P1 expressed that she was approaching retirement age
and that she had been working with a financial adviser. On the recommendation of her
friend, she thought a conversation with someone else might be beneficial. Her interactions
with financial advisers or other financial professionals until her first session in the program
had not been a completely positive experience. Participant one described her experience in
the following way:
I did have a financial advisor. Well, I had met with TIAA CREF people,
which was not a positive experience. To me, it was not informative. It wasn't
an exchange of information. I didn't feel great. I felt they were just kind of
like a living website. I could get the same information from the website. So,
I went outside of (employer) and then engaged services of new brokerage
that was a little better. There was a little more explanation and a little more
thoughtful exchange. They asked me, you know kind of what my goals
were, what my risk level was, you know, did the typical kind of intake
interview. They kind of set me up set my accounts up there and it was okay
you know I would say. I wasn't very good about meeting with them. I would
try to go in and meet once a year, there wasn't any engagement. Other than
that, they would send it an occasional email. Just not a positive feeling.
(Interview Sections 103-108)
P1 felt that her experiences in the financial education program aligned more closely with
the type of person that she is. She continually spoke of the importance of her family and
working to spend time with them, even at a financial cost. Her previous experiences have
left her feeling like the professional did not hear her and only provided knowledge and
general advice. She explained her feelings:
The structure here is great. I think there's a personal level of involvement,
that brings a level of comfort. And it, it made me realize that, yes, your
financial planning should be beyond just the money, you know, it should
take into account your emotional state, where your priorities are, even if
they're not financial. I like that you recognize that my kids are so important,
even though they are grown. Being able to do something for them is a high
priority for me. And I really enjoyed it. (Interview 1 Sections 116-121)
46
P1 also recognized that, at times, that the best decision for her was in direct contradiction
to what financial professionals had told her. Still, she highlighted the fact that the financial
education program recognized affective content such as emotion and motivation as drivers
of decision-making.
Other people would say, well, you know, that's not the smart thing to do.
And I know that, I'm not stupid. But I wanted to make it work. I wanted to
know, is it possible, yes I can do this. And yes, I know it's probably not the
best financial decision, but I liked it. This setting didn't make me feel like
that was a bad thing that, you know, might not be the most profitable
decision. You might be able to do things that were more beneficial to me
but if this gives me that much pleasure, then it's something that I should
pursue. I liked that about my time there. There was the personal element
that you weren't just always talking about the way to do it and financials.
You did take personality into account. And even just like, you know, kind
of like the little what I call like financial life lessons you talked about. It
brought to me what I consider a more complete picture. Your financial
whole lifestyle, you know, not, not just, you know, not just savings and not
just money, but it just made a more complete picture for me. And I like that.
I think that that does bring a level of comfort. And I think for me I could
engage more honestly, I wasn't hesitant, you know, I could be more open.
(Interview 1 Sections 129-142)
P1 had previous experience with financial education/advising professionals and had spent
a significant time in the financial education program (seven sessions). She ultimately
believes that what is currently offered in the field of financial education is not personalized
enough and does not take into account important personal factors that determine both
motivation and accountability. She does not discount the need for knowledge-based content
and learning. She does, however, place greater importance on other factors. As she stated
on more than one occasion, someone can easily go to a website and find information on
how to do something.
47
Participant 2
Study participant 2 (P2) is an African American, single male in his thirties who
participated in four counseling sessions in the program. His score on the CFPB Financial
Well-being Questionnaire was 63. His initial contact with the program came as a result of
attendance in a professional development workshop hosted by his office. P2 did not
complete an interview. However, his survey results and CFPB score are included in this
research study.
Participant 3
Study participant 3 (P3) is a Caucasian, married female in her thirties who
participated in six counseling sessions in the program. Her score on the CFPB Financial
Well-being Questionnaire was 59. Her initial contact with the program came as a result of
attendance in a professional development workshop hosted by her office.
The initial consultation session began with P3 expressing a concern about credit
card debt and wanting to purchase her first home. Prior to her visit to the program office,
P3 had not undergone any formal financial literacy education. As she explains:
Okay, so I would say mine, like before meeting with you and financial
literacy, I didn't have any formal training. It was very much so probably
minimal things from my family. I don't remember a ton of like education
about finances with my parents or things like in high school or college at
all, but just kind of little things of, like, you know, don't go and don't get a
credit card and spend a lot of money and max it out and, like you know, that
you needed to have a good credit score or things like that. I utilize something
like Credit Karma or other things like that and kind of doing some of my
like own research, but you were definitely the first person that I met with
that was really a lot more comprehensive about the things that I should be
doing and how to better control more my like everyday budget versus like
other things might have been, you know, very specific to you know car loans
48
or you know, like I said my student loan debt when I graduated. Or when I
got a credit card or things like that. So, kind of finding out information as I
needed it as an adult. (Interview 3 Sections 140-144)
Given that P3 had not had any experience with a financial education program prior to her
time in the financial education program, there was no aspect of comparison to be made. P3
was able to express her thoughts and feelings on how the financial education program was
structured and was able to speak to the impact that the structure has had on her long term.
P3 elaborated on how a program that tends to personalize and individualize content is more
sustainable than a program that only provides knowledge-based content.
It goes to that personalization that customization. When I feel like you know
my situation and you're giving me specific advice to my situation. Like I
said, when I first started meeting you, we were a month away from closing
on a house. So, I think just having that extra motivation too, but then you
were able to talk through those other scenarios and feelings with me and
give me specific advice about where I was. I would say actions, they
changed in a lot of different ways. It was not all instant; it definitely took
time. But like I said, I feel more positive about my current situation, I feel
more positive about spending money. I feel less anxious about spending
money. I feel like I have a better handle of where my money should be
going. And in a way being able to answer those questions about emotions
and feelings made me feel like I am more educated, so I feel more confident.
I'm dealing with my finances. (Interview 3 Sections 369-379)
P3 felt that a financial literacy program should be attentive to the fact that all people have
different values and experiences. She highlighted several occasions where taking time to
learn about what an individual values helps one to not only feel more comfortable but
ultimately helps them to be better educated.
Participant 4
Study participant 4 (P4) is an African American, single, female in her thirties who
participated in five counseling sessions in the program. Her score on the CFPB Financial
49
Well-being Questionnaire was 49. Her initial contact with the program came as a result of
attending a workshop offered by program staff. In her interview, she articulated that she
had been to financial literacy seminars or workshops before but that they were just sessions
on what to do and were not very engaging.
P4 came to the program with what she would describe as a bit of shame and
trepidation because of credit card debt that had gotten out of control from her perspective.
These feelings and emotions around her financial situation are what had previously held
her back from seeking any formalized counseling or education. P4 attached significant
value to the affective domain objectives embedded in the program and had expressed that
she already knew the knowledge-based content and competencies that she should be
utilizing. She just lacked the drive and motivation to make the decisions to take action. P4
explained her thoughts on the program structure in this way:
I think it was very helpful and taking the shame out of being in a certain
financial situation. I think you've done a good job of articulating the anxiety
around talking about your finances and how vulnerable it makes you feel,
and I felt that coming in. I was just like, oh no, they're gonna like pick apart
like my spending habits and how irresponsible I am. So definitely in that
first session I was anxious and a little nervous because I felt as though I'd
be judged about my habits and my lack of literacy. Some of the choices that
I've made that put that put me in a particular situation. But I think being able
to address those feelings in sessions helps. Okay, I can now focus in on what
are some plans that I can have in place. And one of the things that happens
is that because I feel embarrassed or anxious or nervous or humiliated by
my financial choices I always feel like the solution should be to be really
austere. And I think that was also something that I appreciated. In our
sessions I learned that I didn’t have to be austere. That's what made me
come back. So that was, that was a big piece for me. Like the most important
part is addressing and handling the emotional parts. (Interview 4 Sections
117-132)
P4 had an open and transparent perspective with regard to how the affective domain
learning objectives played a role in helping her with her choices. Once she was able to
50
connect with the emotional and influential aspect of her financial situation, she was better
able to focus on decision-making and motivation. When speaking to P4, there was still a
need to instill a number of cognitive domain objectives or competencies. Still, the more
important aspects of providing sustainable education fell within the affective domain:
I think it helped twofold. One, it established a relationship. I'm like, I feel
like I'm comfortable around you because you're trying to know me as a
person instead of just scrutinizing my choices. So, because we talked about
all those things, it felt like you were trying to get to know me and establish
a relationship. I felt more committed and invested in the process. Like I
would not have come back if you're just like, all right, send me this and I'll
let you know like what you're doing wrong or I'll let you know where all
your money is going. I would not have been invested in the process. And I
wouldn't, I probably wouldn’t come back because it wouldn't make me feel
good. But, like, I just have a better understanding of why I was doing what
I was doing. And I think that goes back to the one of the earlier questions
you asked. I'm like, realizing that my money is going here for a particular
reason outside of the math. Realizing that I am avoiding some things
because I feel like there's nothing I can do about it. And I'm overwhelmed
by it. So, it's just getting worse and worse and worse. Or realizing that
there's, there are ways out, and having multiple conversations, and you
always having different sort of resources for me to think about that were not
just cookie cutter. (Interview 4 Sections 344-352)
Additionally, of note for P4 was the prevalence of cultural influences and contexts
throughout both the interview and sessions. P4 was the only racial minority in the study
who participated in the entire process, and her resulting data could be elaborated upon
further to explore the racial context components of financial literacy education. However,
this further exploration was not considered beyond the scope of how it impacted the
research questions.
51
Participant 5
Study participant 5 (P5) is a Caucasian, married female in her twenties who
participated in six counseling sessions in the program. Her score on the CFPB Financial
Well-being Questionnaire was 57. Her initial contact with the program came as a result of
a recommendation from a friend who had also been a program participant previously. P5
spoke about her lack of financial education prior to her sessions and that she thought that
people were meant to figure it out as they go along. She went on to elaborate:
I really had no experience. I mean even growing up, like all through high
school, we were never taught. Here's how you budget here's, you know, all
these things. And when I went to college, I thought, well, heck, I'm just
going to get all these student loans because, like, because I can. When the
refund checks would come, nobody ever said, hey, you know, save that or
make a payment on something, I would go shopping. And so here I am, you
know, three degrees later with 80 some thousand dollars in student loan
debt. And so, before chatting with you. I literally was like; I have no I have
no idea. Like, I, I thought I knew how to be an adult. But I guess I don't.
(Interview 5 Sections 69-71)
Although P5 talked about student loan debt and her lack of understanding regarding loans
earlier in her life during her initial session, it quickly became apparent through some
affective domain questioning that an emphasis was being placed on the differences between
her husband’s way of handling finances and the way she handled personal finances. With
some further questioning, it became clear that family influences and modeled behaviors
during childhood were playing a significant role in her now adult relationships. When
speaking about her experiences in the program and how it impacted her thinking, she
explained:
It just really gave me a whole different outlook on things and perspective
on like my marriage and life. And, you know, that was a huge issue for my
marriage. Everything else was great. We just could never agree about
52
money. And so, I think that was just like the little piece that you know gave
us a light bulb and said okay, now here's how we can figure out how to make
this work. (Interview 5 Sections 184-185)
When working with P5, it was clear that a lack of knowledge was not the main
concern or issue at hand. There was an overarching need to address motivations and
emotions that were impacting her decision-making process. Although her sessions were
knowledge and content heavy, the structure of delivery was intentionally affective domain
oriented. P5 found this experience to be value-added and beneficial. She stated that “The
way you get people to really commit to changing behaviors is getting to, like, the emotional
aspect of, like, figuring out why” (Interview 5 Section 114).
P5 did not speak too often concerning cognitive domain learning as it related to her
experiences. Her only remarks were that knowledge-based content and learning should
begin at a much earlier age regardless of the delivery method, but that at all times, the
delivery of this information should be as personalized as possible.
Participant 6
Study participant 6 (P6) is a Caucasian, married (single during sessions) female in
her twenties who participated in five counseling sessions in the program. Her score on the
CFPB Financial Well-being Questionnaire was 54. Her initial contact with the program
came as a result of attending a workshop offered by program staff. When discussing her
previous experience with financial literacy education, she reiterated a theme that came up
often throughout the interviews, the influence of others. P6 spoke about the influences of
more knowledgeable others (MKO’s) in this manner:
53
I think that understanding the personal aspects of a person’s life and
thinking is important because you should not just kind of have, like a, broad
spectrum overview of this, and what you should be doing or shouldn’t be
doing, coming from a lot of other people’s thoughts about money and
spending. Like economic goals of my friends that I see, you know a lot of
it comes from what you are personally feeling and what you want for your
ideal life, and if that’s not addressed, and we are just our information from
outside sources, then we are not really addressing the main issues that can
ignite change. Because what you find is that maybe half of those people
aren’t really knowledgeable at all. (Interview 6 Sections 91-95)
When talking about formalized training or education prior to her time in the program, P6
indicated that she had none. She highlighted her extensive educational pursuits and how
she was never made aware of any programing or services that were offered to help her,
starting in high school and through her university experiences.
P6 spoke to the structure and design of the financial education program and how
the focus on affective domain objectives plays a role in helping to let people feel
understood and ultimately helps in leading them to make positive changes.
I think it's essential. Because money is such a, again, we have used the word
taboo or controversial topic that making that, putting out a sense of
normalcy about talking about it is imperative to having people feel heard
and understood. Which in turn would help them move forward and make
the changes. If you didn't get to know people, if you just started spewing,
you know, make these changes, or, you know, facts and figures and giving
them kind of “blah blah” advice, people aren't going to take that to heart,
because they're not going to feel understood or heard, or respected. And
when you take the time to get to know someone and their goals and their
concerns and their worries, then they feel like okay this person gets me.
They want to help me and they understand me. So, I trust them to know how
to help me. (Interview 6 Sections 235-239)
P6 also felt that cognitive-based objectives, although important, are not able to solely
address the things that people are facing with regard to financial literacy or, more
accurately, financial habits and behaviors. P6 thinks that the confidence she found in her
decision-making came as a result of her “potentially differently lens of understanding and
54
motivation” (Interview 6 Section 245) that she discovered in the financial education
program.
Participant 7
Study participant 7 (P7) is a Caucasian, single, male in his twenties who
participated in six counseling sessions in the program. His score on the CFPB Financial
Well-being Questionnaire was 54. His initial contact with the program came as a result of
attending a workshop offered by program staff while he was completing an internship
within the organization. P7 brought with him a unique perspective on financial literacy
education. It is important to note that both P7 and P8 had a disposition toward data,
numbers, verifiability, and cognitive domain aspects of the learning process. For both of
these participants, their educational background, professional experience, and general view
of learning initially skewed them in the direction of more rote and objective knowledge
acquisition.
P7 only spoke briefly about previous experiences with financial literacy education
and how he had acquired the base of knowledge that he came into the program with. He
said that most, if not all, of his previous education or knowledge came from his father and
that, beyond that, he has been more of a self-driven learner in this arena. P7 described
himself as a “facts and figures kind of driven guy who is really focused on the knowledge
and cognitive side of things” (Interview 7. Section 147-148). P7 did elaborate that this self-
directed learning had a drawback in the sense that it was mostly learning and not action-
based. He said about the initial motivating factor:
55
Like my own personal research has just been trying to identify different
things but had not been very action oriented. I think once we started
working, that was when I first thought to, you know, first started applying
for a credit card doing a lot of things that I probably should have done a lot
earlier in my lifetime. But the reason I started out was because you had that
presentation for the division, and I had realized that I'm now finally starting
a job, I want to get into, I want to get some actual understanding of what I
should be doing with my finances. Not just learning about it. Now that I
have income for the first time in my life and I'm not, you know, not money
in money out for the first time, my life and I think that having a conversation
more around the idea of you've got, you know, we need to focus on the goals
and habits of whatever you're trying to do with that money and not here is
the optimal strategy to, you know, get 11% this year instead of a 8% return.
(Interview 7 Sections 149-155)
One aspect of the interview with P7 that will be further elaborated upon in this study is the
way that he routinely answered questions during the interview with a cognitive domain
perspective. He would then expand upon his thinking by highlighting the significant role
that affective domain objectives played in his motivation, decision-making, and behavior
modification. P7 came to the financial education program with a solid base of financial
literacy knowledge and an understanding of the steps that he should be taking to position
himself for a life of financial well-being. He found his time spent in the financial education
program helped him move confidently from a position of knowledge acquisition to action.
Participant 8
Study participant 8 (P8) is a Caucasian, single, female in her twenties who
participated in five counseling sessions in the program. Her score on the CFPB Financial
Well-being Questionnaire was 69. Her initial contact with the program came as a result of
attending a workshop offered by program staff. P8, much like P7, brought with her to the
study a perspective that cognitive domain objectives, data-driven decisions, and knowledge
56
base content carry significant weigh in personal financial education. She did speak to the
fact that her mother had taught her most of the personal finance concepts that she knew
prior to the sessions and that those mainly focused on saving as much as possible and
working as much as she could while still going to school. These habits became her base,
and at the time of the sessions, P8 had been doing a good job saving money, even though
she was the youngest participant in the study.
During the interview, she stated that her being an engineer probably predisposes
her to this type of perspective and that for most other people, it may not be the same. Along
the same lines as P7, during the interview, she would begin by answering questions from
the cognitive domain perspective but, as she continued to elaborate, the answers became
affective-based. Additionally, P8 was the only study participant who more directly
identified the cognitive-based knowledge components of the sessions as the most
important. “The most important things that I learned from our meetings were more just the
kind of baseline of you know, make sure you have enough saved for three months out on
those types of things. And then the discussions that we had about how to set up accounts
and appropriate budgeting percentages” (Interview 8 Sections 82-83).
When questioned about her experience during the sessions, P8 followed up her
more cognitive-based perspective with affective domain drivers and motivations. She said:
Some of it’s numbers, but I always feel like if you can speak to someone's
emotions more, and give examples, and more like situational things I feel
like that hits home more than numbers because if you just say, oh, if you
make 40 grand a year and you invest X amount you can retire after this
many years with this. That's like, oh, okay. But then if you say, you know,
it costs this much to raise the family you want and then just like, just to hit
home with a little more emotions, especially to, like, I mean, I'm saying
about families. And while some college students are thinking about that. A
lot of college students are just talk or just thinking of, you know, where can
57
I go out on Friday. They're not thinking of, where am I going to be in five
years, ten years. The idea of retirement is not even like close to a thought
yet. So, if you can hit more emotions with it, then I think it would hit them
more and be more motivating. (Interview 8 Sections 160-166)
P8 relied heavily on the cognitive domain to help her build a solid foundation of
financial well-being and readily identified the knowledge components and her discipline
as pivotal in her actions. However, during the interview, she spoke often about emotions,
motivations, influences, and values relating to financial well-being. These are all
components of the affective domain.
Participant 9
Study participant 9 (P9) is a Caucasian, married female in her forties who
participated in seven counseling sessions in the program. Her score on the CFPB Financial
Well-being Questionnaire was 66. Her initial contact with the program came as a result of
attendance in a professional development workshop hosted by her office. P9 did not
complete an interview. However, her survey results and CFPB score are included in this
research study.
Aggregated Survey Results
The use of the survey in this study was twofold. Having multiple data sources
allows for a degree of triangulation that is important to this study, specifically in that the
primary researcher is also the lead educator in the program study. By utilizing an
anonymous survey administered prior to the interviews, the aggregated survey results help
identify what Salkind (2010) described as three possible outcomes: convergence,
58
inconsistency, or contradiction. Secondarily, but related to the triangulation theme, the
survey results in an aggregated and deidentified set allow for a richer understanding of
what program participants’ experiences were related to the research questions. The survey
was constructed so that participants could rank and order aspects of the study objectives.
This ranking and ordering would not have been conducive to the interview session. The
use of the survey helps to alleviate some of the limitations of the interview. In contrast, the
interview, although the main data collection method, also aids in counteracting some of the
potential survey limitations.
The survey consisted of six sets of six questions. There were five Likert-scale
questions in each set ranging from “Strongly Agree” to “Strongly Disagree”. Each set of
questions also had one open-ended question related to the set topic. Below are the cross
tabulation tables for each set of questions with a discussion of results. The open-ended
responses were combined and coded using the same coding technique and code tree used
for the interview data sets.
Table 4.1
Responses Related to Prior Financial Education Experiences
Question Strongly
Agree
Somewhat
Agree
Neither
Agree nor
Disagree
Somewhat
Disagree
Strongly
Disagree
You felt as if those experiences left you
motivated to achieve your goals.
11.11% (1) 11.11% (1) 11.1% (1) 33.33% (3) 33.33% (3)
You left those experiences understanding
your financial behaviors.
0.00% (0) 11.11% (1) 33.33% (3) 22.22% (2) 33.33% (3)
Your experience left you excited for your
next meeting.
0.00% (0) 11.11% (1) 33.33% (3) 22.22% (2) 33.33% (3)
You felt as if it was a valuable use of your
time.
0.00% (0) 22.22% (2) 33.33% (3) 11.11% (1) 33.33% (3)
The information you received was based
on your personal financial situation. 0.00% (0) 30.00% (2) 10.00% (1) 30.00% (3) 30.00% (3)
59
The survey results associated with Table 4.1 are related to a participant’s prior
experiences with financial literacy education and highlight several points of consideration
that relate to the research questions. More specifically, the feelings that survey participants
had in relation to their prior experiences with financial literacy education or programing.
The results, when looked at collectively, indicate that survey participants mostly felt
unmotivated as a result of these interactions. As this study will discuss in the following
chapter, motivation to act and its connection to the affective domain is an emergent theme
of this study. A majority of participants also indicated that they did not feel the information
from previous experience was personalized or valuable use of their time. Lastly,
participants were generally not excited about any additional meetings or education.
From the survey results alone, for these specific participants, a picture emerges that
the prior financial literacy and well-being education or programing was missing the mark
on major drivers of behavior and habit formation. Of all the questions and responses
collected, only one data point indicated a strong positive feeling toward previous
experiences.
Table 4.2
Responses Related to Financial Literacy Knowledge Content
Question Strongly
Agree
Somewhat
Agree
Neither
Agree nor
Disagree
Somewhat
Disagree
Strongly
Disagree
You have enough financial knowledge to
make appropriate decisions regarding your
finances.
44.44% (4) 55.56% (5) 0.00% (0) 0.00% (0) 0.00% (0)
You knew most of the financial knowledge
information before engaging in the program
sessions.
0.00% (0) 22.22% (2) 11.11% (1) 22.22% (2) 44.44% (4)
60
Table 4.2 Continued
Question Strongly
Agree
Somewhat
Agree
Neither
Agree nor
Disagree
Somewhat
Disagree
Strongly
Disagree
You had previously researched the
knowledge-based information covered in
the program sessions.
0.00% (0) 22.22% (2) 0.00% (0) 33.33% (3) 44.44% (4)
The knowledge-based content was
information that you had heard before but
never acted upon.
22.22% (2) 11.11% (1) 0.00% (0) 44.44% (4) 22.22% (2)
You found the knowledge-based content to
be the most valuable take away from the
program sessions.
33.33% (3) 33.33% (3) 11.11% (1) 22.22% (2) 0.00% (0)
A key research question of this study is how an affective objective focus impacts
financial literacy and well-being attainment and long-term sustainment. Affective domain
objectives alone will not bring about the desired results of financial literacy education. The
cognitive domain (i.e., knowledge-based components) must be considered, but to what
degree and with what emphasis is a question that remains to be answered. Survey
respondents resoundingly agreed that they currently possess the knowledge necessary to
make sound financial decisions and that they had acquired most of that knowledge in the
financial education program. This point illuminates that a program focused on the affective
domain objectives can incorporate the necessary knowledge components with less
emphasis but with the same level of recall and comprehension as a program only structured
to educate from the cognitive domain.
Survey respondents did indicate that the knowledge-based components were the
most valuable takeaway from their sessions. The respondents to the survey also indicated
on subsequent questions, that other factors such as personalization, and motivation were
the most valuable takeaways. These responses highlight two considerations. One is that
61
study respondents highly valued the mix of session components holistically and do not see
each particular component as a stand-alone objective or consideration. Second, from the
perspective of study limitations, is that the survey could have been structured better with a
question asking respondents to select the session components from most to least valuable.
Table 4.3
Responses Related to Financial Behaviors
Question Strongly
Agree
Somewhat
Agree
Neither
Agree nor
Disagree
Somewhat
Disagree
Strongly
Disagree
You feel you have a firm understanding of
your financial behaviors before the program
sessions.
11.11% (1) 22.22% (2) 0.00% (0) 22.22% (2) 44.44% (4)
You feel that understanding your financial
behaviors is vital to financial well-being.
88.89% (8) 11.11% (1) 0.00% (0) 0.00% (0) 0.00% (0)
You have made changes to your financial
behaviors as a result of your program
sessions.
77.78% (7) 22.22% (2) 0.00% (0) 0.00% (0) 0.00% (0)
You feel that understanding your financial
behaviors is as important as your financial
knowledge
88.89% (8) 11.11% (1) 0.00% (0) 0.00% (0) 0.00% (0)
You thought the time spent discussing your
financial behaviors was the most valuable
take away from the program sessions.
66.67% (6) 33.33% (3) 0.00% (0) 0.00% (0) 0.00% (0)
Financial behaviors, or the financial actions that someone takes based on their
knowledge and context of a given situation, are key to an affective domain objective
approach to education. Table 4.3 shows that study participants recognize the importance of
gaining an understanding of one’s behaviors apart from just knowledge. A majority of
study participants indicated that they did not fully understand their behaviors prior to their
sessions but that this programing aspect was a driver for change and as important as any
other takeaway. Behaviors are driven by knowledge, emotions, attitude, and context. Table
62
4.4 looks at the perspectives of study participants as they relate to these attitudes and
emotions.
Table 4.4
Responses Related to Financial Attitudes and Emotions
Question
Strongly
Agree
Somewhat
Agree
Neither
Agree nor
Disagree
Somewhat
Disagree
Strongly
Disagree
You feel you had a firm understanding of
your financial attitudes and emotions
before the program sessions.
0.00% (0) 33.33% (3) 11.11% (1) 22.22% (2) 33.33% (3)
You feel that understanding your financial
attitudes and emotions are vital to financial
well-being.
100% (9) 0.00% (0) 0.00% (0) 0.00% (0) 0.00% (0)
You have a better understanding of your
financial attitudes and emotions as a result
of your program sessions.
66.67% (6) 22.22% (2) 11.11% (1) 0.00% (0) 0.00% (0)
Your financial attitudes and emotions have
a significant impact on your behaviors.
66.67% (6) 33.33% (3) 0.00% (0) 0.00% (0) 0.00% (0)
You thought the time spent discussing your
financial attitudes and emotions was the
most valuable take away from the program
sessions.
55.56% (5) 22.22% (2) 11.11% (1) 11.11% (1) 0.00% (0)
Financial attitudes and emotions are formed over a lifetime of interactions,
experiences, behaviors, and contexts. They are both learned and instinctive. Table 4.4
illuminates the fact that individuals recognize the role that attitudes and emotions play in
their financial lives. The responses indicate that study participants gained a better
understanding of their attitudes and emotions while also recognizing the role that they play
in financial well-being. A majority of respondents disclosed that they did not have a firm
understanding of their attitudes and emotions before their financial education program
participation. All respondents were working adults who have had ample opportunity to
think about, discuss, reflect upon or consider this vital aspect, but had not taken action.
This disconnection between a previous notion of financial emotions and their connection
63
to decision-making, and ultimately financial literacy and well-being was also a key element
of the interviews of study participants. Knowledge, attitudes, emotions, and their resulting
behaviors will either help or hinder goal attainment. Table 4.5 summarizes survey results
linked to participant financial goals.
Table 4.5
Responses Related to Financial Goals
Question Strongly
Agree
Somewhat
Agree
Neither
Agree nor
Disagree
Somewhat
Disagree
Strongly
Disagree
You feel you had a firm understanding of
your financial goals before the program
sessions.
11.11% (1) 44.44% (4) 0.00% (0) 33.33% (3) 11.11% (1)
You feel that understanding your financial
goals are vital to financial well-being.
77.78% (7) 22.22% (2) 0.00% (0) 0.00% (0) 0.00% (0)
You have a better understanding of your
financial goals as a result of the program
sessions.
66.67% (6) 33.33% (3) 0.00% (0) 0.00% (0) 0.00% (0)
You feel that more than financial
knowledge is necessary to achieve your
financial goals.
77.78% (7) 22.22% (2) 0.00% (0) 0.00% (0) 0.00% (0)
You thought that the time spent discussing
financial goals was the most valuable take
away from the program sessions.
33.33% (3) 44.44% (4) 22.22% (2) 0.00% (0) 0.00% (0)
A majority of survey respondents had an understanding of their financial goals prior
to their program sessions. These goals most likely played a role in their decisions to engage
in the counseling sessions they attended. Table 4.5 indicates that individuals engaged in
the program study felt that they needed more than just financial literacy knowledge to
achieve their goals. This result is a key point of consideration as it relates to the research
questions. Respondents show that as a result of the program, they developed a better
understanding of their individual financial goals. These individual goals all carry with them
unique considerations that require a more affective approach to understanding and
64
planning. Generalized knowledge-based goal planning that is frequently a main component
of financial literacy education may not develop the commitment that affective objectives
do.
Table 4.6
Responses Related to Financial Motivation
Question Strongly
Agree
Somewhat
Agree
Neither
Agree nor
Disagree
Somewhat
Disagree
Strongly
Disagree
You feel you had a firm understanding of
your financial motivations before your
program sessions.
11.11% (1) 33.33% (3) 0.00% (0) 33.33% (3) 22.22% (2)
You feel that understanding your financial
motivations are vital to financial well-
being.
66.67% (6) 33.33% (3) 0.00% (0) 0.00% (0) 0.00% (0)
You have a better understanding of your
financial motivations as a result of your
program sessions.
55.56% (5) 22.22% (2) 22.22% (2) 0.00% (0) 0.00% (0)
You felt more motivated to take on
financial tasks as a result of the program
sessions.
77.78% (7) 22.22% (2) 0.00% (0) 0.00% (0) 0.00% (0)
You thought that the time spent discussing
financial motivations was the most
valuable take away from the program
sessions.
55.56% (5) 11.11% (1) 33.33% (3) 0.00% (0) 0.00% (0)
Participant motivation to take on tasks was increased as a result of their
participation in the financial education program. Table 4.6 also indicates that, although
participants differed on their understanding of their personal financial motivations prior to
their sessions, they all feel that this aspect is key to financial well-being. As will be
elaborated upon more fully later in this study, motivation is an overarching theme in
participant evaluation, understanding, and commitment to financial literacy and well-being
actions and behaviors. Analysis of the survey, interview and questionnaire data uncovered
65
three main themes of this study. These themes collectively work to answer the main
considerations of the research questions.
Theme 1: Participant Perspectives About Understanding Financial Behaviors and
Habits and the Impact on Financial Well-being
The first theme emerged within the context of research question one. What are the
perspectives of individuals who have been engaged in an affective learning objective-based
financial literacy education program with regard to financial knowledge, behaviors, and
decision-making? This theme signaled the intersection and impact of an affective domain-
based understanding of behaviors and habits on financial well-being. What became evident
in the exploration of the data was that financial knowledge was important, but that a deep
understanding of one’s own behaviors and emotions played a more significant role in
feelings about and measures of financial well-being. Decision-making came down to habits
that ultimately drove behaviors. These behaviors are then either drivers of or impediments
to financial literacy and well-being. Cognitive domain, knowledge-based financial literacy
education is needed to form necessary behaviors and habits. Still, education alone does not
ensure the needed behaviors that build financial well-being will manifest.
As was noted in the open-ended survey questions by one participant, “Financial
attitudes and behaviors play a huge role in how you actually view money and spending,
and without addressing those, knowledge can never work. You have to incorporate it all”
(Open-Ended Survey Responses, Lines 68-69). Each participant expressed some base of
this same general feeling that behaviors in conjunction with knowledge were needed in
66
order to increase feelings of financial well-being. Another open-ended survey response
expanded upon the theme by contributing:
I kind of knew what I was supposed to do, I just didn't really do it before
my sessions in the center. These counseling appointments gave me the
financial knowledge, and perspective to adjust my behaviors and make
more informed decisions with my finances that helped me to be more
financially secure. (Open Ended Survey Responses, Lines 105-108)
During the interviews, even when asked directly about behaviors, the dialogue was
primarily rooted in emotions, habits, and feelings about current financial situations. Most
participants spoke to the fact that the sessions helped them in more fully understanding the
connection between current actions or behaviors and their desired outcomes or higher
levels of financial well-being. Overall, participants did not initially think of their everyday
financial situations as behaviorally based but recognized that as they worked through
sessions, personal behaviors became more apparat and understood. P1 had a great
perspective in that she recognized her behaviors might not have been completely aligned
with what the traditional financial literacy standards may have advised her to do. Still, she
also knew what was important to her in the long term. For P1, discussing her current
behaviors, what they meant to her, and the impact they would have on her long-term
financial well-being was an important aspect of her experience. Her previous experiences
had left her feeling as if she was not being heard in this regard. This rooting of participant
perspectives in emotions, feelings, and habits was consistent among all interviewees. P1,
P4, P6, P7, and P8 all disclosed a similar way of thinking about what is traditionally taught
as financial literacy content. These participants mentioned at least once that there is a
disconnect in what people are generally supposed to do regarding financial actions and
behaviors and what people actually do. From the data it is clear that, among participants,
67
behavior change was a process of personalization and emotional recognition coupled with
knowledge-based content. At times the knowledge-based content was already known to the
participant, and what was needed was a “tying in” of this knowledge with their affective
domain aspects. P6 underscored this observation when she spoke about some of her own
realizations, given the knowledge and behaviors she already had prior to her sessions.
When asked about how sessions affected her financial behaviors, she stated:
That's kind of a component where it made me feel more confident in some
of the decisions I was already making. Then on the other side, it helped me
kind of reevaluate some of the things that I was doing and give me new
ideas about ways to move forward. (Interview 6 Sections 543-549)
The second aspect of resulting data related to behaviors, financial literacy
education, and financial well-being encompasses confidence and the possibility of change.
Participants routinely reflected on the program structure and how it made them feel as if
financial well-being and security were possible. Narratives emerged that emphasized the
power associated with small, personalized, and actionable steps in the direction of larger
goals. As participants began to experience small successes that were relevant to their
personal situation and considerate of their emotions, their confidence grew. This resulted
in greater motivation to adjust behavior and engage in more significant and more impactful
financial goals. P3 was forthcoming concerning this aspect of her experiences:
When I first met with you I had this big goal of buying a house, but you
talked to me about my credit card debt and how I felt about it. We started
with smaller stuff like the credit cards and I think it just got me more vested
versus if I knew you were just giving a spiel about how to buy a house.
(Interview 3 Sections 1639-1642)
Another participant spoke at length about the effect she thought that starting with a
personalized approach to making small changes had on her confidence to make bigger
68
goals a reality. For P4, there was a high level of anxiety coming into her sessions due to
her judgment of her financial decisions. The financial education program structure allowed
her to express these feelings and emotions while identifying small changes that could be
made in order to instill some behavioral confidence. P4 was previously not interested in
engaging in financial literacy education or counseling because of her perception that most
educational settings are judgmental and mostly structured to point out everything that a
person is doing wrong. She identified one confidence-building instance that involved a
session where she expressed her emotions and feelings around a particular reoccurring
financial expense that she enjoyed engaging in.
Like you're like, no, you can eat you can do the things you enjoy, but we
might want to consider some moderation or planning. Having that kind of
balance where it's just like, you don't have to feel these certain things when
talking about your finances. You don't have to be super austere and
aggressive in a way that takes away some joy in your life as a punishment
for your choices. (Interview 4 Sections 553-556)
After P4 began to make these smaller, personally relevant changes that considered her
emotional state, she was able to confidently build her capacity to make other, more
involved financial decisions.
As P7 (who was a self-identified facts and figures learner) shared, he had started to
do some of what is recommended in standard financial literacy education about a year
before his sessions. He started to budget, was trying to save 10 percent of his income, was
working to keep credit card debt low, and had opened up a retirement account. He disclosed
during his interview that there was no real purpose behind what he was doing because there
was a lack of connection to his emotions or personal disposition. This resulted in him
eventually drifting away from the actions that he knew he should be taking. After his
69
sessions, he identified that he had taken on more of a personalized approach to his
behaviors. He shifted his focus from a financial plan to a life plan, and this resulted in
greater and more sustained action on his part. P7 discussed how his time in the studied
program allowed him to see the importance of a combination of knowledge with self-
awareness and behavioral change.
Participant reflection on their own behavior pertaining to their financial well-being
and literacy is consistent with what was also revealed in the survey results. Participants
generally did not feel that they had a good understanding of their financial behaviors before
their time in the program. The interviews revealed that the program structure allowed
participants to begin to appreciate the connection between thoughts, feelings, attitudes,
experience, and their current behaviors. All participants expressed that the time spent in
sessions discussing and reflecting on financial behaviors was vital.
Behaviors, poor or beneficial, are not just taught. They are cultivated. Participants
in this study discussed and, more importantly, accepted this fact. The cognitive-domain
objectives of financial literacy and well-being education can be enhanced by implementing
content and activities aimed at behavioral discovery and change. The next theme that
emerged in the research findings discusses the participant observations with regard to their
scores on the CFPB Long Form Financial Well-Being Questionnaire and their program
experiences.
70
Theme 2: Participant Reactions About the Financial Education Program and the
Effect on Consumers Financial Protection Bureau Financial Well-Being
Questionnaire Score
The second theme emerged within the context of research question two. How do
the individuals who have been part of an affective learning objective program score on a
nationally recognized measure of financial well-being and how do they interpret their
results? All participants were asked to reflect on their experience with, and score on, the
Consumer Financial Protection Bureau Financial Well-Being Questionnaire (Appendix A).
Participants averaged a higher score than would have been expected from the general
population, even though the results were collected during the month of April 2020 at the
height of the COVID-19 pandemic. During this period of time, the entire country was
experiencing unprecedented financial uncertainty leaving people with a general sense of
unease.
The financial education program is located in Pennsylvania, and all participants in
the study were employed and residing in the state at the time of their sessions. Study
participants’ scores on the CFBP Financial Well-Being Questionnaire were compared to
the average score for Pennsylvanians 18 to 61 years of age and those age 62 and older
(CFPB, 2019). The average score for 18-to-61-year-old Pennsylvanians was 48, while
those 62 years and older average score was 61. The lowest possible score for an individual
is 14. The highest possible score is 95. Study participants aged 18-to-61 years had an
average CFPB score of 58.87, and no study participants scored below the overall
Pennsylvania state average of 48. The one study participant over the age of 61 (P1) scored
a 61 on her CFPB questionnaire, equaling the state average.
71
All but one study participant (P8) stated that the timing of the completion of the
questionnaire probably negatively affected their score. P1, who scored equal to the state
average, stated, “If I would have done that before COVID hit. I probably would have had
a higher score” (Interview 1, Section 1044). There is no way to calculate what a
participant’s score would have been at a different time. It is notable that participants age
18-to-61 scored near the 75th percentile, and still felt they would have answered some
questions differently, possibly resulting in an increased score.
Direct and verifiable causation cannot be made between program participation and
an increased score on the CFPB questionnaire. A correlation between the two may be
drawn. When coupled with the interview data collected, there seems to be a strong case for
the capability of the financial education program to increase sustained measures of
financial well-being. Part of the interview protocol was dedicated to asking participants
about their experiences in the financial education program and how it may have impacted
their perspectives on the CFPB score. Participant reflections on this are telling and worth
noting.
One of the recurring aspects of program participation and score on the CFPB
questionnaire was that participants initially felt a sense of confidence after filling out the
questionnaire. A sense emerged that, given the questionnaire’s timing, participants
expected that they would score poorly on the well-being measure. As was stated previously,
scores were higher than would have been expected regardless of timing. When asked to
elaborate on their scores and any potential influence that program participation may have
had on the way they scored, most participants had a realization that the experience had
72
helped them. P3 talked at length about how her experiences in the program impacted her
score. She stated:
You know, I thought before I had met with the financial literacy office how
differently I would have answered these questions and it just kind of gave
me a realization of how much we have changed our habits for the better and
how much that's put us in such a better financial situation. (Interview 3,
Sections 1224-1232)
As the CFPB (2015) points out, factual knowledge itself is not sufficient to drive
the behavior and motivational changes needed to increase financial well-being levels. Non-
cognitive aspects are key to the findings of the CFPB, and this research study aligns with
the findings of this study. The CFPB (2015) defines well-being “as a state of being wherein
a person can fully meet current and ongoing financial obligations, can feel secure in their
financial future, and is able to make choices that allow enjoyment of life” (p. 18). This
definition has within it affective domain objective tones. Feeling secure and making
enjoyable choices, two key components of the definition, are driven by affective domain
learning objectives. P4, who had disclosed a high degree of guilt over the situation that she
had put herself in regarding credit card debt, spoke about the merging of enjoying life,
changing behaviors, and feeling secure as a result of program participation. She had
expected that her score was going to be much lower but was surprised by her final outcome.
She reflected that an important aspect of her time in the financial education program was
the time spent on her personal emotions and attitudes when it came to spending money.
Her new realizations, mostly based on emotions, attitudes, and experiences, not knowledge,
allowed her to enjoy the choices she has been making while building a sense of financial
well-being.
73
Most participants were able to compare how they thought they would have
answered the CFPB questionnaire before their sessions with how they answered for this
research. All participants who discussed this (P1, P3, P4, P5, P6, and P8) commented that
they felt their scores would have been lower had they not participated in the program
sessions. P6 gave a reflection that brings to light the link between cognitive-based
knowledge and financial well-being. She talked about her program participation and how
she had the knowledge and knew what she was supposed to be doing, but that it was not
“clicking” for her. She stated that her time in the sessions gave her a new perspective on
what financial literacy and well-being entail and how to fit them together with who she felt
she was as a person. For her, combining the cognitive domain with the affective domain
had a direct impact on her well-being. She stated, “You know, thinking about any of those
topics, I might have had a lower score or been more alarmed by some of those questions
because they wouldn't have been on my radar, even with my knowledge” (Interview 6,
Sections 924-926).
As was pointed out in Chapter 2, workforce financial literacy and well-being
education programs have largely failed to produce effective and sustainable results. The
lack of research studies looking at this issue leaves a gap in creating a sound methodology
regarding how this education should be developed and deployed. The findings of this study,
particularly this theme, show that beneficial and sustained results are possible. All
interviews for this study were conducted between May 4, 2020, and June 17, 2020. The
last session that any study participant had in the program was on April 17, 2019. All
participants had been removed from the program for at least one year but still scored higher
than would have been expected based on state and national averages. Coupled with the
74
COVID considerations regarding the timing of this research study, the findings suggest
that the financial education program structure may have contributed to an effective and
sustained outcome.
P7 reflected on the fact that after a long time, the behaviors and habits formed in
his sessions were still with him. He talked about not realizing that certain things he does
routinely now were things that he learned or processed during his sessions. He also went
on to say, “So, I guess that my highish score was probably from my new way of looking at
my money. I got that in the meetings. I’m not upset at all with my current situation”.
(Interview 7, Sections 1254-1257). P7, and other participants, spoke about how they have
kept their beneficial habits and ways of thinking about their financial lives more than a year
after their sessions. Participant scores on the CFPB questionnaire support these interview
statements.
Overall, participants felt that their time spent in the financial education program
had a positive effect on their CFPB score. They discussed with a lot of introspection about
how they would have answered differently if they had not had the sessions to develop
positive emotions, behaviors, attitudes, and knowledge. All interviewees spoke positively
about their current situations in relation to their scores and generally felt as if they had a
high degree of financial well-being.
Theme 3: Participant Perspectives About Motivation in Financial Literacy and
Well-being Education
The third theme developed from the results of this study is framed within the
context of the third and final research question. Does a focus on the affective learning
75
outcomes change the attitudes, emotions, and motivations that participants have regarding
financial tasks and goals? Motivation was the most prevalent aspect of the affective domain
program focus discussed by participants. Throughout all participant interviews, motivation
was consistently and clearly identified as the key factor in their positive experiences in the
financial education program and sustained success. The opposite was also identified, in
that a lack of focus on motivation and drivers created a perceived negative experience in
prior financial education settings.
This theme, cultivation of a motivation focus, should be considered the key
takeaway from this study. As will be discussed, a program focus on the affective domain
objectives of understanding participant motivations and how to feed those motivations with
positive actions, behaviors, habits, and knowledge may very well be the key to greater
program efficacy and validity. As the data revealed, participants placed a greater value on
program aspects that identified and developed motivation above all other components.
One important aspect of the study results regarding motivation was that participants
all felt that to get to a place of truly internalized motivation, the setting and structure of the
experience has to be one that alleviates anxiety, judgment, stress, and alienation. The
educational setting, according to the interviewees, should build confidence and be
personally focused while advocating for vulnerability. It should be noted that these aspects
were only realized during the sessions and that program participants did not come to the
sessions initially anticipating this kind of program design or structure. P3 talked about
vulnerability and how she overcame some anxiety initially. Her initial sessions were a bit
uncomfortable as she opened up about her financial situation, saying that “showing what I
was doing and just having that vulnerability of talking about how much I had in debt or on
76
credit cards or other things was definitely a very vulnerable moment and anxiety-
provoking” (Interview 3, Section 596). These feelings for her soon gave way to confidence
and, ultimately, a personalized motivation that became successful for her. She stated, “But
I do feel like you made me feel very comfortable and that it was fine and there was no
shaming or anything like that, that definitely made me feel more motivated” (Interview 3,
Section 601). This same narrative presented itself in the data regardless of age, race, or
gender. An intentional and directed focus on the affective domain of learning aspects
(attitudes, emotions, motivations, values, experience, and culture) resulted in higher
motivation to change behaviors.
Motivation and encouragement were common discussion points during the
interviews. Most interviewees spoke about encouragement and how this sense of
encouragement motivated them. Open-ended survey responses highlighted this
characterization. One response read, “The discussion encouraged me to explore my future
more emotionally, and to accept a different way of thinking” (Open-Ended Survey
Responses, Lines 13-14). This response encapsulates the steps of affective domain
learning: receiving, responding, valuing, organizing, and characterization. The interview
data also showed that study participants classified this progression of steps as
encouragement. None of the interview data shows that participants had an awareness of the
overall program design of structure while they were participating. These two results
indicate that progression through affective domain stages during the sessions leads to
higher degrees of motivation for the participant, regardless of cognitive content. P8, who
was admittedly biased toward the cognitive domain, stated that she felt like the educator
knew what motivated her and that that was encouraging. She was able to identify that
77
personalization and time spent in understanding her as an individual, not just knowledge-
based content, aided her in responding to, and valuing, behavioral components that she
may not have considered previously. Participants’ ability to respond to, and subsequently
value, new information or ways of looking at behaviors was consistently viewed as a
motivating factor. P3 stated:
And that also is a great, you know, motivation, that encouragement. Like,
yeah, we can definitely do some things that are different. I think just making
me feel that I was able to make changes and get where I wanted to be that
really helps me to motivate, like yes I want to do this. I'm doing it.
(Interview 3, Sections 1738-1745)
The tie between a sense of encouragement and motivation was a theme that emerged from
the study data.
Interview data indicated that time spent getting to better understand the individual
drove motivation more than any other aspect, cognitive or affective-based. Participants
spoke at length about the time spent by the educator getting to know the individual and
helping the individual to understand themselves. P1 talked about her experience in other
settings, and how it compared to her sessions in the financial education program. For her,
there was a demoralizing factor in that other financial education or counseling session that
made her “feel as though I’d never have enough”(Interview 1, Section 501). She went on
to discuss her time spent in the financial education program. By taking the time to
understand her personal values and her emotional state, she felt for the first time that she
was going to be able to have a retirement that she could enjoy, but that may require some
behavioral adjustments. P5, who was introduced to the program as a result of a
recommendation from a friend, discussed the program approach to financial literacy
78
education. Her friend told her that the financial education program was personalized and
that in her experience, she found it motivating and non-judgmental. P5 elaborated:
She told me about it because she knew that we were kind of struggling with
things. And I loved it. You didn't make me feel stupid. You made me feel
like I'm, you know, everybody has their own issues about finances and how
they handle them or don't handle them. Um, so I just I just liked it. I mean
like you'd never once made me feel like I'm going to go home and you know
jump in front of a bus. You didn't make me feel bad about like where we
weren't financially. And you helped me to understand things I could do to
get out of that situation which is ultimately why I was there. (Interview 5,
Sections 406-429)
P5 also talked at length about the structure of the program as motivating from the
standpoint of never feeling too overwhelming. This point was also made by other program
participants. P5 stated that prior to her sessions, she knew the things that she needed to do
but that she felt as if she was drowning trying to do them all. For her, the program structure
and design of taking on small changes built her confidence and motivation. She said, “You
know, the non-judgmental way of giving me, just a few little nuggets really motivated me
because I think your information came to me at just the right time where I was, I was feeling
so low” (Interview 5, Sections 975-980).
The financial education program structure, by intentionally focusing on affective
domain learning objectives, ultimately produces a sense of personalization that each study
participant discussed. P6 spoke about the personalized aspect of program structure and the
impact it had on motivation. She talked about an aspect of financial literacy education that
is understood to be present but not usually considered in program design: the taboo nature
of discussing one’s finances with another person. She said that she appreciated how tailored
the program sessions were to her and her specific situation or goals. For her, the ability to
connect on a personal level with the material and knowledge-based content helped to
79
remove the stress of opening up and kept her motivated even when the behaviors and habits
were difficult to implement or stop. When asked about overcoming the stress of talking
about personal finances, she said:
I think that's very important because if you just kind of have like a broad-
spectrum overview of this is what you should or shouldn't do its off base.
Thoughts about money and spending come from, like, your environment,
your family history, your emotions. People spend when they're sad or
people spend when they're happy, or they have you know like goals of their
friends that they see. You know, a lot of it comes from what you're feeling
and what may be your thoughts about what your ideal life should be and if
you don't address those components, then you're not addressing what would
motivate them to change. (Interview 6, Sections 402-421)
Of all stage two analysis codes applied to the study data, “motivation” was second
only to “behaviors/habits” in frequency. Research question three intended to elaborate on
the potential changes to attitudes, emotions, and motivations experienced by participants
as they pertain to financial goals and tasks. The findings of this study call for a modification
to the question. The resulting data and participant interview responses show that motivation
is developed and sustained by creating an environment that first allows participants to
understand their own attitudes and emotions in the context of financial literacy content.
Once this understanding is developed, the participants are then free to value, organize, and
take ownership of the behaviors and habits necessary to build literacy, capacity, and well-
being. Of all the findings of this study, the link between motivation and acceptance and
assimilation of attitudes and emotions may be the most prominent.
Summary
This study and its design were guided by three research questions that intended to
reveal the interaction of the affective domain of learning with financial literacy education
80
efforts at one particular program offering services to employees. This chapter gave a
description of the financial education program while also introducing the study
participants. Each participant’s perspective on their prior financial literacy education
experience was highlighted in order to give some additional context to their experiences in
the financial education program. The findings show that participants either had very little
prior experience or found their experiences less than desirable.
In order to assist in the validity and reliability of the study, an anonymously
completed survey was completed by each study participant. The survey results helped
develop an understanding of participant interpretation of their program experience while
also giving participants an opportunity to answer open-ended questions relevant to the
research questions. There was a high degree of congruence between the survey results and
the interview data that was collected. These data sources point to more personalized and
affective domain-based program design contributing to higher levels of motivation and
financial well-being. A nationally available measure of financial well-being was also given
to participants. Participants’ scores were higher than would have been expected given their
age and state of residence. They also indicated during the interviews that their time spent
in the financial education program positively contributed to their overall scores.
The themes that emerged from the data reveal that participants feel a connection to
and appreciation of a program design that focused on the affective domain learning
objectives even if they were not exactly aware of this intentional design. A focus on
participant emotions, attitudes, and prior experiences allowed for internalized motivation
to receive and respond to cognitive domain learning objectives in a more sustained and
successful manner.
81
Chapter 5
Discussion, Recommendations, and Conclusion
This chapter elaborates further on the findings of the study in a more exploratory
fashion. The discussion section expands upon the themes developed in the findings
section while adding additional thinking concerning financial education program
structure. The importance of the affective domain education process related to the
effectiveness of delivering desired results for sponsors and decision-makers in the
workforce is highlighted and discussed. In conjunction with Theme 1, participant
perspectives about their financial habits, behavior is discussed. Behavior and its
contribution to self-concept are then introduced as an aspect of financial literacy and
education program design. The discussion then moves to an organization’s ability to be
able to effectively measure what drives desired organizational outcomes (i.e., behavior
change). The argument is made that affective objective-based programs produce
improved measures of financial well-being, which may indicate the presence of positive
financial behaviors. Lastly, consideration is given to motivation, a key finding in this
study. Specifically, how motivation can be increased and the potential impact of this
increased motivation on financial literacy program participants. Three recommendations
are then discussed that may be considered by anyone designing and deploying a
workforce financial literacy and well-being program or initiative. The chapter concludes
with recommendations for future research.
82
Discussion
Theme 1: Behavior
Traditionally, educational undertakings have focused on the cognitive domain
learning objectives as they are more easily measured and evaluated (Krathwohl et al.,
1964). When designing and implementing a workforce financial literacy and education
program, the desired result from an organizational perspective is not testing, scoring, and
measurement of the knowledge retention. From the organizational perspective, a more
profitable and impactful outcome is based on program participant behavioral change,
adaptation, and the development of confidence and positive self-concept. As Collis and
O’Rourke (2010) pointed out, “ while knowledge gains are promising, the ultimate goal of
financial education is behavior change” (p. 488). An existing financial literacy education
program that only focuses on knowledge-based content and, at best, behavior identification
may not be the best use of resources. Without an affective domain component that helps
participants internalize emotions, attitudes, and environmental contexts related to their
financial behavior, the program may not elicit behavioral change. Deeper personal
reflection allows for participants to receive, respond, value, and ultimately incorporate into
their way of life the behaviors that will help them to become financially literate and live
with a high degree of financial well-being. Participant incorporation of newfound and
meaningful behaviors into their daily lives will drive the positive organizational outcomes
that most workforce financial literacy programs are intending. A program that successfully
allows participants to uncover and utilize their emotions, attitudes, and experiences to
change habits and behaviors creates a workforce with a more positive self-concept.
83
Self-concept is a person’s feelings, beliefs, and values that they hold true. It
includes aspects of self-esteem, self-acceptance, a sense of worth, and cultural identity
(Burns, 1982; Lawrence, 2006; Roy, 2009). A positive self-concept related to financial
behaviors can help to reduce personal financial anxiety and increase feelings of control
over one’s financial life (Heckman, Lim, & Montalto, 2014). Self-concept and behavior
are synergetic drivers of each other in both positive and negative directions. From the
findings in this study, there was an aspect of positive self-concept development that
participants reflected on. Participants talked about knowing what they were supposed to
do, but never really taking action to do it until they were able to identify the attitudes,
emotions, influences, and motivations necessary to take action. This then led participants
to have positive feelings of motivation, success, and increased confidence. With this more
positive self-concept, participant behavior then began to align with the actions needed to
undertake and internalize the knowledge they either previously possessed or acquired in
the sessions. From the findings, these behaviors and habits were sustained and continued
after sessions had ceased.
As discussed in the literature review, effective financial education within a
workforce setting has been shown to increase beneficial outcomes for organizations.
Increased productivity, higher retention, lower reported stress, and lowered health care
costs have all been associated with workplace financial education undertakings (Joo &
Garman, 1998a). These beneficial results are rooted in employee behaviors and the pieces
that lead to behavior modification more so than they are in the acquisition of financial
literacy concepts and knowledge. Getting a person to take any action from a learning
process where they are going to be ungraded, untested, or held unaccountable requires
84
behavior change. From the results, we find that this change is driven not by content but by
affective domain underpinnings. A majority of study participants indicated in the survey
that they had lacked an understanding of their financial behaviors, had changed behaviors
as a result of the program, and thought that discovering their financial behaviors was as
valuable as financial knowledge. These results indicate that effort should be made in
designing programs that intentionally aim to help participants receive information about
their behaviors so that they can respond to this information and place internalized value on
it. Giving employees an hour online course on how to create a budget with a quiz at the
end may do very little to drive behavioral change and misses the mark on fostering
beneficial outcomes.
Also related to behaviors, the study findings brought to light the tendency for a
setting structured to focus on affective learning objectives as a mitigating factor for
negative financial behaviors. As was discussed in Chapter 1, there exists a tendency for
financial literacy education to be rooted in the rationality of individuals. Behavioral finance
theory has shown that there should not be an assumption of rationality. A host of biases
and cognitive errors lead individuals to develop and instill behaviors and habits that they
bring with them to an educational setting. The assumption that a curriculum or set of
training components with sound core competencies and information will replace what are
potentially decades of beliefs, attitudes, and emotional stances is irrational in itself. When
a financial literacy education setting has an affective domain focus, the process of receiving
new information, responding to that information, and incorporating it into existing personal
values systems naturally opens individuals up to recognizing negative behavioral patterns.
85
Delivering knowledge-based content without attention to individual attitudes,
emotions, and values will undoubtedly have some effect. Some individuals, if positioned
accordingly at the time of education will change behavior, but this is more about timing
than structure. A program structured to help an individual be vulnerable in a non-
judgmental, open, and encouraging manner while introducing new knowledge and
information creates a space where the individual openly validates that there are negative
behaviors that need to be changed. Numerous study participants highlighted this fact and
spoke to the power they felt in identifying and discussing the negative behaviors and
actions in which they were engaging. There exists a need in financial education for better
personal understanding in order to drive behavioral change with less reliance on traditional
rationality.
Elliehausen (2018) pointed out that financial literacy education has little effect on
behavior when heuristics and biases are not addressed in the context of the individuals’
decision-making process. Hadar, Sood, and Fox (2013) also attend to the need to
understand the traits of individuals (attitudes, emotions, and personal dispositions) to affect
behaviors. Their study suggests that these personal aspects may be more influential than
content-based knowledge in changing behaviors. The findings of this research study add to
the evidence that supports these positions. A program with attention given to affective
domain learning objectives may be better suited to behavioral modification than one that
solely focuses on cognitive-based outcomes.
86
Theme 2: Well-being Measurement
This study was designed in hopes of furthering the discussion concerning financial
literacy program design and delivery. The organizational outcomes that any sponsor or
decision-maker desires when undertaking a program for their workforce are generally less
about financial literacy and more in line with the aspects of financial well-being. This
distinction is beginning to be noticed and incorporated into the language of programs that
are now being offered due largely to the work of the Consumer Financial Protection
Bureau. Chapter 3 highlighted the characteristics of financial well-being as defined by the
CFPB. The characteristics of meeting current obligations, having the necessary resources
to handle an emergency, enjoying life, and being on track with financial goals have a direct
impact on employee performance and satisfaction in the workplace.
Prior to just a few years ago, it was mostly a lack of understanding that led program
designers and educators to interchange literacy and well-being as desired program
outcomes. The distinction between the two must be made purposefully moving forward.
Financial literacy is based on knowledge, whereas financial well-being is a broader
construct that includes not only literacy, but also aspects of behavior, motivation, emotion,
feelings, and capability. A part of this study was dedicated to looking at how participants
scored on a national measure of financial well-being and how their scores compared to
their peers. By taking into account a measure of participant financial well-being, a
comparison can be discussed regarding the use of an affective domain focus as a driver of
organizational outcomes. This is important in that it is a measurable data point that an
organization can use in the determination of program efficacy along behavior-based lines.
87
A discussion needs to take place regarding the timing and the context that study
participants took the CFBP questionnaire within. The instrument was delivered in April
2020 to participants. During this time, American citizens were being exposed to
unprecedented and unknown financial circumstances due to the COVID 19 pandemic
spreading across the country. As was mentioned previously, the effect of this context on
participant scores on the questionnaire was not able to be measured. However, a majority
of study participants thought that their scores were going to be lower given their current
situations. Not only were individual scores higher than participants expected, but their
overall scores were also higher than would have been expected of the larger population
pre-pandemic (58.87 participant average versus 48 Pennsylvania average). This result
potentially speaks to the lasting effects of programing efforts that attend to the affective
domain.
The findings of this study have shown that not only did participants score higher
than state and national averages for their age grouping but that these results came at least
one year after any participants had received programing within the financial education
program. Many participants spoke to their level of surprise about this and generally did not
even realize that their change in attitudes, emotions, behaviors, and motivations had been
maintained for this length of time. They had fully recharacterized both the knowledge and
the affective domain aspects of the program into their way of operating in the world.
Programs that promote the acquisition of new internalized values, beliefs, attitudes, and
behaviors enable learners to maintain and utilize the learning with less attrition than with
knowledge-based content alone (Bloom et al., 1964; Shepard, 2008).
88
By utilizing an available tool to measure participant financial well-being, not just
literacy, an organization can alleviate what has been an issue for financial literacy
education and affective domain-based education as a whole. Evaluating cognitive
objectives is a more effortless and tidier process to undertake than the measurement and
evaluation of affective domain objectives. Krathwohl et al. (1964) recognized this when
contemplating the discussion of education evaluation while the scholars and educators of
today still concur with this assessment. The CFPB questionnaire provides program
developers a measurement tool that goes beyond the traditionally used cognitive domain-
based financial literacy assessment. The ability to take this measurement, along with the
results presented in this study, gives genuineness to metrics that are typically difficult to
qualify. Providing concrete measures to aspects of the affective domain within financial
literacy education program evaluation can show that participants engaged in affective
domain learning make authentic and significant changes to their values and behavioral
systems (Rompelman, 2002).
With research showing that a large number of financial literacy education efforts
are missing the mark or having a minimal impact at best (Fernandes et al., 2014), it
becomes imperative that organizations be able to measure results. However, as addressed
earlier, results that are largely considered to be knowledge-based have had little impact on
participant financial behaviors. Behavioral change is the desired result of workforce
financial literacy education. This leaves an organization with the task of measuring
behavioral tendencies and change. The CFPB Financial Well-being Questionnaire provides
a measure that could be utilized to provide such metrics. The results of this study point in
89
the direction of an affective domain learning objective program having a positive impact
on the score and sustainably of the measurement of financial well-being.
Theme 3: Motivation
The results of this study point to the need for motivation to be considered a key
outcome for any financial literacy education program or undertaking that values behavioral
modification. Motivation has been shown to build through self-discovery, acceptance, and
a defined self-concept (Lawrence, 2006; Roy, 2009). This study brought to light an aspect
of program design and motivation that was unexpected. Most study participants engaged
in a narrative that placed credit for increased motivation on the educator. Mainly it was in
reference to the time that the educator spent during the “getting to know you” phase of their
sessions and by a continued effort to engage participants in deeper discussion around
relevant topics. What seems to have not occurred to study participants was that this time,
although key in building trust and rapport, is primarily used to assist program participants’
self-discovery and self-acceptance of the affective aspects that they currently hold.
Participant reflections routinely contained some discussion about how the program
encouraged them to talk about their behaviors, emotions, and attitudes in a way that
allowed for acceptance while also receiving and valuing a new way of doing things or
establishing habits. From the findings, participants found this structure motivating.
Coupled with their ability to discuss small successes without having yet to completely
adjust some of their negative financial behaviors, participant confidence was increased,
which also increased motivation. The Organization for Economic Co-operation and
Development (2005), the President’s Advisory Committee on Financial Literacy (2008),
90
and the Consumer Financial Protection Bureau (2015) have advocated for program and
course design to relate knowledge-based content to participant goal-setting, values,
emotions, and attitudes. These organizations recognize that, by doing so, there is a positive
impact on motivation. These organizations, however, stopped short of recommending an
affective domain objective approach to program design, which may have given rise to the
exact components they were advocating for. This is an important consideration for future
financial literacy education. Intentional program design and delivery can increase
motivation while also delivering knowledge-based content that may be lacking in the
demographic. In this case, programs can begin to show the outcomes they have been
seeking but falling short of.
Individuals adjust financial behavior and feel motivated to take action when
financial education is relevant, personal, and encouraging. Positive motivational outcomes
have been found in credit counseling programs, pre-purchase home loan counseling, and
workplace retirement seminars (Bayer, Bernheim, & Scholz, 1996; Elliehausen, Lindquist,
& Staten, 2003; Hirad & Zorn, 2001). These results were found for programing that was
narrow in scope but that should be expanded to broader-based and comprehensive financial
education programing. The review of existing literature has shown that this type of
approach has yet to be universally implemented or even considered in most workplace
financial literacy education settings. This study presents findings indicating that an
affective-based learning approach led to increased participant motivation prompting
positive financial behavior change. These results, both from this study and the narrower
scope findings, bolster the claim that financial literacy education design should include
personalized values, goals, and emotions in order to foster motivation (Mandell & Klein,
91
2007). Workforce participants are not traditional students, and educational programing for
them should not be designed as such. Adults participating in the workforce cannot be
presumed to be learning for learning’s sake. These individuals need to be motivated
through the discovery of behavioral steps and actions that can be taken that they see as
adding real-time value to their lives.
A personalized and open-minded approach was emphasized as a key to participant
success in the findings. A high degree of personalization allowed participants to assess
their existing attitudes, emotions, and financial behaviors as they received potentially new
information. Organizations cannot provide generic, impersonal programing and have the
expectation that enough employees will engage in positive behavioral change to have any
organizational impact. Motivation and education must both be priorities, and motivation
has to be sustained. Lewin (1938) recognized that motivation was the primary driver of
behavior change. Very little has happened since then to dispute this theoretical finding.
Somehow, potentially because of prevailing financial theories like rational choice theory,
this fact was initially lost on the financial literacy education movement. A renewed
incorporation of motivation and behavior modification into financial literacy education has
been recommended but has yet to become standard practice. The results of this study
support these recommendations and show the potential of programs designed from the
affective domain pedagogy.
92
Recommendations
Recommendation 1: Include a behavioral finance component in programs
The impact of financial education programing has been shown to be less than
desirable without addressing individual behaviors (Fernandes, Lynch, & Netemeyer, 2014;
Loerwald & Stemmann, 2016; Mandell & Klein, 2009). When behavior is addressed
appropriately, mainly through affective domain learning, efficacy of programing can be
enhanced. The results of this study show that when discussion takes place concerning
participant financial behaviors there is a dual positive outcome. First, participants are able
to relate and incorporate new knowledge into their existing ways of handling their finances.
Secondly, participants feel as if they are being listened to and valued. These two outcomes
may lead to better program efficacy. By including behavioral finance components into
financial literacy education design, the affective domain naturally presents itself.
Workplace financial literacy education undertakings may not always have the time,
resources, or ability to develop programs that occur in a setting that allows for multiple
sessions highlighting the specific behaviors of each individual. However, it is possible,
even with programs that are delivered solely online or through predefined modules, to
include self-discovery and personal reflection exercises aimed at allowing employees to
identify their behavioral tendencies. By doing this, a program is increasing its chances of
building sustainable outcomes within the workforce.
Financial anxiety in the workplace cannot be replaced by knowledge-based content
alone (CFPB, 2019; Loerwald & Stemmann, 2016; PACFL, 2008). In order for an
organization to gain the outcomes that are typically desired within a financial literacy
93
education program, this fact needs to be addressed. Programs designed intentionally from
the affective domain learning approach may be the answer to addressing both the
behavioral and the knowledge-based context of workforce financial education.
Recommendation 2: Limit knowledge-based content to what is a current priority
Something that became apparent throughout the undertaking of this study is the
need for programing to be delivering cognitive-based knowledge and content that is time-
relevant to participants. From the literature review, through the findings of this study, and
in historical reflections on the cognitive and affective domains of learning, this key point
is made evident. In most workplace financial education settings, we find a structure that is
either narrowly focused on one topic, like retirement, or one that is so overly broad that it
strains to include all aspects of financial literacy content. Both of these approaches miss
the mark on connecting with participants in a way that matters and motivates them to take
action.
A simple way to achieve this if staffing and resources are limited, which in most
instances they are, is to develop and utilize a system that evaluates and categorizes a
workforce by their current needs and financial situation and then delivers specific and
relevant content. This type of design is not new and has been researched and established as
a best practice in other fields even though it has been slow to catch on in financial literacy
education. Part of this is due to the long-standing tradition of financial education leaning
heavily on rational choice theory and the concept of marginal utility. As this study has
shown, program design can no longer rely on these theories and concepts to explain the
behaviors and actions of workforce participants. When content is delivered in a timely
94
manner and is relevant to a participant, then the affective domain aspects of emotion,
attitude, and motivation are automatically engaged. This allows for a more experiential and
direct connection to participants and aids in driving sustainable behavioral change.
Recommendation 3: Make personalized motivation a priority of the experience
This study uncovered the power of motivation for the installation of behavior and
knowledge related to financial literacy and well-being. Without proper motivation,
financial literacy content may be learned or remembered, but it typically fails to be valued
enough to stimulate change. Motivation is more than telling people they should budget and
then showing them recommended percentages. Motivation, bred from affective domain
learning objectives, gives participants the emotional connection, value, and understanding
of the impact of sound budgeting as it relates to their lives. This difference must be made
in financial literacy education and programing. An organization that offers only facts,
figures, and knowledge base content without working to motivate employees is most likely
wasting time and resources.
A workplace financial education program or undertaking should consider what core
competencies are relevant and needed and how program structure can stimulate motivation
in the most personal fashion. As was stated earlier, time and resources are limited in almost
all organizations. The ideal program design for each individual participant would most
likely result in a negative return on investment. What this study has shown is that a
perfectly personal design is not necessary to develop motivation. Organizations should
design programing in such a way that knowledge and information are presented in
conjunction with personalized conversation, exercises, or worksheets. This will allow each
95
participant to express what is of value to them, consider their emotional ties to money, and
discover attitudes and behaviors that drive their current financial situation. With these
affective outcomes in hand, along with relevant and timely knowledge-based content,
motivation is primed. With the continual cycling of needed knowledge and personalization,
a participant’s motivations can evolve and remain sustained.
Affective domain learning objectives have a values-based approach. Once
individuals have tied financial successes to their personal values, motivation to act and
sustain behaviors typically follows. Organizations looking to increase workforce financial
literacy and well-being would be better served to take on this values-based approach to
their programing.
Recommendation for Future Research
This study may be a first of its kind in looking at affective domain learning
objectives within a financial literacy education program. Further research within this arena
should be undertaken for a variety of reasons. Suppose the results of this study are able to
be replicated and validated in multiple settings. In that case, a new benchmark in program
design may be added to the field of financial literacy education. Future research should be
focused on a larger number of participants within different demographic, geographic, and
organizational settings that are affective domain focused. Additionally, a quantitative study
using both within- and between-subjects designs to study the outcomes of both affective
and cognitive-based approaches would serve to identify the effect of program design
choices.
96
Research undertakings of this nature could go a long way in addressing the
limitations of this particular study regarding sample size, design, and potential researcher
bias. Secondly, as the main finding of this study is related to program participants’
motivation, a more vigorous and exclusive study on motivation in financial literacy
education may be beneficial in adding to the field of study. This future study could look at
motivation of participants in both affective- and cognitive-based programming efforts.
There are many opportunities for future research that build upon the results of this
study. These research opportunities may be able to establish best practices in outcome
measurement for organizations and employees. Although this study focuses on program
design there is still an existing gap in the measurement of financial behaviors that relate to
positive organizational outcomes. The use of the CFPB financial well-being questionnaire
is only one measure, and future research should be conducted to determine other ways of
assessing financial behavior change as a result of financial literacy education.
Conclusion
Organizations that offer financial education programing to their workforce are
doing so with the best of intentions. These organizations anticipated that by helping their
workforce become more financially literate they would also be helping ensure the strength
and productivity of their organizations. Joo and Garman (1988) state that organizations
with effective financial education programs have workforces with less anxiety, higher
productivity, lower health care costs, and decreased turnover. These outcomes are both
beneficial to the organization and the employees in a myriad of contexts. The problem
many organizations face today is that financial literacy education programs have been
97
shown to be less than effective in reaching desired outcomes (Fernandes, Lynch, &
Netemeyer, 2014). This study set out to identify and describe aspects of one particular
financial literacy education program that paid specific attention to affective learning
objectives in pursuit of increased financial literacy and well-being.
This qualitative single-site case study found that a program intentionally focused
on the affective domain of learning did result in sustained motivation, behavioral
modification, and higher than would be expected measures of financial well-being. As
Bloom, Krathwohl, and Masia (1964) indicated, the directive of education is more than just
encouraging learners to recall information. An affective domain approach to financial
literacy education places emphasis on responding to information, integrating that
information into value systems so that it fits within a personal context, and ultimately a
characterization of having high degrees of financial well-being. The results of this study
have shown that these goals are attainable. Participants discussed and elaborated on their
sustained financial successes, increased motivation, behavior changes, and financial well-
being. The combining of relevant knowledge needs with an affective approach produced
the desired program outcomes.
A complete separation of the cognitive and affective domains in the course of
learning, or even decision-making, is most likely an impossibility. Yet, when structuring
financial literacy education, few programs exist that have overtly embraced and
incorporated the power of the affective domains of learning. The affective domain of
learning may well be the least studied and most difficult to evaluate not only in financial
literacy education but in education writ large. The literature review for this study did not
find any existing studies or research concerning the intentional use of the affective domain
98
learning objectives in financial literacy education. This gap in the research has not been
closed by this study and the presenting results. Instead, this study has opened the door of
research to a potentially promising new method of program design and implementation.
This study set out to answer three main research questions as they related to
financial literacy education programing and design. The results presented in this research
answer the proposed research questions in the areas of behaviors, motivations, emotions,
attitudes, knowledge, and well-being. In addition, this study has uncovered an interesting
link between the affective domain, motivation, and financial well-being that can, and
should, be more fully explored. Ultimately, this study shows that there is little to no risk
associated with program design intentionally structured around the affective domain of
learning. Furthermore, this low risk, combined with the potential benefits that this study
has demonstrated, argues for a more affective domain structure for financial literacy
education. This type of structure may be the solution to decades of programing that has
fallen short of producing the outcomes that organizations and educators have been trying
to achieve.
99
References
100
102
103
105
Appendix A
CFPB Long Form Financial Wellness Questionnaire
106
107
https://files.consumerfinance.gov/f/documents/bcfp_fin-well-being_full-scorecard.pdf
108
Appendix B
Interview Protocol
Affective Financial Literacy - Interview Protocol Matrix
Research Questions Sub Focus of Research Question Script Questions
1. What are the
perspectives of
individuals who have
been engaged in an
affective learning
objective-based
financial literacy
education program
with regard to
financial stability,
knowledge, and
decision making?
4. The use of
financial
behaviors and
attitudes in
financial
education
5. Relationship of
education design
and financial
decision making
6. Relationship of
program design
and participant
engagement
7. Emotion based
leaning and its
sustainability
1. Tell me about the
experiences you had
with financial literacy
education or
counseling before
coming into this
programing.
1.a. How do you
compare this prior
education to what you
have undergone in this
program?
2. Can you describe to
me your thoughts and
feelings as they relate
to the way this
program is structured
around getting to the
emotions, attitudes
and motivations
regarding your
financial situation?
(For example, the
educators here spend
extra time trying to
understand your
upbringing and money
attitudes, and how
109
they impact your
decisions today – your
money psychology.)
2.a. What are your
views on this type of
program design?
3. Why or why don’t you
think it is important
for a program to
engage the participant
in more than just the
knowledge
components of
financial literacy?
4. Can you describe or
talk to me about your
time spent in the
program and how it
may or may not have
impacted your way of
looking at your
personal finances and
financial decision
making?
5. How do you think
financial literacy
education should be
delivered in order to
have the most
beneficial impact?
2. How do the
individuals who have
been part of an
affective learning
objective program
• Well-being as the participant
sees it
1. Tell me what you
thought of the
outcome of your
CFPB financial well-
being questionnaire?
110
score on a nationally
recognized measure of
financial well-being
and how do they
interpret their results?
• Increasing well-being by
focusing on affective learning
objectives
• Understanding participant
engagement in their financial
well-being
• Attainment of financial well-
being
2. In what ways do you
feel your participation
in this financial
literacy program
contributed to your
score on the
questionnaire?
3. Now that you have
taken the well-being
assessment, what do
you think are the most
important factors in
living a life with a
high degree of
financial well-being?
4. Describe to me how
you view the
interaction of personal
attitudes, emotions,
habits, and
motivations with a
high level of financial
well-being.
5. How would you
describe the
differences between
financial literacy and
financial well-being?
3. Does a focus on the
affective learning
outcomes change the
attitudes, emotions,
and motivations that
participants have
• Affective objective use in
programing and its connection
to task completion
• Is financial goal attainment
and sustainability enhanced
1. Describe some of the
actions and or tasks
you have
accomplished of
committed to after
participating in this
program.
111
regarding financial
tasks and goals?
with an emotional/attitudinal
connection
• Relationship between an
affective approach and the buy
in of participants.
• Evaluating the change in
thinking and attitudes after
experiencing the programing
1.a. Have you
attempted them before
and if so why do you
think you were able to
accomplish or commit
to them now?
2. This program spends
time trying to get to
know what is
important to you and
what drives your
money attitudes. In
what ways do you
think this “getting to
know you” helped or
did not help you buy
into and commit to
goals and tasks?
3. In what ways if any
have your money
attitudes or emotions
changed since
partaking in this
program?
4. By participating in
this program what
would you say has
been the effect on
your motivations with
regard to setting or
accomplishing
financial goals and
tasks?
5. Talk to me about how
your views of
financial security or
112
well-being have
evolved over time and
milestones or events
precipitated these
changes?
113
Appendix C
Code Tree
Dedoose Codes: Affective Domain of Learning in Financial
Literacy Education
S1 – Stage one coding, S2 – Stage 2 coding
S1. Affective Domain Description This code is used for any content that relates to the
Affective Domain of Learning
S2. Attitudes
S2. Behavior/Habits
S2. Culture
S2. Emotions
S2. MKO's (More knowledgeable others)
S2. Motivation
S1. Cognitive Domain Description This code is used for content related to the Cognitive
Domain of Learning.
S2. Application
S2. Comprehension
S2. Evaluation
S2. Knowledge
S2. Synthesis
114
S1. Drivers/Influence Description This code is related to drivers and influencers of
financial behaviors, thoughts, actions, and habits that influence financial literacy and well-being
attainment.
S1. Experience Description This code is related to any content that touches on the
experiences of the participant in a financial literacy education setting.
S2. Negative Experience
S2. Positive Experiences
S1. Financial Literacy Description This code is used to identify content related to
financial literacy
S1. Financial Well-being Description This code is used to identify content that relates to
financial well-being
S2. Absorb Shock
S2. CFPB Score
S2. Enjoying life
S2. Managing Day to Day
S2. On track to meet goals
S1. Individual Disposition Description This code relates to the preexisting disposition of
the participant in relation to financial literacy and well-being
115
Appendix D
Survey Questions
This set of questions asks you to give consideration to your experience with financial education prior
to your time in the program:
Strongly Disagree - Somewhat Disagree - Agree - Somewhat Agree -Strongly Agree
1. You felt as if those experiences left you motivated to achieve your goals.
2. You left those experiences understanding your financial behaviors.
3. Your experience left you excited for your next meeting.
4. You felt as if it was a valuable use of your time.
5. The information you received was based on your personal financial situation.
6 Open Ended: Please elaborate further about what you think any previous financial education did well or
failed to do well in helping you achieve financial well-being.
This set of questions ask you to give consideration to financial knowledge- (Knowledge Based
Content examples: 30% of net income on housing, emergency fund=3-6months of expenses, save 10%
of every dollar, keep credit card utilization to less than 30%):
Strongly Disagree - Somewhat Disagree - Agree - Somewhat Agree -Strongly Agree
7. You have enough financial knowledge to make appropriate decisions regarding your finances.
8. You knew most of the financial knowledge information before engaging in the counseling sessions.
9. You had previously researched the knowledge-based information covered in the counseling sessions.
10. The knowledge-based content was information that you had heard before, but never acted upon.
11. You found the knowledge-based content to be the most valuable take away from the counseling
sessions
12. Open Ended: Please elaborate further about your financial knowledge and how you either do or do not
act upon it.
This set of questions ask you to give consideration to financial behaviors:
116
Strongly Disagree - Somewhat Disagree - Agree - Somewhat Agree -Strongly Agree
13. You feel you had a firm understanding of your financial behaviors before the counseling sessions.
14. You feel that understanding your financial behaviors are vital to financial well-being. 15. You have
made changes to your financial behaviors as a result of the counseling sessions.
16. You feel that understanding your financial behaviors is as important as your financial knowledge.
17. You thought that the time spent discussing behaviors was the most valuable take away from the
counseling sessions.
18. Open Ended: Please elaborate further regarding the ways you identify and adjust your financial
behaviors.
This set of questions ask you to give consideration to financial attitudes and emotions:
Strongly Disagree - Somewhat Disagree - Agree - Somewhat Agree -Strongly Agree
19. You feel you had a firm understanding of your financial attitudes and emotions before the counseling
sessions.
20. You feel that understanding your financial attitudes and emotions are vital to financial well-being.
21. You have a better understanding of your financial attitudes and emotions as a result of the counseling
sessions.
22. Your financial attitudes and emotions have a significant impact on your behaviors.
23. You thought that the time spent discussing financial attitudes and emotions was the most valuable take
away from the counseling sessions.
24. Open Ended: Please elaborate further regarding the way your financial attitudes and emotions impact
your financial knowledge.
This set of questions ask you to give consideration to financial goals:
Strongly Disagree - Somewhat Disagree - Agree - Somewhat Agree -Strongly Agree
25. You feel you had a firm understanding of your financial goals before the counseling sessions.
26. You feel that understanding your financial goals are vital to financial well-being
27. You have a better understanding of your financial goals as a result of the counseling sessions.
28. You feel that more than financial knowledge is necessary to achieve your financial goals.
117
29. You thought that the time spent discussing financial goals was the most valuable take away from the
counseling sessions.
30. Open Ended: When setting financial goals how do combine knowledge, attitudes, emotions, and
behaviors?
This set of questions ask you to give consideration to financial motivations:
Strongly Disagree - Somewhat Disagree - Agree - Somewhat Agree -Strongly Agree
31. You feel you had a firm understanding of your financial motivations before the counseling sessions.
32. You feel that understanding your financial motivations are vital to financial well-being.
33. You have a better understanding of your financial motivations as a result of the counseling sessions.
34. You felt more motivated to take on financial tasks as a result of the counseling sessions.
35. You thought that the time spent discussing financial motivations was the most valuable take away from
the counseling sessions.
36. Open Ended: Why do you think you were either more or less motivated to take on your financial goals
and behaviors as a result of your counseling sessions?
118
Appendix E
Institutional Review Board Determination
We would like to know how the IRB Program can better serve you.
Please fill out our survey; it should take about a minute: https://www.research.psu.edu/irb/feedback .ID27
EXEMPTION DETERMINATION
Date: February 5, 2020
From: Joanie Tan,
To: Brad Yeckley
Type of Submission: Initial Study
Title of Study: Case Study of Affective Learning Objectives within a
Workforce Financial Literacy Program
Principal Investigator: Brad Yeckley
Study ID: STUDY00014209
Submission ID: STUDY00014209
Funding: Not Applicable
Documents Approved: • Affective Interview Protocol (0.01), Category:
Data Collection Instrument
• Affective Study Survey (0.01), Category: Data
Collection Instrument
• BCFP Financial Wellness Scorecard (0.01),
Category: Data Collection Instrument
• Yeckley B HRP-591 (0.03), Category: IRB Protocol
The Office for Research Protections determined that the proposed activity, as
described in the above-referenced submission, does not require formal IRB review
because the research met the criteria for exempt research according to the policies
of this institution and the provisions of applicable federal regulations.
Continuing Progress Reports are not required for exempt research. Record of this
research determined to be exempt will be maintained for five years from the date of
this notification. If your research will continue beyond five years, please contact the
Office for Research Protections closer to the determination end date.
Changes to exempt research only need to be submitted to the Office for Research
Protections in limited circumstances described in the below-referenced Investigator
Manual. If changes are being considered and there are questions about whether IRB
review is needed, please contact the Office for Research Protections.
Penn State researchers are required to follow the requirements listed in the
Investigator Manual (HRP-103), which can be found by navigating to the IRB
Library within CATS IRB (http://irb.psu.edu).
VITA
Brad Lee Yeckley
Education
-The Pennsylvania State University, University Park, PA, Ph.D. candidate Workforce
Education (Current)
-Jones International University, Centennial, Co, MBA Corporate Finance(2008)
-The Pennsylvania State University, University Park, PA, BS Health and Human Development
(2006)
Professional Experience
-Assistant Director for Financial Literacy, UNC Charlotte, North Carolina (Current)
-Assistant Director Sokolov-Miller Family Financial and Life Skills Center, Penn State
University (2016-2019)
-Staff Advisor, Student Financial Education Center, Penn State University(2014-2016)
- Data and Scholarships Coordinator, Penn State University
(2013-2016)
Conferences and Presentations
Success After State Conference (2016) Pennsylvania State University, University Park PA Financial Literacy for Life After Graduation Division of Undergraduate Studies Annual Conference (2016) Pennsylvania State University, University Park PA Advising and Financial Literacy: If money doesn’t grow on trees, then why do banks have branches? Annual Conference on Financial Education (2017) Institute for Financial Literacy, Chicago IL Building a Financial Literacy Program that Matters Women in Business Executive Retreat (2018) Smeal College of Business, State College PA Strengths Based Approach to Leadership
Annual Conference on Financial Education (2018) Institute for Financial Literacy, Orlando FL College Based Financial Literacy Programs Florida Economics Summit (2018) Florida State University, Tallahassee FL Financial Literacy Program Development in a University Setting Annual Conference on Financial Education (2019) Institute for Financial Literacy, Denver CO He Said She Said: A perspective-based look at finance Student Affairs Annual Retreat (2019) Pennsylvania State University, University Park PA Financial Literacy is for Everyone FUEL Professional Team Presentation (2019) UNCC Athletics, Charlotte NC Personal Finance Behaviors for Professionals
