The final step of the evaluation framework aims to determine the long-term impact of financial education on the behavior and knowledge of students and on the community and state. Financial behavior changes can include changes in debt management, saving habits, or credit scores.
This is the basis for the development of best practices for effective financial education in your district or state, and it provides metrics for comparison against other states or programs.
Determine measurements for long-term impact. This may include lasting gain in financial knowledge or a change in financial behavior such as saving habits, debt management, retirement planning, ability to cope with financial shocks, and use of borrowing methods.
This paper analyzes the impact of four different educational programs on risk diversification. The four methods included an informational brochure, a visual interactive tool, a written narrative, and a video narrative. All four methods increased self-efficacy and several methods also increased financial literacy.
This is a summary of The Effects of State-Mandated Financial Education on College Financing Behaviors by Carly Urban, Ph.D. This research is supported by the National Endowment for Financial Education.
