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Financial Education and Counseling—Still Holding Promise
Author(s) -
COLLINS J. MICHAEL,
O’ROURKE COLLIN M.
Publication year - 2010
Publication title -
journal of consumer affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.582
H-Index - 62
eISSN - 1745-6606
pISSN - 0022-0078
DOI - 10.1111/j.1745-6606.2010.01179.x
Subject(s) - investment (military) , actuarial science , psychology , selection bias , finance , field (mathematics) , order (exchange) , medical education , economics , medicine , political science , pathology , politics , pure mathematics , law , mathematics
This article reviews the evaluation literature on financial education and counseling for adults in order to synthesize implications for research and practice. Most evaluations report positive impacts, but the findings are often small when compared with valid comparison groups. Many evaluations use self‐reported measures, measure outcomes over short time periods and cannot rule out selection bias due to nonrandomized designs, all of which may bias results. Although future research and practice in this field hold promise, more attention to theory‐based evaluations and further investment in randomized field experiments may be fruitful.