Absence of conflict of interest.
Citation
Highlights
- The study's objective was to examine the impact of the Solid Finances in Montana program on financial knowledge and behaviors.
- The study used an interrupted time series design. Using survey data, the authors compared the outcomes of participants before and after they participated in the intervention.
- The study found a relationship between the Solid Finances in Montana program and increased financial knowledge. However, the authors did not provide tests of statistical significance.
- This study received a low evidence rating. This means we are not confident that the estimated effects are attributable to Solid Finances in Montana; other factors are likely to have contributed.
Intervention Examined
Solid Finances in Montana
Features of the Intervention
The Solid Finances in Montana program was a webinar-based learning intervention for working adults. The overarching program topics included student loans and borrowing, retirement planning, investment awareness, and health and aging. The topics were grouped into blocks of sessions that covered two to five topics related to financial literacy. Webinar sessions were offered at noon local time and required registration for attendance. Participants were able to attend as many or as few sessions as they liked. All sessions were recorded and archived to provide opportunities for participants to revisit the content. The program also offered continuing education credits through the Association for Financial Counseling and Planning Education.
Features of the Study
The study used an interrupted time series design to evaluate the program during the 2013-2014 academic year. The authors compared the outcomes of participants before and after they participated in the Solid Finances in Montana program. The study sample attended virtual session blocks, each covering two to five topics based on the learning objectives of the intervention. The number of participants per session ranged from 29 to 86. The authors collected data on financial knowledge using a retrospective pretest survey and posttest survey that was administered online after each of the four session blocks. The survey assessed perceived knowledge on a five-point scale ranging from ‘no knowledge’ to ‘very knowledgeable.’ Another online survey was administered three months after the program ended to measure reported changes in financial behavior. The authors conducted statistical tests to assess changes in participants’ financial knowledge. However, the authors did not provide tests of statistical significance.
Findings
- Knowledge and skills for financial decision making. The study found that participation in the Solid Finances in Montana was related to higher knowledge scores in retirement planning, investment awareness, and health and aging at posttest.
- Knowledge and skills for money management. The study also found that participation in the Solid Finances in Montana was related to higher knowledge scores in student loans and borrowing at posttest.
Considerations for Interpreting the Findings
The authors compared the outcomes of participants before and after they participated in the intervention. However, there was only one observation prior to the intervention, and it was measured retrospectively. For these types of designs, the authors must observe outcomes for multiple periods before the intervention to rule out the possibility that participants had increasing or decreasing trends in the outcomes examined before enrollment in the program. That is, if participants who had increasing financial knowledge and skills tended to enroll in the program, we would anticipate further increases over time, even if they did not participate in the program. Without knowing the trends before program enrollment, we cannot rule this out. Therefore, the study receives a low causal evidence rating.
Causal Evidence Rating
The quality of causal evidence presented in this report is low, because the authors did not account for trends in outcomes before the intervention. This means we are not confident that the estimated effects are attributable to Solid Finances in Montana; other factors are likely to have contributed.