Absence of conflict of interest.
Citation
Highlights
- The study’s objective was to examine the impact of the Moving Ahead Through Financial Management program on financial knowledge, financial intentions, and financial behavior outcomes.
- The study was a randomized controlled trial that assigned participants to a treatment group where they received a financial education program or a control group. Using survey data, the authors conducted a statistical model to compare the outcomes of treatment and control groups members 14 months post intervention.
- The study found a significant positive relationship between the financial education program and improvements in self-reported financial knowledge, financial intentions, and financial behaviors over the span of 14 months.
- This study receives a moderate evidence rating. This means we are somewhat confident that the estimated effects are attributable to the Moving Ahead Through Financial Management program, but other factors might also have contributed.
Intervention Examined
Moving Ahead Through Financial Management
Features of the Intervention
The "Moving Ahead Through Financial Management" financial education program was created in partnership with the National Network to End Domestic Violence to improve financial literacy for survivors of domestic violence. The intervention aimed to increase financial vocabulary, teach basic financial processes such as loan applications and credit scores, and include information that survivors would require to leave an abusive relationship. The curriculum within this iteration of the program included understanding financial abuse, learning financial fundamentals, credit basics, building financial foundations, and developing budget strategies. The intervention was delivered through four to eight classes and one individual coaching session over a two-month period. Program staff at participating domestic violence agencies delivered the intervention to adult female survivors of domestic violence.
Features of the Study
The study was a randomized controlled trial. A total of 457 women were recruited from 14 domestic violence agencies in seven states and Puerto Rico. Eligible participants were females over 18 years old that had experienced intimate partner violence in the year prior to recruitment. Participants were ineligible if they had attended a financial literacy course within the two years prior to recruitment. Participants were required to commit to full participation in the study at the time of recruitment to be enrolled. This included committing to attending the financial literacy workshops if selected to the treatment group. After completing a baseline interview, the women were randomly assigned to the treatment and control groups. About 52% of eligible participants were randomly assigned to the treatment group, with the remaining 48% assigned to the control group. The treatment group received the financial literacy intervention, and the control group did not receive the intervention.
Data were collected via self-report surveys and interviews at multiple timepoints (before the intervention, at two months post intervention, 8 months post intervention, and 14 months post intervention). The study reports on individual data for 195 women (141 in the treatment group and 159 in the control group) who completed all four interviews. The average age of the study sample was 38, the largest proportion identified as Hispanic/Latina (60%), slightly more than half were not working (51%), the majority were not in school (86%), and were financially responsible for children in their household (82%). The authors used statistical models to compare the long-term outcomes of the treatment and control groups.
Study Sites
- Connecticut
- Iowa
- New Jersey
- New York
- Rhode Island
- Texas
- Wisconsin
- Puerto Rico
Findings
Knowledge and skills for financial decision making
- The study found that treatment group participants had significantly higher knowledge scores than control group participants and performed significantly better over time.
Knowledge and skills for money management
- The study found that treatment group participants had significantly higher scores on the measure of financial intentions than control group participants and performed significantly better over time.
- The study also found that treatment group participants reported significantly higher positive financial behaviors than control group participants and performed significantly better over time.
Considerations for Interpreting the Findings
Although this study was a randomized controlled trial, it had high attrition. Therefore, the study was reviewed under regression guidelines and not eligible for a high evidence rating. However, the authors ensured that the groups were comparable at baseline. Also, because domestic violence agencies and domestic violence survivors participated in the intervention on a voluntary basis, the authors noted that it is possible that program success may be in relation to the proactive support from the participating agencies and motivation of both group participants.
Causal Evidence Rating
The quality of causal evidence presented in this report is moderate because it was a randomized controlled trial with high attrition, but the authors ensured that the groups being compared were similar before the intervention. This means we are somewhat confident that the estimated effects are attributable to the Moving Ahead Through Financial Management program, but other factors might also have contributed.