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Using a Financial Health Model to Provide Context for Financial Literacy Education Research: A Commentary

Using a Financial Health Model to Provide Context for Financial Literacy Education Research: A... Using a Financial Health Model to Provide Context for Financial Literacy Education Research: A Commentary Sandra J. Huston In the article, “FKDQGHVHDU(QKDQFLQJOLQNVEHWZHHQU income generation, money management, prudent borrowing RYHFRQVXPHU¿QDQFLDOHGXFDWLRQDQGZHOOSUDFWLFHWRLPSU and investing, risk management, and access to professional EHLQJ ” Billy J. Hensley, Director of Education at National guidance. So, how do we get people to maintain or improve (QGRZPHQWIRU)LQDQFLDO(GXFDWLRQŠ 1()(Š RXWOLQHVKLV WKHLUSK\VLFDORU¿QDQFLDOKHDOWK",FRQFHSWXDOL]HWKDWLWLV SHUVSHFWLYHRQWKHFXUUHQWUHODWLRQEHWZHHQ¿QDQFLDOHGXFDWLRQ a production process that requires continuous awareness, DQG¿QDQFLDORXWFRPH GRZQVWUHDP¿QDQFLDOEHKDYLRU E\ education, habituation, examination and adjustment (see drawing on a recent study by Fernandes, Lynch & Netemeyer )LJXUH DQGLVQRWDGLUHFWUHVXOWRI¿QDQFLDOHGXFDWLRQ (2014). Evidence from this meta-analysis study indicates that ¿QDQFLDOHGXFDWLRQKDVOLWWOHWRQRLPSDFWRQ¿QDQFLDORXWFRPH Figure 1. Financial Health Model and the three main conclusions Hensley highlights from the Fernandes et al. (2014) study relate to education timing and decay, weak linkage between education and behavior, and the need for improvement both in terms of education programs and research design. While I think the Fernandes et al. study is very well done and certainly raises some issues that those of us interested in ¿QDQFLDOOLWHUDF\DQG¿QDQFLDOHGXFDWLRQVKRXOGEHDWWXQHGWR ,TXHVWLRQWKHLPSOLFLWDVVXPSWLRQWKDWIRU¿QDQFLDOHGXFDWLRQ to be deemed successful it must have an appreciable impact on V¿QDQFLDORXWFRPH RUKHDOWK (GXFDWLRQLVRQHPHWKRGRQH¶ used to increase both a person’s knowledge and ability or skill :KLOHPRVW7KH¿UVWVWDJHRIKHDOWKSURGXFWLRQLVDZDUHQHVV to use that http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Using a Financial Health Model to Provide Context for Financial Literacy Education Research: A Commentary

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Publisher
Springer Publishing
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/1052-3073.26.1.102
Publisher site
See Article on Publisher Site

Abstract

Using a Financial Health Model to Provide Context for Financial Literacy Education Research: A Commentary Sandra J. Huston In the article, “FKDQGHVHDU(QKDQFLQJOLQNVEHWZHHQU income generation, money management, prudent borrowing RYHFRQVXPHU¿QDQFLDOHGXFDWLRQDQGZHOOSUDFWLFHWRLPSU and investing, risk management, and access to professional EHLQJ ” Billy J. Hensley, Director of Education at National guidance. So, how do we get people to maintain or improve (QGRZPHQWIRU)LQDQFLDO(GXFDWLRQŠ 1()(Š RXWOLQHVKLV WKHLUSK\VLFDORU¿QDQFLDOKHDOWK",FRQFHSWXDOL]HWKDWLWLV SHUVSHFWLYHRQWKHFXUUHQWUHODWLRQEHWZHHQ¿QDQFLDOHGXFDWLRQ a production process that requires continuous awareness, DQG¿QDQFLDORXWFRPH GRZQVWUHDP¿QDQFLDOEHKDYLRU E\ education, habituation, examination and adjustment (see drawing on a recent study by Fernandes, Lynch & Netemeyer )LJXUH DQGLVQRWDGLUHFWUHVXOWRI¿QDQFLDOHGXFDWLRQ (2014). Evidence from this meta-analysis study indicates that ¿QDQFLDOHGXFDWLRQKDVOLWWOHWRQRLPSDFWRQ¿QDQFLDORXWFRPH Figure 1. Financial Health Model and the three main conclusions Hensley highlights from the Fernandes et al. (2014) study relate to education timing and decay, weak linkage between education and behavior, and the need for improvement both in terms of education programs and research design. While I think the Fernandes et al. study is very well done and certainly raises some issues that those of us interested in ¿QDQFLDOOLWHUDF\DQG¿QDQFLDOHGXFDWLRQVKRXOGEHDWWXQHGWR ,TXHVWLRQWKHLPSOLFLWDVVXPSWLRQWKDWIRU¿QDQFLDOHGXFDWLRQ to be deemed successful it must have an appreciable impact on V¿QDQFLDORXWFRPH RUKHDOWK (GXFDWLRQLVRQHPHWKRGRQH¶ used to increase both a person’s knowledge and ability or skill :KLOHPRVW7KH¿UVWVWDJHRIKHDOWKSURGXFWLRQLVDZDUHQHVV to use that

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Mar 1, 2015

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