Assessing a Community-Based Financial Literacy Program: A Case Study in California’s Silicon Valley

Publication Date

June 2018

Document Type

Article

Publication Title

Journal of Financial Counseling and Planning

Volume

29

Issue

1

DOI

10.1891/1052-3073.29.1.142

Abstract

This study presents a community-based financial literacy program offered to low-income families in the heart of Silicon Valley. Leveraging local financial institutions and organizations, it provided financial education and encouraged habit formation, hoping for lasting outcomes toward financial well-being. Program impact was assessed in the areas offinancial knowledge gain, behavioral tendencies in financial decision-making, and selfreported personal finances. Participants showed significant improvement in key knowledge areas, with positive impact observed in behavioral tendencies such as financial goal setting. Improvements in financial outcomes were not significant. The results of this intervention illustrate that maintaining long-term impact and applying sophisticated evaluation methods present key challenges for community-based efforts focused on financial education.

Keywords

financial literacy, personal finance, poverty, savings

Comments

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