Suzanne Bartholomae is Adjunct Assistant Professor, Human Development and Family Science, at Ohio State University. Jinkook Lee is Professor, Consumer Sciences, at Ohio State University.
Building the case for financial education
Article first published online: 23 MAR 2005
Journal of Consumer Affairs
Volume 39, Issue 1, pages 195–214, Summer 2005
How to Cite
Fox, J., Bartholomae, S. and Lee, J. (2005), Building the case for financial education. Journal of Consumer Affairs, 39: 195–214. doi: 10.1111/j.1745-6606.2005.00009.x
- Issue published online: 23 MAR 2005
- Article first published online: 23 MAR 2005
The need for financial education among Americans is often demonstrated with alarming rates of bankruptcy, high consumer debt levels, low savings rates, and other negative outcomes that may be the result of poor family financial management and low financial literacy levels. The collective response by public and private organizations to the accepted and often demonstrated need for financial education has been impressive in size and scope. This article provides an overview of the wide range of programs aimed at improving Americans’ financial literacy as well as a short review of the current evidence of the effectiveness of financial education programs. We advocate for the adoption of a comprehensive framework or approach to evaluation to assist those currently delivering, and planning to deliver, financial education and highlight some of the key challenges. A five-tiered approach to program evaluation is described and outlined to provide a general framework to guide financial education evaluation.