Written By: Aimee D. Prawitz and Judith Cohart
Based on the life-cycle theory of consumption, this quasi-experimental study of 995 employees examined changes in financial behaviors following employee-needs-driven workplace financial education. Repeated-measures ANOVA compared participants and non-participants on perceived financial wellness and savings ratios; main effects indicated that both groups improved pretest-to-posttest on both variables (p<.001). A Wilcoxon signed-rank test determined that frequency of negative financial behaviors declined for participants (p<.001). Logistic regression determined likelihood of performing specific financial activities following financial education programming. Participants were 1.8 times more likely than non-participants to budget, 1.9 times more likely to undergo asset allocation assessment, and 1.6 times more likely to increase retirement contributions (p<.001). Results lend support to workplace provision of both basic financial education and retirement planning programming.
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