This study develops a general method for modeling changes in response to items relating to students perceptions
of personal finance and financial products. The new method is illustrated to analyze data from a sample of 1,250
students aged 16?18 who participated in a financial capability education study in the UK. We demonstrate how a
quantitative indicator of the changes in students’ responses can be applied in various educational research
projects, particularly as a measure of program effectiveness. Predictions are based on prior survey responses,
which are taken as relevant historical information for a cohort of students. We find significant changes in the
responses of students toward reported career choice following the Financial Literacy Education course at
national colleges in the UK.

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