Absence of conflict of interest.
Citation
Highlights
- The study's objective was to examine the impact of an online financial education module on financial knowledge. This profile focuses on the comparison between the less intensive intervention group and the control group. The authors investigated similar research questions for additional contrasts, the profiles can be found here:
- The study was a randomized controlled trial. Using pre- and post-assessment questionnaires, the authors conducted statistical analyses to compare differences between the groups.
- The study found a significant positive relationship between the less intensive intervention and gains between the pre- and post-test on overall financial knowledge.
- This study receives a moderate evidence rating. This means we are somewhat confident that the estimated effects are attributable to the less intensive intervention, but other factors might also have contributed.
Intervention Examined
Women to Women (WTW) Project
Features of the Intervention
This study was a part of a larger research project called the Women to Women (WTW) Project. This project aimed to increase the self-efficacy of chronically ill women in rural areas to help them better manage their chronic illness. The intervention was designed to serve women who had at least one chronic illness, lived in a rural area (defined as at least 25 miles away from a town with a population greater than 12,500), and were between the ages of 35 and 65. The intervention was carried out online with laptops and Wi-Fi provided to the participants over 22 weeks. The intervention included online health and financial education modules. The financial education modules were designed to help the women record and track expenses, determine the household net worth, and determine eligibility for government assistance programs. There were three one-week modules that included a one- or two-page instructional guide with an activity. The intensive intervention included the financial education modules and an interactive discussion roundtable led by subject matter experts. All participants were also a part of a social support group called the Koffee Klatch. Both the roundtable discussion and the support group were done asynchronously. The less intensive intervention consisted of the financial education modules but did not include the roundtable or social support group.
Features of the Study
The study was a randomized controlled trial across five states. The authors conducted recruitment efforts through the media, informational flyers, contacts, word of mouth, nominations through extension agents, and special mailings. Following eligibility screening, the authors used a program to randomly assign 240 participants to one of the two treatment groups or the control group. Each group consisted of 80 participants. Participants in the less intensive intervention group had access to the financial education modules only. Participants in the control group received no intervention services. Over half of the participants were older than 50 (55%), 61% were diagnosed with a chronic illness within the last decade, and 59% were considered to have a moderate to severe chronic illness. The majority of the women (70%) had no children in the home and 41% worked outside of the home. The sample was mainly white (92%), 77% were married, and 66% had at least some college education. Finally, over half of the women (51%) had yearly incomes of less than $35,000.
The authors used pre- and post-tests to assess changes in financial knowledge. The tests were comprised of five items measuring knowledge of income and expenses, net worth/wealth, financial management, savings, and assets. The authors conducted statistical analyses to determine differences in outcomes between the groups. The analysis sample included 60 participants in the less intensive intervention group and 66 participants in the control group.
Study Sites
- Idaho
- Montana
- North Dakota
- South Dakota
- Wyoming
Findings
Knowledge and skills for money management
- The study found that the less intensive intervention group had significantly higher gains than the control group on the overall financial knowledge score between pre- and post-test.
- The study found that participants in the less intensive intervention group had significantly higher gains than the control group on the savings question between pre- and post-test. No other significant differences were found.
Considerations for Interpreting the Findings
The authors randomly assigned 80 women to each study group. They noted that there were only 68 usable pre-assessments from the control group and 60 usable post-assessments from the less intensive intervention group. This indicates high attrition; therefore, the study was ineligible for a high evidence rating. However, the authors ensured that the groups were comparable at baseline.
Causal Evidence Rating
The quality of causal evidence presented in this report is moderate because it was a randomized controlled trial with high attrition, but the authors ensured baseline equivalence between the groups. This means we are somewhat confident that the estimated effects are attributable to the less intensive intervention, but other factors might also have contributed.