Document Type

Dissertation

Degree

Doctor of Philosophy

Major

Education, Educational Leadership & Policy Studies

Date of Defense

4-18-2025

Graduate Advisor

Dr. Paulette Isaac-Savage

Committee

Dr. Vanessa Garry

Dr. Catherine H. Monaghan

Dr. Gwendolyn Y. Turner

Abstract

Financial literacy describes the skills, knowledge and tools consumers use to make informed financial decisions to meet their goals. The purpose of this study was to determine how many consumers utilize the resources offered by banks and credit unions and for those who do not, after participating in an intervention, will begin to do so. The Transtheoretical Model of Behavior Change served as the theoretical framework. It has been shown to be a useful model to examine adults’ change in financial behaviors. The sample consisted of 65 adults who lived within specific zip codes in a large metropolitan area in the midwestern United States. Participants completed a pre-survey asking questions about their use of a checking account, savings account, credit cards, and budgeting. Once completed, they completed an audio intervention program called the Money Smart program by the FDIC and then a post survey. The intervention describes the resources (checking account, savings account, home loan, etc.) used by banks and credit unions and how using them will be beneficial whereas the post-survey asked if they are open to using the banking and credit union resources. Relative to resources, most participants indicated they would increase their use of resources related to checking and savings accounts. Additionally, most participants indicated they would reduce the number of credit cards they used. As a result of the financial literacy intervention program, the participants increased their knowledge on monitoring their household finances. Implications include understanding that a one-time financial seminar is enough to change adults’ financial behaviors.

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