Financial literacy during a pandemic

Does modality matter?

Authors

  • Greg Filbeck Penn State Behrend, Black School of Business
  • Xin Zhao Penn State Behrend

DOI:

https://doi.org/10.61190/fsr.v31i2/3.3538

Keywords:

Teaching modality, Education, Outreach, Survey, Financial literacy

Abstract

We compare the performance of financial literacy programs launched by the CFA Society Pittsburgh in residential settings (2017–2019) with virtual/hybrid programs during the COVID-19 pandemic (2020-2021). Pretest baseline knowledge assessment shows that female students scored lower on subjective and objective financial knowledge questions and self-esteem. However, the global pandemic did not impact the effectiveness of programs based on modality. Students experienced a statistically significant improvement in all four assessment areas of financial literacy. The largest gains in subjective and financial knowledge center on retirement planning. Objective knowl- edge and self-esteem improvements occur most in credit and inflation. Female students experience more significant gains in subjective knowledge, objective knowledge, and self-esteem.

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Published

2023-12-15

How to Cite

Filbeck, G., & Zhao, X. (2023). Financial literacy during a pandemic: Does modality matter?. Financial Services Review, 31(2/3), 169–196. https://doi.org/10.61190/fsr.v31i2/3.3538

Issue

Vol. 31 No. 2/3 (2023): Summer-Fall 2023

Section

New Original Submission

License

Copyright (c) 2023 Greg Filbeck, Xin Zhao

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