Nonprofit Financial Literacy Program for Adults Living in Rural Communities PDF
Preview Nonprofit Financial Literacy Program for Adults Living in Rural Communities
Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2016 Nonproft Financial Literacy Program for Adults Living in Rural Communities Lisa Collazo Walden University Follow this and additional works at: htp://scholarworks.waldenu.edu/dissertations Part of the Educational Assessment, Evaluation, and Research Commons, and the Finance and Financial Management Commons Tis Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an authorized administrator of ScholarWorks. For more information, please contact Walden University COLLEGE OF EDUCATION This is to certify that the doctoral study by Lisa Collazo has been found to be complete and satisfactory in all respects, and that any and all revisions required by the review committee have been made. Review Committee Dr. Michael Butcher, Committee Chairperson, Education Faculty Dr. Jennifer McLean, Committee Member, Education Faculty Dr. Irene McAfee, University Reviewer, Education Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2016 Abstract Nonprofit Financial Literacy Program for Adults Living in Rural Communities by Lisa L. Collazo MBA, South University, 2008 BA, South University, 2006 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Education Walden University September 2016 Abstract Consumer research has indicated that financially uneducated adults who live in rural areas often make poor financial decisions that plague them for decades. As a result of increased home foreclosures, student loan defaults, and bankruptcies, policymakers at the state and federal level, business leaders, academic communities, and non-profit agencies have identified a need for quality financial education programs. The purpose of this study was to examine the effectiveness of a financial literacy program created for financially uneducated adults living in a rural community, as measured by participants’ perceptions of their financial concepts knowledge and financial management ability after program completion. The conceptual framework was guided by the transtheoretical model of change theory, which holds that an individual’s behavior and beliefs affect his or her surroundings and self-perceptions. Data were collected from 36 former program participants through a mailed 3-part survey developed by the Federal Deposit Insurance Company. The data were analyzed using descriptive statistics and one-sample chi-square tests to determine whether responses to 3 survey items measuring knowledge gain and improved ability to manage finances were equally distributed. The tests were significant and indicated that all participants (100%) agreed/strongly agreed that they were more financially knowledgeable after the financial literacy program and could use what they learned independently. Most participants (86%) also reported that, after completing the financial literacy program, they were better able manage their finances on their own. Implications for positive social change include providing research-based findings to the program administrators, which may assist in promoting the program and improving the financial literacy of the adults in this rural community. Nonprofit Financial Literacy Program for Adults Living in Rural Communities by Lisa L. Collazo MBA, South University, 2008 BA, South University, 2006 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Education Walden University September 2016 Dedication To the Lord for giving me the strength to complete this doctoral journey. To my father who started this journey with me over five years ago. While you were not able to see the finished project, I thank you for your love and support. To my family, especially my husband, thank you for all of the love, support, and encouragement. To my friends and co-workers, thank you for believing in me. Acknowledgments Over the past five years I have received unconditional support and inspiration from my family, friends, and co-workers. My committee Chair, Dr. Michael Butcher has been an inspiration during this doctoral journey. His guidance has made this a thoughtful and rewarding experience. I would like to acknowledge my second committee Chair, Dr. Jennifer McLean for all of her guidance and passion on this doctoral study. Her in-depth reviews were instrumental in my completion of this project. To Dr. Irene McAfee, my University Research Reviewer (URR), thank you for your vital feedback on this project. To the Walden University Institutional Review Board (IRB), thank you for you valuable input and assistance. Table of Contents List of Tables ....................................................................................................................... v List of Figures ..................................................................................................................... vi Section 1: The Problem ....................................................................................................... 1 The Local Problem ........................................................................................................ 1 Definition of the Problem .............................................................................................. 3 Rationale ........................................................................................................................ 5 Evidence of the Problem at the Local Level ........................................................... 5 Evidence of the Problem From the Professional Literature .................................. 13 Definition of Terms ..................................................................................................... 15 Significance of the Study ............................................................................................. 16 Research Questions and Hypotheses .......................................................................... 18 Review of the Literature .............................................................................................. 19 Implications ................................................................................................................. 42 Summary ...................................................................................................................... 43 Section 2: The Methodology ............................................................................................. 46 Research Design and Approach ................................................................................... 46 Evaluation Design and Description ....................................................................... 47 Justification of Design ........................................................................................... 48 Description of the Type of Evaluation Conducted ................................................ 49 Justification for Using the Logic Model in Program Evaluation .......................... 50 Logic Model in Program Evaluation ..................................................................... 51 Outcomes and Performance Measures .................................................................. 52 i Overall Evaluation Goals ...................................................................................... 53 Participants .................................................................................................................. 53 Criteria for Selecting Participants ......................................................................... 55 Justification for the Number of Participants .......................................................... 55 Procedures for Gaining Access to Participants ..................................................... 56 Methods for Establishing a Research-Participant Working Relationship ............. 57 Measures for Ethical Protection of Participants .................................................... 59 Data Collection ............................................................................................................ 61 Data Collection Choices and Justification ............................................................. 61 Specific Plan for the Survey .................................................................................. 63 Data Collection and Recording ............................................................................. 63 The System for Tracking Data and Emerging Understandings ............................. 64 The Role of the Researcher ................................................................................... 65 Data Analysis and Findings ......................................................................................... 65 Criteria for Selecting Participants ......................................................................... 65 Procedures for Gaining Access to Participants ..................................................... 66 Specific Plan for the Survey .................................................................................. 67 How and When Data Were Analyzed ................................................................... 67 Data Analysis Results .................................................................................................. 69 Evidence of Quality and Procedures to Assure Accuracy and Credibility ............ 86 Procedures for Determining Validity .................................................................... 86 Procedures for Dealing with Discrepant Cases ..................................................... 86 Limitations/Assumptions ............................................................................................. 87 ii Research Questions and Outcomes ............................................................................. 88 Summary ...................................................................................................................... 90 Section 3: The Project ....................................................................................................... 91 Introduction ................................................................................................................. 91 Description and Goals ................................................................................................. 92 Description .................................................................................................................. 92 Project Goals ............................................................................................................... 94 Rationale ...................................................................................................................... 96 Review of the Literature .............................................................................................. 97 Project Description .................................................................................................... 103 Project Evaluation Plan ............................................................................................. 105 Implications Including Social Change ....................................................................... 108 Local Community ................................................................................................ 108 Far-Reaching ....................................................................................................... 109 Conclusion ................................................................................................................. 110 Section 4: Reflections and Conclusions .......................................................................... 112 Project Strengths and Limitations ............................................................................. 112 Introduction ............................................................................................................... 112 Project Strengths ........................................................................................................ 112 Project Limitations .................................................................................................... 113 Recommendations for Alternative Approaches ......................................................... 113 Scholarship, Project Development and Evaluation, and Leadership andChange ...... 114 Project Development and Evaluation ........................................................................ 116 iii
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