A systematic literature review to identify successful elements for financial education and counseling in groups.

Year Published:

Abstract

This study reviews the literature available on contents, form, and effectiveness of group-based programs for combined financial education and counseling aimed specifically at populations at risk for financial difficulties. Despite the widespread application of these programs, relatively little is known about their effectiveness. In general, evidence points to positive effects of several programs on knowledge, confidence, and (intended) behavior, but the exact mechanisms through which this is achieved remain unclear. The topics covered differ among studies, but common themes can be identified. It appears of importance to combine education with practical exercises allowing participants to apply the skills they learn. Motivating clients is another important recurring theme. Working in groups provides an added benefit through recognition and peer support. It is important that future research focuses on the mechanisms of change and on long-term effects, since these remain largely unknown in the current body of literature.

Citation

Relevant Evidence Summaries

The evidence was reviewed and included in the following summaries: 

What works to improve people’s financial capability?

Limited but strong evidence supports financial capability interventions. Studies with low-income populations find that financial capability interventions lead to numerous positive outcomes such as increased income and savings, better job placement and retention, higher credit scores, and progress toward financial self-sufficiency.   Certain characteristics of financial capability interventions can enhance their effectiveness. Bundled or integrated…

About this study

AGE: Adults

DIRECTION OF EVIDENCE: Positive impact

FULL TEXT AVAILABILITY: Paid

HOST COUNTRY: United States

HOST COUNTRY INCOME: High

INTERVENTION DURATION: Various

INTERVENTION: Financial education

OUTCOME AREA: Economic Empowerment

OUTCOME AREA: Financial Capabilities

REGION OF ORIGIN OF PARTICIPANT(S): North America

STRENGTH OF EVIDENCE: Strong

TYPE OF STUDY: Systematic review

YEAR PUBLISHED: 2018

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