The Impact of a Mobile Phone-Delivered Digital Financial Education Program on Financial Behavior Among Hispanics

40 Pages Posted: 13 Oct 2022

See all articles by Luisa R. Blanco

Luisa R. Blanco

Pepperdine University School of Public Policy

Isaias Hernandez

Eastmont Community Center

Joyce Serido

University of Minnesota - Twin Cities - Department of Family Social Science

April Thames

affiliation not provided to SSRN

Lucia Chen

University of California, Los Angeles (UCLA)

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Abstract

We explore the potential of digital financial education programs among Hispanic populations, through the design and evaluation of a mobile phone delivered digital program called Mind Your Money (MYM). This program sought to improve financial knowledge and behavior among low-to-moderate income Hispanics residing in the Greater Los Angeles area. We assessed the program through a randomized controlled trial with a wait-list control group. Our digital financial education program had a higher retention rate than comparable in-person financial coaching programs. We found that our program had a positive statistical significant effect on financial capability. Participants who completed program activities were more likely to have a budget/spending plan and felt more confident about their ability to pay for unexpected expenses.

Keywords: Financial education, financial literacy, field experiment, digital technology

Suggested Citation

Blanco, Luisa R. and Hernandez, Isaias and Serido, Joyce and Thames, April and Chen, Lucia, The Impact of a Mobile Phone-Delivered Digital Financial Education Program on Financial Behavior Among Hispanics. Available at SSRN: https://ssrn.com/abstract=4246574 or http://dx.doi.org/10.2139/ssrn.4246574

Luisa R. Blanco (Contact Author)

Pepperdine University School of Public Policy ( email )

24255 Pacific Coast Highway
Malibu, CA 90263
United States

Isaias Hernandez

Eastmont Community Center

Joyce Serido

University of Minnesota - Twin Cities - Department of Family Social Science

April Thames

affiliation not provided to SSRN ( email )

No Address Available

Lucia Chen

University of California, Los Angeles (UCLA)

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