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

111 Pages Posted: 23 Sep 2022

See all articles by Luisa R. Blanco

Luisa R. Blanco

Pepperdine University School of Public Policy

Lucia Chen

University of California, Los Angeles (UCLA)

Isaias Hernandez

Eastmont Community Center

April D. Thames

University of California, Los Angeles (UCLA)

Joyce Serido

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

Multiple version iconThere are 3 versions of this paper

Date Written: September 12, 2022

Abstract

We explored 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

JEL Classification: D14, G23, G53, G51

Suggested Citation

Blanco, Luisa R. and Chen, Lucia and Hernandez, Isaias and Thames, April D. and Serido, Joyce, The Impact of a Mobile Phone-Delivered Digital Financial Education Program on Financial Behavior Among Hispanics (September 12, 2022). Available at SSRN: https://ssrn.com/abstract=4217077 or http://dx.doi.org/10.2139/ssrn.4217077

Luisa R. Blanco (Contact Author)

Pepperdine University School of Public Policy ( email )

24255 Pacific Coast Highway
Malibu, CA 90263
United States

Lucia Chen

University of California, Los Angeles (UCLA)

Isaias Hernandez

Eastmont Community Center

April D. Thames

University of California, Los Angeles (UCLA)

405 Hilgard Avenue
Box 951361
Los Angeles, CA 90095
United States

Joyce Serido

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

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