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

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: 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