Nonprofit Financial Literacy Program for Adults Living in Rural Communities

208 Pages·2017·3.11 MB·English

by  Lisa Collazo

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