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

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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.

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Citation:

Peeters, N., Rijk, K., Soetens, B., Storms, B. M. L., & Koen, H. (2018). A systematic literature review to identify successful elements for financial education and counseling in groups. The Journal of Consumer Affairs, 52(2), 415–440

About This Study:

Outcome(s): Financial Capabilities
Intervention(s): Financial education
Intervention Duration: Various
Relevant ORR Program: Microenterprise Development
Study Type: Systematic review
Full Text Availability: Paid
Direction of Evidence: Positive impact
Strength of Evidence: Strong
Population(s): Other
Gender(s) of Participants: All
Age(s) of Participants: Adults
Region(s) of Origin of Participants: North America

Relevant Evidence Summaries:

The evidence was reviewed and included in the following summaries: