Modeling Changes to Survey Response Items Over Time in a Britain Financial Literacy Education Study

Xin Shi; Pauline Prevett; Valerie Farnsworth; Koo Chun Kwong; Wanggen Wan; Feng He; Qingqing Zhai; Lu Zhen

doi:10.1891/1052-3073.30.1.56

Modeling Changes to Survey Response Items Over Time in a Britain Financial Literacy Education Study

Xin Shi, Pauline Prevett, Valerie Farnsworth, Koo Chun Kwong, Wanggen Wan, Feng He, Qingqing Zhai, Lu Zhen

Manchester Institute of Education

Research output: Contribution to journal › Article › peer-review

Abstract

This study develops a general method for modeling changes in response to items relating to students perceptions of personal finance and financial products. The new method is illustrated to analyze data from a sample of 1,250 students aged 16-18 who participated in a financial capability education study in the UK. We demonstrate how a quantitative indicator of the changes in students’ responses can be applied in various educational research projects, particularly as a measure of program effectiveness. Predictions are based on prior survey responses, which are taken as relevant historical information for a cohort of students. We find significant changes in the responses of students toward reported career choice following the Financial Literacy Education course at national colleges in the UK.

Original language	English
Journal	Journal of Financial Counseling and Planning
Volume	30
Issue number	1
DOIs	https://doi.org/10.1891/1052-3073.30.1.56
Publication status	Published - 2019

Keywords

financial capability education
longitudinal study
Monte Carlo
personal finance

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1891/1052-3073.30.1.56

http://e-space.mmu.ac.uk/620522/

Cite this

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title = "Modeling Changes to Survey Response Items Over Time in a Britain Financial Literacy Education Study",

abstract = "This study develops a general method for modeling changes in response to items relating to students perceptions of personal finance and financial products. The new method is illustrated to analyze data from a sample of 1,250 students aged 16-18 who participated in a financial capability education study in the UK. We demonstrate how a quantitative indicator of the changes in students{\textquoteright} responses can be applied in various educational research projects, particularly as a measure of program effectiveness. Predictions are based on prior survey responses, which are taken as relevant historical information for a cohort of students. We find significant changes in the responses of students toward reported career choice following the Financial Literacy Education course at national colleges in the UK.",

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author = "Xin Shi and Pauline Prevett and Valerie Farnsworth and Kwong, {Koo Chun} and Wanggen Wan and Feng He and Qingqing Zhai and Lu Zhen",

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AU - Shi, Xin

AU - Prevett, Pauline

AU - Farnsworth, Valerie

AU - Kwong, Koo Chun

AU - Wan, Wanggen

AU - He, Feng

AU - Zhai, Qingqing

AU - Zhen, Lu

PY - 2019

Y1 - 2019

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AB - This study develops a general method for modeling changes in response to items relating to students perceptions of personal finance and financial products. The new method is illustrated to analyze data from a sample of 1,250 students aged 16-18 who participated in a financial capability education study in the UK. We demonstrate how a quantitative indicator of the changes in students’ responses can be applied in various educational research projects, particularly as a measure of program effectiveness. Predictions are based on prior survey responses, which are taken as relevant historical information for a cohort of students. We find significant changes in the responses of students toward reported career choice following the Financial Literacy Education course at national colleges in the UK.

KW - financial capability education

KW - longitudinal study

KW - Monte Carlo

KW - personal finance

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JO - Journal of Financial Counseling and Planning

JF - Journal of Financial Counseling and Planning

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Modeling Changes to Survey Response Items Over Time in a Britain Financial Literacy Education Study

Abstract

Keywords

UN SDGs

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