Topic: Financial behaviour/decisions, Financial literacy
Publisher: GFLEC - Global Financial Literacy Excellence Center
Location: United States
Content Type: Research
Publication Date: February 23, 2021
To advance understanding of effective financial education methods, the Global Financial Literacy Excellence Center (GFLEC) conducted an experiment using Mint, a financial improvement tool offered by Intuit, whose financial products include TurboTax and QuickBooks. This study measures Mint’s effectiveness at improving students’ financial knowledge, attitudes, and behavior. Students at the George Washington University participated in a half-day budgeting workshop and were exposed to either Mint, which is a real-time, automated platform, or Excel, which is an offline, static tool.
The authors found that participation in both workshops was associated with improved preparedness to have conversations about money matters with parents, a greater sense of financial autonomy, and an increased awareness of the importance of budgeting, but that participants in the Mint workshop were more likely to have a positive experience using the budgeting tool, to feel confident that they could achieve a financial goal, and to be engaged in budgeting one month after the workshop. Results show that even short financial education interventions can meaningfully influence students’ financial attitudes and behavior and that an interactive tool like Mint may have advantages over a more static tool like Excel.