Financial Analysis and Risk Management by Victoria Lemieux

Author:Victoria Lemieux
Language: eng
Format: epub
Publisher: Springer Berlin Heidelberg, Berlin, Heidelberg

5.2.2 Surveys/Financial Literacy

The second approach to evaluating the effectiveness of VA focuses on knowledge acquisition. Using a series of surveys, as well as exposure to information in textual or VA form, we can evaluate the effectiveness of VA on financial literacy and financial knowledge (Lusardi and Mitchell 2005). Actual or artificial data is entered into the VA program prior to beginning the study. For example, in a credit card choice task, the user could view sample data, or could input his or her information about debt and credit card interest and fees. Participants are asked a series of financial knowledge questions before and after being exposed to the relevant information. Post-surveys can be immediate or delayed, with delayed surveys enabling the measurement of retention of financial knowledge. Groups who receive the VA are compared to groups who receive information in the standard, textual format.

Because VA requires a computer, computerized surveys are ideal. A cost-effective way to administer such surveys is via the Web. Bringing participants into a lab and conducting the survey is also possible and allows the researcher to control for external factors.

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