Q: How did this study come to be? What made you approach this topic?Ī: We work a lot within financial literacy and financial education. Research hasn't really delved a lot into those two different topics of FinTech and personal finance, and this is definitely something of which a lot more could be understood. With FinTech, this is something that definitely needs to continue to be explored to understand how it can be used within education and its influence on personal finance. Q: What does previous research say about personal finance education and financial technology (FinTech)?Ī: For financial education in general, there is growing research showing that it's effective in improving knowledge and behavior. Hallie Davis, a senior research associate with GFLEC, spoke with GW Today about this study and what it means for the future of effective financial education: The report recommends that financial education that targets youth should use engaging content and employ dynamic tools that allow students to personalize their financial education experience toward their individual interests. GFLEC, which is housed in the School of Business, also found that the number of students who felt confident in their ability to achieve a financial goal increased by 16 percentage points when students used Mint and decreased by 4 percentage points when using Excel. After participating in a financial education workshop, George Washington University students who used Intuit’s Mint app were almost three times more likely to speak positively about their experience using budgeting technology than those who used Microsoft Excel, according to a new study from the Global Financial Literacy Excellence Center (GFLEC).
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