High School Financial and Economic Education: An Exploration of Predictors of Effective Program Outcomes

Abstract

This research was conducted to further explore predictors of effective high school financial and economic education programs, focusing on student and volunteer instructor variables. This study used Junior Achievement’s Economic for Success program, with content covering concepts in financial literacy and economic literacy, correlated with national standards established by the Jump$tart Coalition and the Center for Economic Education. Primary data was collected from 337 students from five high schools located in Western Massachusetts, and included pretests, posttests, and demographic information. Additional information was collected from the 31 volunteer instructors who taught the program. A multiple regression (gain score based) model was used, with change scores (difference between pretest and posttest) as the dependent variable, and with specific high school student and volunteer instructor variables used as the experimental independent variables. The gain score model resulted in a statistically significant intercept, indicating an overall effectiveness of the program. While the hypothesis related to volunteer instructor variables was not met, the hypothesis related to high school student variables was met. The positive and significant high school student predictors of increased financial and economic knowledge were the high school students’ perceived likability of their volunteer instructor and the high school students’ grade point average. A supplemental regression analysis was performed in order to further understand the pretest results, whereby pretest scores were regressed onto student-level variables from the primary analysis. Findings, supported by the literature, indicated the presence of baseline differences in financial and economic knowledge as a function of racial identification and socioeconomic differences based on high school attended.