Modelling Changes To Survey Response Items Over Time In A Britain Financial Literacy Education Study

Shi, X ORCID: https://orcid.org/0000-0002-4930-7295, Prevett, Pauline, Farnsworth, Valerie, Kwong, Koo Chun, Wan, Wanggen, He, Feng, Zhai, Qingqing and Zhen, Lu (2019) Modelling Changes To Survey Response Items Over Time In A Britain Financial Literacy Education Study. Journal of Financial Counseling and Planning, 30 (1). pp. 56-66. ISSN 1052-3073

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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 towards reported career choice following the Financial Literacy Education course at national colleges in the UK.