Mind your money: A community-based digital intervention for improving financial capability among Hispanics

Abstract

We explored the potential benefits of digital financial education programs among Hispanics, through the design, implementation and evaluation of a community-based digital intervention called Mind Your Money (MYM). This program sought to improve financial capability and reduce financial stress among low-to-moderate income Hispanics residing in the Greater Los Angeles area. We assessed the program through a randomized controlled trial with a wait-list control group. Our digital financial education program had a high retention rate and a positive statistical significant effect on financial capability. Participants who completed program activities were more likely to have a budget or spending plan and felt more confident about their ability to pay for unexpected expenses. We also find that those in the treatment group show lower levels of financial stress in comparison to the control group.