CFA Society Boston’s Financial Literacy Initiative has been making a difference in people’s lives in the greater Boston area since inception in 2014. Our initiative is a community outreach program providing valuable content via alliances with non-profit groups or employers. Alliances give us access to a wide variety of audiences and demographics. Financial Literacy is an important part of CFA Society Boston’s strategic goals, for member engagement, promoting diversity and community development,
The benefits of Financial Literacy to our audiences would seem to be self-evident. But it’s hard to come by evidence of knowledge gained & behavior changed.
CFA Society Boston has partnered with CFA Society Pittsburgh, a leader in academic research with regular surveys on the impact of Financial Literacy training.
We had a unique opportunity to run a survey with long-time Alliance, Boston Private Industry Council (PIC). PIC provides training to BPS students to prepare them for summer internships. Over Feb. winter break week, our volunteers presented on 6 topics. Because the students were paid at the end if they attended each session, and because they had BPS student ID numbers, we could be sure to have anonymous yet matched data.
Even for just 1 week, the survey showed significant improvements across all 4 pillars:
- Subjective Knowledge +33%
- Objective Knowledge +26%
- Self-Esteem (confidence) +27%
- Behavioral +7.5% (expected to be smaller since over only 4 days)
This is important, quantitative validation of our benefit to this audience at the prime age when they begin to make financial decisions.
Thanks to all our volunteers who presented to PIC students and to our Alliance Leaders. We look forward to working with CFA Society Pittsburgh again to survey other alliances and add to this body of knowledge about our impact.
If you haven’t volunteered yet for our Financial Literacy Initiative and are interested in learning more email finlit@cfaboston.org. If you are ready to make a difference, volunteer now!