Gallup polled consumers six to 12 months after finishing the Federal Deposit Insurance Corp.’s Money Smart course, which focuses on money management, banking skills and basic financial services education. A majority of participants reported increasing savings and falling debt and were more likely to comparison shop for financial service providers.
Other lasting behavioral changes included:
61% not using a spending plan at the end of the course
had used one when polled.
95% using a spending plan at the end of the course continued to do so.
37% without a savings account had opened one.
12% increase in those who always paid bills on time.
The complimentary program—offered online or on CD-ROM in six languages—has had 864,000 users and prompted more than 120,000 consumers to establish new financial relationships.