The purpose of this research is to test the three primary aspects of the framework for
financial literacy (Huston, 2010). Specifically, this research will test the effects of financial
education on financial literacy, financial literacy on financial behaviors, and financial education
on financial well-being. The mixed historical research and inconsistent findings on financial
education’s impact on financial literacy, and subsequent effects on behaviors and well-being,
require expanded research to provide clarity. While literature has generally shown support for
financial education programs and their associated improvements in literacy and positive
behaviors, historical research falls short in establishing causal support for the effectiveness of the
program itself (Martin, 2007; Garman et al., 1999).