The Impact of Video-Vignettes to Enhance the Financial Literacy Level of Ecuadorian University Students

Abstract

An intervention of three sessions with video vignettes has been applied to measure the impact of this kind of visual tools in the financial literacy (FL) levels of the participants. The intervention builds on video animated response-based simulations. The house, car, and pension plan choosing as the Key Financial Decisions (KFD) are the focus of this research. The content design of this videos-based in case format where the participants have an active role within a story, reacting with the question-answer action. A randomized sample of university students is evaluated with a financial literacy standardized Scale to compare the results of ex-ante vs. ex-post. During the unique session of this intervention, the four video vignettes about KFD with 20 questions about Knowledge, Self-Efficacy, and Confidence components applied as a feedback system to measure its impact. The survey robustness within the video vignettes statistically tested, and the positive effect of this intervention on the financial literacy level demonstrated, as well. There is an increased FL score of the participants among the three components; knowledge shows the most significant positive changes. Their impact on public policy and the Implications for future research will be analyzed in further discussions.