Date of Graduation

Spring 5-18-2024

Document Type

Thesis

Degree Name

Master of Arts in International and Development Economics

College/School

College of Arts and Sciences

Department/Program

Economics

First Advisor

Bruce Wydick

Abstract

Financial literacy and the cultivation of aspirations are pivotal in empowering individuals and fostering economic growth, particularly within disadvantaged com munities. Although prior research has extensively analyzed the individual effects of financial education and motivational interventions on economic behaviors, there is less clarity on how the synergy between them can collectively impact the socioe conomic status of individuals in developing economies, especially women. Through randomized control experiment(RCT), this study explored the effectiveness of two interventions; 1) a financial literacy digital gaming application and, 2) an aspirations intervention (a short video documentary and a follow-up curriculum) in not only enhancing financial knowledge but also in elevating personal and economic aspira tions. The findings reveal significant improvements, with financial literacy scores increasing by 0.50σ and aspirations indices by 0.38σ among participants. These re sults underscore the potential of such integrative approaches in fostering profound changes in financial behavior and aspirational attitudes, thereby contributing to eco nomic empowerment and sustainable development. This research provides valuable insights into effective methodologies for advancing financial literacy and empower ment initiatives by demonstrating the synergistic benefits of combining educational and motivational strategies. This study fills a critical gap in academic literature and offers actionable guidance for policymakers and educators aiming to implement similar programs in other contexts, aiming to achieve widespread socio-economic improvements.

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