Financial Literacy and Aspirations: Experimental Evidence from Eastern Uganda
by Ester Agasha, Bruce Wydick, et al
The project’s phase conducted in Eastern Uganda in partnership with FINCA Uganda involved meticulous data collection through baseline and immediate post-intervention assessments with 269 participants, categorized into different treatment arms. The study tested the effectiveness of two interventions to enhance women's financial literacy and economic aspirations. The interventions included a mobile-based financial literacy game and an aspirations documentary supplemented with an educational curriculum. The results from this study indicated a significant improvement in participants’ financial literacy scores (increase by 0.50σ) and aspirations indices (increase by 0.38σ). These findings underscore the potential of combining educational and motivational interventions to foster significant behavioral changes and enhance economic empowerment.
Refinements Based on the Current Insights
Insights from the project have led to substantial enhancements in both the digital gaming application and the aspirations documentary. The "Farm Finance" game, developed by the University of San Francisco team, is being updated to include more complex financial scenarios and interactive elements to enhance user engagement and learning efficacy. The documentary is also being updated to feature a broader range of success stories from local entrepreneurs, making it more relatable and motivational for a wider audience. These refinements aim to increase the interventions' contextual relevance and educational impact, addressing the nuanced needs identified through study feedback, such as the desire for more advanced financial concepts and localized entrepreneurial examples.
Preparations for the Expanded Study
Preparations for the expanded study are progressing, with a targeted commencement in end of 2024 depending on availability of funding. Updated baseline surveys have been developed to capture a broader array of financial behaviors and aspirations metrics. These surveys are designed to be more comprehensive and sensitive to regional differences across Uganda, allowing for a deeper understanding of the interventions' impacts across varied socio-economic landscapes. The study expansion will enroll approximately 3,000 participants from 20 branches of FINCA across all the regions of Uganda, ensuring diverse and representative participation. This scale-up is supported by detailed logistical preparations, including the refinement of the mobile app to function efficiently across different smartphone technologies prevalent in various regions of Uganda.