Is the dosed video-vignettes intervention more effective with a longer-lasting effect? A financial literacy Study.

Silvia Mariela Mendez Prado, Ghent University and ESPOL Polytechnic University Faculty of Social Sciences and Humanities, Ecuador,
Patricia Everaert, Ghent University Faculty of Economics and Business Administration., Belgium,
Martin Valcke, Ghent University Faculty of Psychology and Educational Sciences, Belgium,

An analysis comparing short and long periods of video vignettes intervention and a follow-up evaluation has been applied to measure the compared impact and the durability of this kind of visual tools in the financial literacy (FL) levels of the participants. The participants have been involved in a story reacting with the question-answer related to the house, car, and pension plan choosing as the key financial decisions (KFD). The four video vignettes build on video animated response-based simulations, in a case format, contain 20 questions about knowledge, self-efficacy, and confidence dimensions; all of them, as a feedback system to measure Its impact on a randomized sample of university students. Their FL score ex-ante vs. ex-post with a tested FL scale was analyzed to conclude the FL effect is higher and positive in the four-weeks session (long intervention) vs. one-week course (short intervention). The same trend was observed within the follow-up evaluation applied six months after the durability confirmed. A parametric and non-parametric test confirms these results. The findings and its effects on public policy and the Implications for future research must be discussed.

CCS Concepts: Applied computing∼Education∼Interactive learning environments.

KEYWORDS: Financial literacy, Dosed effects, Long-lasting effects, Video vignettes, key financial decisions, ESPOL, university students

ACM Reference Format:
Silvia Mariela Mendez Prado, Patricia Everaert and Martin Valcke. 2020. Is the dosed video-vignettes intervention more effective with a longer-lasting effect? A financial literacy Study.. In 2020 12th International Conference on Education Technology and Computers (ICETC'20), October 23-26, 2020, London, United Kingdom. ACM, New York, NY, USA, 6 pages.


The financial literacy is the subject of more than thousands of studies in recent years as a result of the financial crisis effect and the constraints to promote economic wellbeing among the worldwide population [1]

Based on the experience applying audiovisual tools [2] and FL experiments [3][4] among university students [5] [6] [7] [8]. This work tries to go further, responding questions about the time effect among interventions type and given an additional point of view about how must be applied this kind of financial education program to have the most effective results.

All these efforts are trying to enhance the resources planning involved such a human, technical, and budget, within the private and public framework

Specific statements like Does the dosed intervention increase more the EU's FL level, and being more accurate if the dosed response has a longer-lasting effect increasing the EUS' FL level, will be discussed.

Both questions are going further to previous studies about Ecuadorian financial literacy {Merging Citations} levels, tending to bring out a broader analysis for public policy designing, as well.

Summarizing, this research is attempting to respond if Dosing a Financial literacy intervention with "video vignettes" reveals a long-lasting effect among Ecuadorian university students.


2.1 The process

The data collection process is based on the proven effectiveness of video vignettes. Still, this time is trying to explore and compare the results between groups of more extended intervention vs. shorter intervention in the active experiment stage and then, six months after as the follow-up stage.

The active experiment stage with two intervened groups has the same content for both groups with timing differences in between, trying to prove the effectiveness of the dosed intervention.

The follow-up stage for both groups, six months after, applies the same evaluation tool to know the participants' financial literacy level.

The video vignettes of 1) the key financial decisions, 2) the car buying, 3) the house buying, and 4) the pension plan contracting, joint the financial literacy scale used along this study are detailed explained within the previous publications of Méndez et al. [5] [6].

Every video vignette has 5 minutes duration, being 20 minutes the total time for the intervention, and the FL scale applies counts with 44 items taking 25 minutes on average fulfill it.

The content intervention is the same for all groups, the real-time applied for the experiment during the sessions as well, but the experiment design was different, executed as follows:

The more extended intervention has 64 participants, with four sessions described in Table 1. May 20th, where the pre-test is applied, May 27th with two video-vignettes sessions (1, 2), June 3rd with two video vignettes session (3,4), and June 10th with the post-test applied.

Table 1: Intervention process at the beginning.
Session Date Activities Duration Observations
May 7th 1)Open Invitation.
2) Flyer and talking sessions to add more participants.
May 19th 1)Ending register process and,
2) Reminder with instructions previous first session (116 participants).
1 May 20th 1) Presentation and focus (5 minutes) (Li & Si); 2) Informed consent (10 minutes) (Li & Si); 3) Identification survey (5 mins) (Li & Si); 4) FL survey ex-ante (25 minutes) (Li) 45 minutes (Li & Si) 116 participants
May 26th 1(Greetings to 116 active participants.
2)Notifying their role as a Li and Si participant; 3)Reminder with instructions previous 2nd session (64 (Li) students participants)
2 May 27th 1)Presentation and focus (5 minutes) (Li);
2) Video vignette KFD and CAR (25 minutes) (Li)
25 minutes (Li) 64 participants
June 2nd Reminder with instructions previous 3rd session (64 (Li) students’ participants)
3 June 3rd 1)Presentation and focus (5 minutes) (Li); 2)Video vignette HOUSE and PENSION PLAN (20 minutes) (Li) 25 minutes (Li) 64 participants
June 9th Reminder with instructions previous 4th session (64 students’ participants)
4 June 10th 1)Presentation and focus (5 minutes) (Li & Si); 2) FL survey ex-post (25 minutes) (Li & Si); 3) Certification (20 minutes) (Li);
4) Training ex-post (talking class) (45 minutes) (LiI); 5) Video vignette KFD, CAR,HOUSE and PENSION PLAN (45 minutes) (Si)
95 minutes (Li) and 75 minutes (Si) 116 participants. 64 vs. 52
June 16th Reminder with instructions previous 5th session and 3rd session for Short intervention group (52 students’ participants)
5 June 17th 1)Presentation and focus (5 minutes) (Si); 2) FL survey ex-post (25 minutes) ( Si);
3) Certification (20 minutes) (Si);
4) Training ex-post (talking class) (45 minutes) ( Si)
95 minutes (Si) 52 participants
June 19th Invitation to evaluate their experience on FL intervention
6 June 30th Ending collect data process. 20 minutes (Li- Si) 111 participants

The shorter intervention has 52 participants, with two sessions described in Table 1. June 10th, where the pre-test was applied before the four video-vignettes sessions (1,2,3,4), and June 17rd with the post-test asked.

The schedule of each intervention is shown in Table 1 and Table 2.

Table 2: FL interventions timeline.
Variable May June
Date 7th 19th 20th 26th 27th 2nd 3rd 9th 10th 16th June 17th 19th June 30th
Sessions 1 2 3 4 5 6
Activities A: 1st intervention 64 participants.
B: 2nd intervention 52 participants.
C: 111 participants

A post-experiment evaluation has been implemented, too, looking for participants' feedback. The post-experiment survey evaluates their experience during the financial literacy intervention process.

From May 7th to June 30th, 116 student universities were participants of comparing intervention methods with financial literacy video vignettes (see Table 1).

One group of 64 students in a randomized sample was selected for the more extensive intervention of four weeks and 52 participants for the shorter response of one week. Still, only 111 participants fulfilled the post-experiment survey (Table 2). It means a successful result because of less than 5% drop off during the extra time.

The video doses were the same in both groups, but the time waiting between them represents the meaning difference. The extensive intervention took four weeks. During one hour in one day of the first and fourth days, the FL scale was applied to evaluate their FL score, and two FL videos for 45 minutes session on the second and third week were applied as the whole experiment design.

The short intervention took one week for all the process, the first and seventh day was for the scales, and during the first day after the pre-test, the four video sessions were applied as the short intervention.

Table 1 shows the detailed process for every group, including the activities and spent time during every session, and the complementary activities as reminders and recruitment process.

The session was developed in a controlled environment. All the participants were invited to attend the training and instructions at the laboratories. At 13:30 every scheduled day, they assisted and had been supervised for the researcher group and assistants.

2.2 The material

The FL video vignettes were used from the study of Méndez et al. 2019 [5], and the FL tested to scale from Méndez et al. 2019 [6], a Serie of researches about financial literacy with university students in Ecuador.

Every video of five minutes duration includes five questions related to the video as key financial decisions, car, house, and pension plan.

The dimensions self-efficacy, confidence, and knowledge are included in every video vignette design, and financial knowledge, financial behavior and financial attitude on the FL scale.

The participants were invited by several emails, flyers, and personal invitations through professors’ collaborators. The registration has been accepted trying to obtain an equilibrated sample of naturals, enlightened and unfamiliar profiles as the reference study remarks [6].

The informed consent describes this study as the third phase of a research program on the Ecuadorian financial literacy levels. The participant's rights were informed on May 20th, 2019 and all of them signed the informed consent to be part of this research.

The general objective of this study is to Identify the dosed effect and long-lasting effect of the "video vignettes" intervention, increasing the EUS'FL.


The time responding was a little bit higher than the source material publication on Méndez et al. 2019 [5], 25 minutes for the pretest, 15 minutes for the post-test, and 10 minutes average for every video.

Once again, the proximity of these events makes the students answer faster because they already recognized the survey filled out days ago.

3.1 Looking for the effectiveness of dosed interventions

Dosed intervention increases more the EU's FL level, according to Table 3.

Table 3: Compared variation FL score (Post/Pre-test). Time 0: Beginning
Code Items Long intervention Short intervention
Media Desvest Median Q1 Q4 Media Desvest Median Q1 Q4
FL Financial Literacy 10% 1% 10% 15% 4% 5% -2% 7% 10% 0%
FA Financial Attitude 1% 126% 4% 4% 0% 7% -3% 6% 7% 0%
FB Financial Behavior 13% -1% 14% 21% 3% -1% -22% -1% -2% -8%
FK Financial Knowledge 20% -33% 14% 57% 0% 9% 4% 7% 16% 0%

The Financial Literacy intervention with video-vignettes is useful as the study of The Impact of Video-Vignettes to Enhance the Financial Literacy Level of Ecuadorian University Students[5] proposes. Along with this research application, both groups (Long and short) increase their FL level according to the outputs detailed in Table 3.

Those percentage represents the variation between pre-test and post-test of the FL scale used as instrument valuation. For the extended intervention group, the positive impact is double of the short intervention, and the knowledge dimension is the common area with the highest effect between financial behavior and financial attitude.

The boxplot in Figure 1, comparing the scores of Long and Short intervention post-tests at the intervention time, shows the full box for the dosed intervention with a lower standard deviation, confirming the solids results for this group.

Figure 1
Figure 1: Compared to the Post-test score. Time 0: Beginning

Within the short intervention a large standard deviation of financial behavior and the financial attitude for the long intervention, as well, the group size is small to conclude a special trend for those numbers.

A detailed analysis of the dimensions more affected at the beginning and follow up evaluation is shown in Figure 3.

3.2 Looking for a long-lasting effect.

The dosed intervention has a longer-lasting effect on the FL intervention among Ecuadorian university students, according to Table 4.

Table 4: Compared variation FL score (Post/Pre-test). Follow-up: 6 months later
Code Items Long intervention Short intervention
Media Desvest Median Q1 Q4 Media Desvest Median Q1 Q4
FL Financial Literacy -6% 18% -5% -11% -1% -9% 16% -9% -16% 3%
FA Financial Attitude -3% -19% -2% -7% 0% -10% 29% -8% -14% 0%
FB Financial Behavior -5% 4% -5% -12% 0% -3% 68% -4% -9% 9%
FK Financial Knowledge -9% 48% 0% -19% 0% -12% 26% 0% -30% 0%

Six months after the FL video-vignettes intervention, the Long and Short intervention groups were evaluated with the FL scale, and both show a lower FL score than the last evaluation at the end of their short training.

The longer intervention group show in Table 4, a smaller reduction, 50% less than the quick intervention. Once again, the knowledge component is the highest component to be affected; this time, the most top negative between financial behavior and financial attitude.

The impact order in the decrease is the same trend as the positive impact previously analyzed during the intervention time.

The FL video-vignettes design has a mean component of knowledge and Its nature as a visual tool of one review without complementary exercises, or post-practice to enhance the education acquired, increase the FL score. Still, the long-lasting effect had not been guaranteed.

Nevertheless, an essential output of this research is to be clear about the opportunities and methods. The visual tool for FL intervention is useful, and dosed training is highly recommended to reduce the possibility of losing its effect with time.

The boxplot in Figure 2, comparing the scores of Long and Short intervention post-tests at the follow-up stage (six months after), shows the full box for the dosed intervention with a slightly higher standard deviation, confirming once again the solids results for this group.

Figure 2
Figure 2: Compared to the Post-test score. Follow-up: 6 months later

Figure 3 shows the Compared Post-test score by components of Time 0 (Beginning) vs. Follow-up (6 months later). The positive variation at the beginning is explained with a more significant change of knowledge followed by Financial Behavior and Financial Attitude; but, within the follow-up stage being the lower negative result, all dimensions have a similar performance with the same prioritization as the Time 0 effect.

Figure 3
Figure 3: Compared the Post-test score by components of the Long intervention. a) Time 0: Beginning vs. b) Follow-up: 6 months later.

This video vignettes intervention is a valuable tool to battle the lack of financial literacy, having an essential impact on om financial knowledge, financial behavior, and financial attitude in the third order.

This essay to understand its performance through time is relevant for the public policy trying to be productive with the resources assignment.


The compared interventions show the more extended intervention as the most effective, increasing the FL level of the participants and leaving the longest-lasting effect after the follow-up study applied six months after.

The effectiveness of the financial literacy intervention was confirmed with the positive numbers of increasing the (FL) levels of the ESPOL polytechnic university (Guayaquil-Ecuador) students. The knowledge, once again, shows the greatest positive changes.

These results remark the opportunity to use visual tools to enhance the financial literacy level of this community, as Lusardi et al. 2017 [3] concluded. Still, this time all the efforts must be concentrated to dose the financial programs to have better and long-lasting effects within the focus group to intervene.


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