OeNB Financial Literacy Evaluation Series: Introduction to program evaluation and its research cycle

Author: Sandra Mauser
Year: 2025

Financial education programs aim to improve people’s financial well-being. To determine whether this goal and associated outcomes are achieved, it is essential to evaluate how effective these programs are. Program evaluation is thus critical for assessing performance, identifying strengths and weaknesses and guiding improvements. This paper explores the research cycle of program evaluation, covering key phases such as planning, implementation, analysis and communication. It discusses the role of formative and summative evaluation, the importance of stakeholder involvement and the methodological choices required for rigorous assessment. Furthermore, it highlights challenges in evaluation, including biases in interpretation and dissemination. In addition, it underscores the necessity of a structured communication plan to ensure that findings are conveyed effectively to relevant audiences. By understanding the evaluation cycle and its implications, decision-makers can enhance the accountability and impact of financial education programs, thus fostering better financial outcomes for individuals and communities.

The full report is available as PDF.