Read carefully and think critically!

A study was conducted to determine if a 6-week course on setting a budget changes financial self-efficacy. The researchers believe that the more experience people have with sticking to a budget, it will change their money management abilities. A sample of individuals was selected to participate in the 6-week budgeting program (n = 64). A week before training, financial self-efficacy was measured for each participant using a scale with scores from 0 to 100. Participants then completed the budgeting program, and after 6-weeks their financial self-efficacy using the same scale was measured again. The following results were provided:

• D = 120
• SS = 1575

Determine whether the results indicate a significant change in financial literacy after the budgeting program. (There is no prior research to indicating the result would likely be in a certain direction.) Use an alpha .05, level of significance. To receive full credit, provide the hypotheses (words or notation), critical boundary, standard error, t-score and decision including notation, decision and an explanation.

Calculate and interpret Cohen's d (even if not significant).