Speaking in Terms of Money: Financial Knowledge Acquisition via Speech Data Generation

Author:

Bhat Advait1ORCID,Kulkarni Nidhi2ORCID,Husain Safiya2ORCID,Yadavalli Aditya2ORCID,Kaur Jivat3ORCID,Shukla Anurag4ORCID,Shelar Monali2ORCID,Seshadri Vivek25ORCID

Affiliation:

1. Microsoft Research, India, Bengaluru, India

2. Karya, Bengaluru India

3. University of California, Berkeley, Berkeley, United States

4. Karya, Bengaluru, India

5. Microsoft Research, India, Bengaluru India

Abstract

Earning a living often leaves low-income individuals with little time for learning new skills, perpetuating a cycle where the need for immediate income restricts access to learning. In this study, we investigate if digital work, specifically speech data generation, can facilitate domain-specific knowledge acquisition. For the purposes of this study we focus on finance and banking. We conducted a two-week financial literacy program with low-income individuals (n=55) in Wagholi, a semi-urban area in Pune, India. Participants read aloud and recorded a nine-lesson financial curriculum, earning ₹2000 (≈  $24) for ≈ 90 minutes of voice-recording. By conducting pre- and post-tests, we found a significant increase in participants’ financial knowledge with a high effect size (cohen’s d = 1.32) and medium normalised score gain (hake’s g = 0.58). Fourteen follow-up interviews indicated the work was accessible and conveniently integrated into participants’ daily lives. Additionally, the program triggered attitude change among participants and community dialogue about critical financial concepts. Our results suggest that digital work can become an effective method for knowledge acquisition and should be tested at a larger scale.

Publisher

Association for Computing Machinery (ACM)

Reference80 articles.

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3. [n. d.]. Evaluating the Effectiveness of a Financial Literacy Program in South Africa | The Abdul Latif Jameel Poverty Action Lab. https://www.povertyactionlab.org/evaluation/evaluating-effectiveness-financial-literacy-program-south-africa?lang=en. (Accessed on 09/13/2023).

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