Journal Article

Financial Education Affects Financial Knowledge and Downstream Behaviors

Authors

  • Tim Kaiser
  • Annamaria Lusardi
  • Lukas Menkhoff
  • Carly Urban
Publication Date

We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,000 individuals. Many of these experiments are published in top economics and finance journals. The evidence shows that financial education programs have, on average, positive causal treatment effects on financial knowledge and downstream financial behaviors. Treatment effects are economically meaningful in size, similar to those realized by educational interventions in other domains, and robust to accounting for publication bias in the literature. We also discuss the cost-effectiveness of financial education interventions.

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Info

JEL Classification
D14, G53, I21
DOI
10.1016/j.jfineco.2021.09.022

Key Words

  • Financial education
  • Financial literacy
  • Financial behavior
  • RCT
  • Meta-analysis