The Impact of Financial Education on Adolescents' Intertemporal Choices

• 成果类型: Article
• 署名作者: Luhrmann, Melanie; Serra-Garcia, Marta; Winter, Joachim
• 署名单位: University of London; Royal Holloway University London; University of London; London School Economics & Political Science; University of California System; University of California San Diego; Leibniz Association; Ifo Institut; University of Munich
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20170012
• 发表日期: 2018
• 页码: 309-332
• 关键词: time-preferences; field experiment; literacy; Consistency; CHILDREN; BEHAVIOR; outcomes; Budgets; WEALTH; RISK

摘要

We study the impact of financial education on intertemporal choice in adolescence. The educational program was randomly assigned among high school students, and choices were measured using an incentivized experiment. Students who participated in the program make more time-consistent choices; are more likely to allocate payments to a single payment date, as opposed to spreading payment across two dates; and display increased consistency of choice with the law of demand. These findings suggest that financial education increases the quality of intertemporal decision-making and decreases narrow bracketing.