Assessing Financial Education: Evidence from Boot Camp

• 成果类型: Article
• 署名作者: Skimmyhorn, William
• 署名单位: United States Military Academy; United States Department of Defense; United States Army
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20140283
• 发表日期: 2016
• 页码: 322-343
• 关键词: information; decisions; literacy; outcomes

摘要

This study estimates the effects of Personal Financial Management Course attendance and enrollment assistance using a natural experiment in the US Army. New enlistees' course attendance reduces the probability of having credit account balances, average balances, delinquencies, and adverse legal actions in the first year after the course, but it has no effects on accounts in the second year or credit scores in either year. The course and its enrollment assistance substantially increase retirement savings rates and average monthly contributions, with effects that persist through at least two years. The course has no significant effects on military labor market outcomes.