Financial education affects financial knowledge and downstream behaviors

• 成果类型: Article
• 署名作者: Kaiser, Tim; Lusardi, Annamaria; Menkhoff, Lukas; Urban, Carly
• 署名单位: University of Koblenz & Landau; George Washington University; National Bureau of Economic Research; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Humboldt University of Berlin; Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); Montana State University System; Montana State University Bozeman
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.09.022
• 发表日期: 2022
• 页码: 255-272
• 关键词: inancial education; financial literacy; Financial behavior; RCT; Meta-analysis

摘要

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 160,0 0 0 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. (C) 2021 Elsevier B.V. All rights reserved.