Journal Article
Financial Education Affects Financial Knowledge and Downstream Behaviors
Autoren
Erscheinungsdatum
DOI
10.1016/j.jfineco.2021.09.022
JEL Classification
Schlagworte
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.
