Money savvy youth: evaluating the effectiveness of financial education for fourth and fifth graders

Laura Choi, Tina Eng, Charles G. Go, Wilson Pho and Karen Varcoe

No 2012-02, Community Development Working Paper from Federal Reserve Bank of San Francisco

Abstract: While there are studies on the impact of financial education on teens, there is a lack of research on programs targeted at elementary school-aged youth. To address this gap, we evaluated the effectiveness of Money Savvy Youth (MSY), a financial education program for fourth and fifth graders, developed by the East Bay Asian Local Development Corporation. MSY training was delivered in the classroom once a week over the course of five weeks during the 2011-2012 school year, and targeted a diverse and primarily low-income student population attending public schools in the Oakland Unified School District in Oakland, California. Based on pre-test, posttest, and follow-up test analyses, we found that students who participated in the MSY program demonstrated an increase in financial knowledge and self-reported positive financial behaviors.

Pages: 23 pages
Date: 2012
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