Assessing Financial Education: Evidence from Boot Camp

William Skimmyhorn

American Economic Journal: Economic Policy, 2016, vol. 8, issue 2, 322-43

Abstract: 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. (JEL D14, I21, J45)

JEL-codes: D14 I21 J45 (search for similar items in EconPapers)
Date: 2016
Note: DOI: 10.1257/pol.20140283
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Citations: View citations in EconPapers (38)

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