SaveWise: The impact of a real-life financial education program for ninth grade students in the Netherlands
Henriëtte Maassen van den Brink,
Wim Groot and
Journal of Behavioral and Experimental Finance, 2022, vol. 33, issue C
This experimental study with a pre-post and follow-up design evaluates the financial education program “SaveWise” for ninth grade students in the Netherlands (n=713). SaveWise adopts a holistic approach, emphasizing action rather than mere cognition. Benefitting from explicit instruction embedded in real-life contexts, students in the program set a personal savings goal and are coached on how to achieve it. The short-term treatment results indicated that SaveWise expanded the students’ level of financial knowledge; encouraged their intentions to save more, spend less and earn an income; and broadly improved their financial and savings behavior. The program demonstrated that it could serve as an effective and low-cost method to enhance the financial literacy of pre-vocational students, a financially vulnerable group. Although long-term effects were expressed only through financial socialization, this study offers evidence linking curricula to increased knowledge and improved behavior for a specific sample of students.
Keywords: Financial education; Financial literacy; Financial knowledge; Attitudes towards money; Financial behavior; Savings behavior; Experiment; Adolescents (search for similar items in EconPapers)
JEL-codes: A21 D14 G53 I21 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:33:y:2022:i:c:s2214635021001490
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