How motivations and costs affect financial knowledge learning? Evidence from a large-scale FinTech experiment in China

Xuefeng Pan, Qin Su and Haibo Lei

China Economic Review, 2024, vol. 88, issue C

Abstract: Utilizing the launch of mobile wealth management services in China in 2013 as a shock to financial education, we analyze a panel of 16,440 households through a difference-in-differences strategy to examine how learning motivations and costs affect financial knowledge learning. Results show that using mobile services encourages risky asset holdings and enhances the self-discipline to learn, which, coupled with low-cost and personalized learning tools provided through the services, increases financial knowledge. We contribute by utilizing a large-scale experiment beyond the classroom to show the role of learning motivations and costs in financial knowledge learning, therefore help clear the controversy on the effectiveness of financial education.

Keywords: Mobile wealth management; Financial education; Financial knowledge; Motivation; Cost (search for similar items in EconPapers)
JEL-codes: D14 G53 I20 O36 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:chieco:v:88:y:2024:i:c:s1043951x24001834

DOI: 10.1016/j.chieco.2024.102294

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