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Financial education in schools: A meta-analysis of experimental studies

Tim Kaiser () and Lukas Menkhoff

Economics of Education Review, 2020, vol. 78, issue C

Abstract: We study the literature on school financial education programs for children and youth via a quantitative meta-analysis of 37 (quasi-) experiments. We find that financial education treatments have, on average, sizeable impacts on financial knowledge (+0.33 SD), similar to educational interventions in other domains. Additionally, we document smaller effects on financial behaviors among students (+0.07 SD). When restricting the sample to 18 randomized experiments average effect sizes are estimated to be about 0.15 SD units on financial knowledge and 0.07 SD units on financial behaviors. These results are robust irrespective of the meta-analytic method used and when accounting for publication bias. Subgroup analyses show the beneficial effect of more intensive treatments, albeit with decreasing marginal returns.

Keywords: Financial behavior; Financial education; Financial literacy; Meta-analysis (search for similar items in EconPapers)
JEL-codes: A21 D14 I21 (search for similar items in EconPapers)
Date: 2020
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Working Paper: Financial Education in Schools: A Meta-Analysis of Experimental Studies (2019) Downloads
Working Paper: Financial Education in Schools: A Meta-Analysis of Experimental Studies (2018) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecoedu:v:78:y:2020:i:c:s0272775718306940

DOI: 10.1016/j.econedurev.2019.101930

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