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Teaching teenagers in finance: Does it work?

Melanie Lührmann (), Marta Serra-Garcia and Joachim Winter ()

Journal of Banking & Finance, 2015, vol. 54, issue C, 160-174

Abstract: Many initiatives worldwide aim at improving financial literacy through targeted education programs, yet there is little evidence regarding their effectiveness. We examine the impact of a short financial education program on teenagers in German high schools. Our findings reveal that the training program significantly increases teenagers’ interest in financial matters and their financial knowledge, especially their ability to properly assess the riskiness of assets. Behaviorally, we observe a decrease in the prevalence of self-reported impulse purchases, but at the same time find no evidence of a significant increase in savings.

Keywords: Financial literacy; Economic education; Financial decision-making (search for similar items in EconPapers)
JEL-codes: A21 D14 I20 (search for similar items in EconPapers)
Date: 2015
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Working Paper: Teaching teenagers in finance: does it work? (2012) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbfina:v:54:y:2015:i:c:p:160-174

DOI: 10.1016/j.jbankfin.2014.11.009

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