Does financial education affect retirement savings?

Melody Harvey and Carly Urban

The Journal of the Economics of Ageing, 2023, vol. 24, issue C

Abstract: Since individuals are increasingly required to manage their own retirement portfolios, policy levers that increase retirement planning and saving have become increasingly important. We use variation in timing and presence of state-required personal finance coursework in high schools to estimate the effect of the financial education coursework on the likelihood of holding and amount in retirement accounts in adulthood (ages 25–40). Our results show no definitive increases in account ownership, non-retirement investment accounts, or homeownership. Since prior work finds required high school financial education improves credit and debt outcomes, we recommend that states and educators prioritize content that is more immediately relevant for 18-year-olds, such as budgeting, long-term debt, and credit.

Keywords: Retirement savings; Financial education; Financial capability (search for similar items in EconPapers)
JEL-codes: D14 D18 G18 G21 G28 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:joecag:v:24:y:2023:i:c:s2212828x23000063

DOI: 10.1016/j.jeoa.2023.100446

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