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Financial Education in Schools: A Meta-Analysis of Experimental Studies

Tim Kaiser () and Lukas Menkhoff

No 7395, CESifo Working Paper Series from CESifo Group Munich

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 treatment has, on average, a significant and sizeable impact on financial knowledge (+0.25 SD), similar to educational interventions in other domains. Additionally, we document small but still significant effects on financial behaviors (+0.05 SD). These results are robust to restricting the sample to 18 randomized experiments and they hold irrespective of the meta-analytic method used. Metaregressions show the beneficial effect of more intensive treatments and smaller class size, albeit with decreasing marginal returns.

Keywords: financial education; financial literacy; financial behavior; meta-analysis (search for similar items in EconPapers)
JEL-codes: I21 A21 D14 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-edu, nep-exp and nep-fle
Date: 2018
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