Financial Education and Access to Savings Accounts: Complements or Substitutes? Evidence from Ugandan Youth Clubs

Jonathan Zinman, Dean Karlan and Julian C. Jamison

No 9979, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Evidence on the effectiveness of financial education and formal savings account access is lacking, particularly for youth. We randomly assign 250 youth clubs to receive either financial education, access to a cheap group account, or both. The financial education treatments increase financial literacy; the account-only treatment does not. Administrative data shows the education plus account treatment increases bank savings relative to account-only. But survey-measured total savings shows roughly equal increases across all treatment arms. Earned income also increases in all treatment arms. We find little evidence that education and account access are strong complements, and some evidence they are substitutes.

Keywords: Financial access; Financial education; Financial literacy; Microsaving; Savings; Youth savings (search for similar items in EconPapers)
JEL-codes: D12 D91 O12 (search for similar items in EconPapers)
Date: 2014-05
New Economics Papers: this item is included in nep-acc and nep-mfd
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Citations: View citations in EconPapers (34)

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Related works:
Working Paper: Financial Education and Access to Savings Accounts: Complements or Substitutes? Evidence from Ugandan Youth Clubs (2014)
Working Paper: Financial Education and Access to Savings Accounts: Complements or Substitutes? Evidence from Ugandan Youth Clubs (2014)
Working Paper: Financial Education and Access to Savings Accounts: Complements or Substitutes? Evidence from Ugandan Youth Clubs (2014)
Working Paper: Financial Education and Access to Savings Accounts: Complements or Substitutes? Evidence from Ugandan Youth Clubs (2014)
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