Does Financial Education Impact Financial Literacy and Financial Behavior, and if So, When?

Tim Kaiser and Lukas Menkhoff

No 1562, Discussion Papers of DIW Berlin from DIW Berlin, German Institute for Economic Research

Abstract: In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: Financial education is less effective for lowincome clients as well as in low and lower-middle income economies. Specific behaviors, such as the handling of debt, are more difficult to influence and mandatory financial education tentatively appears to be less effective. Thus, intervention success depends crucially on increasing education intensity and offering financial education at a “teachable moment.”

Keywords: Financial education; financial literacy; financial behavior; metaanalysis; meta-regression; impact evaluation (search for similar items in EconPapers)
JEL-codes: D14 I21 (search for similar items in EconPapers)
Pages: 35, 52 p.
Date: 2016
New Economics Papers: this item is included in nep-edu
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Citations: View citations in EconPapers (23)

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Related works:
Journal Article: Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When? (2017)
Working Paper: Does Financial Education Impact Financial Literacy and Financial Behavior, and if so, When? (2017)
Working Paper: Does financial education impact financial literacy and financial behavior, and if so, when ? (2017)
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