Unshrouding product-specific attributes through financial education

Olga Balakina (), Vimal Balasubramaniam (), Aditi Dimri () and Renuka Sane
Additional contact information
Olga Balakina: Aarhus University and Danish Finance Institute
Vimal Balasubramaniam: Queen Mary University of London, and CEPR
Aditi Dimri: University of Warwick

Working Papers from National Institute of Public Finance and Policy

Abstract: We present a welfare framework to evaluate the market effects of financial education interventions. Using this framework, we assess a new product-specific rules of thumb-driven consumer financial education program provided just before purchase decisions. While our intervention improves knowledge and outcomes for newly educated consumers, it is a Pareto-improvement only under a narrow set of conditions, as are other interventions in the literature. Our findings suggest that positive treatment effects for a small fraction of consumers may come at the cost of other uninformed consumers in retail financial markets, making positive effects necessary but not sufficient to adopt financial education policies.

Pages: 69
Date: 2021-08
New Economics Papers: this item is included in nep-fle and nep-isf
Note: Working Paper 344, 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
https://www.nipfp.org.in/media/medialibrary/2021/08/WP_344_2021.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:npf:wpaper:21/344

Access Statistics for this paper

More papers in Working Papers from National Institute of Public Finance and Policy
Bibliographic data for series maintained by S.Siva Chidambaram ( this e-mail address is bad, please contact ).