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

Tim Kaiser () and Lukas Menkhoff

No 187, Rationality and Competition Discussion Paper Series from CRC TRR 190 Rationality and Competition

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 treatments have, on average, sizeable impacts on financial knowledge (+0.33 SD), similar to educational interventions in other domains. Additionally, we document smaller effects on financial behaviors among students (+0.07 SD). When restricting the sample to 18 randomized experiments average effect sizes are estimated to be about 0.15 SD units on financial knowledge and 0.07 SD units on financial behaviors. These results are robust irrespective of the meta-analytic method used and when accounting for publication bias. Subgroup analyses show the beneficial effect of more intensive treatments, albeit with decreasing marginal returns.

Keywords: financial education; financial literacy; financial behavior; meta-analysis (search for similar items in EconPapers)
JEL-codes: A21 D14 I21 (search for similar items in EconPapers)
Date: 2019-09-30
New Economics Papers: this item is included in nep-edu, nep-exp, nep-fle and nep-ure
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Related works:
Journal Article: Financial education in schools: A meta-analysis of experimental studies (2020) Downloads
Working Paper: Financial Education in Schools: A Meta-Analysis of Experimental Studies (2018) Downloads
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