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Does education improve financial outcomes? Quasi-experimental evidence from Britain

Daniel Gray (), Alberto Montagnoli and Mirko Moro ()
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Daniel Gray: Department of Economics, University of Sheffield

No 2017010, Working Papers from The University of Sheffield, Department of Economics

Abstract: This paper uses two compulsory schooling reforms in Britain (1947 and 1972) to study the relationship between education and financial behaviours. Employing a regression discontinuity design to analyse nationally representative data from the UK, we find limited evidence that one extra year of schooling led to systematically different financial behaviours. One exception is the promotion of more positive saving behaviours amongst females affected by the 1947 reform. We argue that, despite clear positive spill-overs of educational reforms, desirable financial behaviours require specfic and targeted education policies and we point to the growing research in this field to support this conclusion.

Keywords: Compulsory Schooling Laws; Education; Financial Literacy; Financial Outcomes; Regression Discontinuity (search for similar items in EconPapers)
JEL-codes: D14 I20 G11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-edu and nep-eur
Date: 2017-04
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