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

A meta-analysis of 126 impact evaluation studies finds 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)....

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Main Authors:	Kaiser, Tim, Menkhoff, Lukas
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	FINANCIAL INCLUSION FINANCIAL LITERACY FINANCIAL EDUCATION FINANCIAL BEHAVIOR META-ANALYSIS META-REGRESSION IMPACT EVALUATION RANDOMIZED CONTROL TRIAL
Online Access:	http://documents.worldbank.org/curated/en/144551502300810101/Does-financial-education-impact-financial-literacy-and-financial-behavior-and-if-so-when http://hdl.handle.net/10986/27968

id	okr-10986-27968
recordtype	oai_dc
spelling	okr-10986-279682021-06-08T14:42:48Z Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When? Kaiser, Tim Menkhoff, Lukas FINANCIAL INCLUSION FINANCIAL LITERACY FINANCIAL EDUCATION FINANCIAL BEHAVIOR META-ANALYSIS META-REGRESSION IMPACT EVALUATION RANDOMIZED CONTROL TRIAL A meta-analysis of 126 impact evaluation studies finds 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 low-income 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." 2017-08-24T21:15:02Z 2017-08-24T21:15:02Z 2017-08 Working Paper http://documents.worldbank.org/curated/en/144551502300810101/Does-financial-education-impact-financial-literacy-and-financial-behavior-and-if-so-when http://hdl.handle.net/10986/27968 English en_US Policy Research Working Paper;No. 8161 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	FINANCIAL INCLUSION FINANCIAL LITERACY FINANCIAL EDUCATION FINANCIAL BEHAVIOR META-ANALYSIS META-REGRESSION IMPACT EVALUATION RANDOMIZED CONTROL TRIAL
spellingShingle	FINANCIAL INCLUSION FINANCIAL LITERACY FINANCIAL EDUCATION FINANCIAL BEHAVIOR META-ANALYSIS META-REGRESSION IMPACT EVALUATION RANDOMIZED CONTROL TRIAL Kaiser, Tim Menkhoff, Lukas Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?
relation	Policy Research Working Paper;No. 8161
description	A meta-analysis of 126 impact evaluation studies finds 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 low-income 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."
format	Working Paper
author	Kaiser, Tim Menkhoff, Lukas
author_facet	Kaiser, Tim Menkhoff, Lukas
author_sort	Kaiser, Tim
title	Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?
title_short	Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?
title_full	Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?
title_fullStr	Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?
title_full_unstemmed	Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?
title_sort	does financial education impact financial literacy and financial behavior, and if so, when?
publisher	World Bank, Washington, DC
publishDate	2017
url	http://documents.worldbank.org/curated/en/144551502300810101/Does-financial-education-impact-financial-literacy-and-financial-behavior-and-if-so-when http://hdl.handle.net/10986/27968
_version_	1764466255826255872

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

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