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

Kaiser, Tim ; Menkhoff, Lukas

Published by Oxford University Press on behalf of the World Bank

关键词: FINANCIAL INCLUSION;    FINANCIAL LITERACY;    FINANCIAL EDUCATION;    EDUCATION;    FINANCIAL BEHAVIOR;   

DOI  :  10.1093/wber/lhx018

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

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 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.”