The ABCs of Financial Education : Experimental Evidence on Attitudes, Behavior, and Cognitive Biases

Carpena, Fenella ; Cole, Shawn ; Shapiro, Jeremy ; Zia, Bilal

World Bank, Washington, DC

关键词: FINANCIAL EDUCATION IN SCHOOLS;    DEPOSIT;    FINANCIAL SERVICES;    BORROWER;    DURABLE GOODS;   

DOI  :  10.1596/1813-9450-7413
RP-ID  :  WPS7413

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper uses a large scale fieldexperiment in India to study attitudinal, behavioral, andcognitive constraints that stymie the link between financialeducation and financial outcomes. The study complementsfinancial education with (i) participant classroommotivation with pay for performance on a knowledge test,(ii) intensity of treatment with personalized financialcounseling, and (iii) behavioral nudges with financial goalsetting. The analysis finds no impact of pay for performancebut significant effects of both counseling and goal settingon real financial outcomes. These results identify importantcomplements to financial education that can bridge the gapbetween financial knowledge and financial behavior change.