Work

The Impact of Financial Literacy Education on Subsequent Financial Behavior

Year: 2009

Type: preprint

Abstract: This study examined the differential impact on 79 high school students of a personal financial management course completed 1 to 4 years earlier. This study used a matched sample design based on a school system’s records to identify students who had and had not taken a course in personal financial management. The findings indicated that those who took the course were no more financially literate than those who had not. In addition, those who took the course did not evaluate themselves to be more savings-oriented and did not appear to have better financial behavior than those who had not taken the course. The study raises serious questions about the longer-term effectiveness of high school financial literacy courses.

Source: SSRN Electronic Journal

Authors: Lewis Mandell, Linda Schmid Klein

Institutions: Aspen Institute, University of Washington, University of Connecticut

Language: English

Topic: Financial Literacy, Pension, Retirement Analysis

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

SDG: Quality education

Open Access status: green

OpenAlex ID: W1599094451

Cites: 25

Cited by: 445

Related to: 10