Work

Does financial education enhance financial preparedness? Evidence from a natural experiment in Singapore

Year: 2017

Type: article

Abstract: We evaluate how financial education provided to college students influenced their financial knowledge and planning in a quasi-experimental setting where we control for student motivation to enroll in the course. Using a difference-in-difference strategy, we show that financial education led to an increase in financial knowledge and planning. Specifically, we find that financial education improved students’ financial knowledge score by 11%, and financial planning score by 16%. No statistically significant effects are detected for student levels of financial prudence, discipline, or outcomes related to credit card usage.

Source: Journal of Pensions Economics and Finance

DOI: 10.1017/s1474747217000312

Authors: RASHMI BARUA, BENEDICT KOH, OLIVIA S. MITCHELL

Institutions: Jawaharlal Nehru University, Singapore Management University, University of Pennsylvania

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: W2745976185

FWCI: 5.316

Cites: 37

Cited by: 27

Related to: 10