Can education drive literacy and socially-important behaviour? Evidence from a financial literacy experiment
Year: 2025
Type: article
Abstract: Purpose The purpose of this paper is to identify the role of education for literacy and socially-important behaviour using a financial investment context. Design/methodology/approach A survey-based experiment involving 1,202 Australian adults compared four educational formats – text, imagery, audio and video – on their ability to improve financial literacy and influence investment choices. Participants completed a pre- and post-quiz, a behaviourally relevant investment task and attitudinal evaluations. Findings The four educational formats all improved financial literacy, with video-based education producing the most substantial gains. However, effectiveness depended on risk tolerance: video was most effective for risk-averse individuals but less so for risk-takers. Educational format had limited influence on investment behaviour, with demographic factors such as age, literacy level and risk profile playing a greater role. Practical implications Financial institutions should prioritise video-based education while integrating interactive, real-time learning tools to support financial decision-making, recognising that financial education in isolation does not alter investment behaviours. Originality/value This study contributes to the debate on financial education’s impact, demonstrating format-dependent learning effects while emphasising that education alone is insufficient to drive financial behaviour change. The findings support the case for just-in-time financial education, where learning is embedded within real-world financial decisions.
Language: English
Subfield: Accounting
Domain: Social Sciences
SDG: Quality education
Open Access status: hybrid
OpenAlex ID: W4414188477