The Effect of Financial Education
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The Impact of Financial Education for Youth
The paper concludes that school-based financial education programs can have large and robust positive effects on youth financial literacy, especially when financial education is delivered as a mandatory part of the school curriculum. In contrast, voluntary after-school programs show weak or minimal effects. Importantly, the improvements in financial skills do not harm students’ academic performance, and the benefits appear to be inclusive across different groups of students—meaning the gains in financial knowledge aren’t limited to particular subgroups. Overall, the evidence supports the idea that well-designed, compulsory financial education in schools can meaningfully improve young people’s financial knowledge without negative academic trade-offs.
The effect of financial education on pupils’ financial knowledge and skills: Evidence from a Solomon four-group design
The research found that a large-scale national financial education program implemented with Dutch fifth-grade pupils significantly improved children’s financial knowledge and skills in performing financial transactions, but did not significantly improve responsible spending behavior in the short term.
Financial education works, especially when started early. Studies show that teaching kids about money significantly improves their financial knowledge and practical skills, like handling transactions and making informed choices. While behavior change takes time, building strong foundations early gives children a powerful head start toward lifelong financial confidence.
Non-experimental impact estimates of school financial education exposure on financial literacy outcomes
The research found that Italian students who were exposed to mandatory school-based financial education scored significantly higher on financial literacy assessments than those who were not exposed. Using non-experimental causal inference methods (like propensity score matching), the study estimated that students exposed to financial education scored on average about 25.7 points higher on the PISA financial literacy test than similar students who were not exposed. This suggests a positive causal effect of school financial education on students’ financial competence. The results support the idea that including economics and finance topics as compulsory parts of the secondary school curriculum can meaningfully improve financial literacy outcomes and provide evidence for policymakers considering curriculum reform.
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