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What do students gain from banks in schools? A field study

Author

Listed:
  • J. Michael Collins

    (University of Wisconsin-Madison)

  • Madelaine L’Esperance

    (The University of Alabama)

Abstract

This field study estimates the short-run effects of banks in schools on students’ financial behaviors, attitudes, and knowledge. The presence of in-school banking programs increased the rate that students owned bank accounts, improved students’ perceptions of banks, and increased indicators of financial socialization. Using the random assignment of banks at the school level as an instrument, being banked improved students’ attitudes about banking services and increased the rate that students engaged with their parents on financial issues. Banks in schools do not appear to influence student financial literacy or savings levels, however. Exposure to banking at school primarily serves as a mechanism to increase students’ awareness of financial services, and leads to more parent-child interactions related to financial issues.

Suggested Citation

  • J. Michael Collins & Madelaine L’Esperance, 2023. "What do students gain from banks in schools? A field study," Review of Economics of the Household, Springer, vol. 21(2), pages 567-590, June.
    • Handle: RePEc:kap:reveho:v:21:y:2023:i:2:d:10.1007_s11150-022-09611-z
    DOI: 10.1007/s11150-022-09611-z
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    More about this item

    Keywords

    Financial Inclusion; Financial Literacy; Banking; Financial Socialization;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • I20 - Health, Education, and Welfare - - Education - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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