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Harnessing Emotional Connections to Improve Financial Decisions: Evaluating the Impact of Financial Education in Mainstream Media

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  • Gunhild Berg
  • Bilal Zia

Abstract

Responsible financial habits are important for economic welfare, yet it remains unclear whether they can be effectively taught. Entertainment media offers a unique and cost-effective channel of reaching millions of viewers with financial education messages that resonate. This paper uses random and symmetric encouragement methodology to study the economic impact of targeted messages on debt management and gambling scripted in a popular television soap opera in South Africa. The results show treated viewers score significantly higher on financial knowledge, are more likely to borrow from formal sources and for productive purposes, and are less likely to enter into retail credit or gamble. Quantitative and qualitative analyses of mechanisms show strong recall of messages conveyed by the lead character, which supports theories of psychological and emotional influences on decision-making.

Suggested Citation

  • Gunhild Berg & Bilal Zia, 2017. "Harnessing Emotional Connections to Improve Financial Decisions: Evaluating the Impact of Financial Education in Mainstream Media," Journal of the European Economic Association, European Economic Association, vol. 15(5), pages 1025-1055.
    • Handle: RePEc:oup:jeurec:v:15:y:2017:i:5:p:1025-1055.
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    File URL: http://hdl.handle.net/10.1093/jeea/jvw021
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    References listed on IDEAS

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    1. Cardoso, Ana Rute & Verner, Dorte, 2007. "Youth Risk-Taking Behavior in Brazil: Drug Use and Teenage Pregnancies," IZA Discussion Papers 3030, Institute of Labor Economics (IZA).
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    More about this item

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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