Financial education and investment attitudes in high schools: evidence from a randomized experiment
AbstractWe experimentally study the effect of financial education on investment attitudes in a large sample of high school students in Italy. Students in the treated classes were taught a course in finance and interviewed before and after the study, while controls were only interviewed. Our principal result is that the difference-in-difference estimates of the effect of the course are not statistically significant. However, the course in finance reduces the virtual demand for cash and increases the level of financial literacy and the propensity to read (and the capacity to understand) economic articles in both treated and control classes compared with pre-treatment baseline levels. A breakdown of the cognitive process, which is statistically significant for the classes treated, suggests that error and ignorance reduction is sizable and that the progress in financial literacy is stronger in subgroups which exhibit lower ex ante knowledge levels.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Financial Economics.
Volume (Year): 23 (2013)
Issue (Month): 10 (May)
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Web page: http://www.tandfonline.com/RAFE20
Other versions of this item:
- Leonardo Becchetti & Stefano Caiazza & Decio Coviello, 2011. "Financial education and investment attitudes in high schools: evidence from a randomized experiment," CEIS Research Paper 210, Tor Vergata University, CEIS, revised 07 Sep 2011.
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