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Financial education on secondary school students: the randomized experiment revisited

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  • Leonardo Becchetti

    ()
    (Department of Economics, Universitˆ Tor Vergata)

  • Fabio Pisani

    (Department of Economics, Universitˆ Tor Vergata)

Abstract

We analyze the effects of financial education on a large sample of secondary school students with a randomized experiment performed in the Center (Rome) and North (Milan and Genova) of Italy. Our main findings document that the course increases significantly financial literacy at both student and class level but the effect is different in different urban environments. More specifically, we document that the overall (questionnaire plus course) learning effect is significantly higher in the North than in Rome. We finally observe that high grades at final middle school exams, willingness to attend Economics at University and household borrowing status are three factors which significantly and positively affect financial education.

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File URL: http://econometica.it/wp/wp34.pdf
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Bibliographic Info

Paper provided by Econometica in its series Econometica Working Papers with number wp34.

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Length: 50
Date of creation: Dec 2011
Date of revision:
Handle: RePEc:ent:wpaper:wp34

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Web page: http://www.econometica.it
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Keywords: financial education; financial literacy; demand for money balances; randomized experiment;

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References

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  1. Psacharopoulos, George & Patrinos, Harry Anthony, 2002. "Returns to investment in education : a further update," Policy Research Working Paper Series 2881, The World Bank.
  2. Bruce Ian Carlin & David T. Robinson, 2012. "What Does Financial Literacy Training Teach Us?," The Journal of Economic Education, Taylor & Francis Journals, vol. 43(3), pages 235-247, July.
  3. Leonardo Becchetti & Stefano Caiazza & Decio Coviello, 2013. "Financial education and investment attitudes in high schools: evidence from a randomized experiment," Applied Financial Economics, Taylor & Francis Journals, vol. 23(10), pages 817-836, May.
  4. Margaret Clancy & Michal Grinstein-Weiss & Mark Schreiner, 2001. "Financial Education and Savings Outcomes in Individual Development Accounts," HEW 0108001, EconWPA, revised 27 Dec 2001.
  5. Becchetti, Leonardo & Caiazza, Stefano & Coviello, Decio, 2011. "Financial education and investment attitudes in high schools," AICCON Working Papers 92-2011, Associazione Italiana per la Cultura della Cooperazione e del Non Profit.
  6. Annamaria Lusardi & Olivia S. Mitchell, 2008. "Planning and Financial Literacy: How Do Women Fare?," American Economic Review, American Economic Association, vol. 98(2), pages 413-17, May.
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Cited by:
  1. Miller, Margaret & Reichelstein, Julia & Salas, Christian & Zia, Bilal, 2014. "Can you help someone become financially capable ? a meta-analysis of the literature," Policy Research Working Paper Series 6745, The World Bank.

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