IDEAS home Printed from https://ideas.repec.org/p/ris/aiccon/2012_098.html
   My bibliography  Save this paper

Financial education on secondary school students: the randomized experiment revisited

Author

Listed:
  • Becchetti, Leonardo

    (Associazione Italiana per la Cultura della Cooperazione e del Non Profit)

  • Pisani, Fabio

    (Associazione Italiana per la Cultura della Cooperazione e del Non Profit)

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.

Suggested Citation

  • Becchetti, Leonardo & Pisani, Fabio, 2012. "Financial education on secondary school students: the randomized experiment revisited," AICCON Working Papers 98-2012, Associazione Italiana per la Cultura della Cooperazione e del Non Profit.
    • Handle: RePEc:ris:aiccon:2012_098
    as

    Download full text from publisher

    File URL: http://aiccon.it/file/convdoc/wp_98.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Bernheim, B. Douglas & Garrett, Daniel M. & Maki, Dean M., 2001. "Education and saving:: The long-term effects of high school financial curriculum mandates," Journal of Public Economics, Elsevier, vol. 80(3), pages 435-465, June.
    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. Annamaria Lusardi & Olivia S. Mitchell, 2008. "Planning and Financial Literacy: How Do Women Fare?," American Economic Review, American Economic Association, vol. 98(2), pages 413-417, May.
    4. George Psacharopoulos & Harry Anthony Patrinos, 2004. "Returns to investment in education: a further update," Education Economics, Taylor & Francis Journals, vol. 12(2), pages 111-134.
    5. O. Ashenfelter & D. Card (ed.), 1999. "Handbook of Labor Economics," Handbook of Labor Economics, Elsevier, edition 1, volume 3, number 3.
    6. 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.
    7. Guido W. Imbens & Jeffrey M. Wooldridge, 2009. "Recent Developments in the Econometrics of Program Evaluation," Journal of Economic Literature, American Economic Association, vol. 47(1), pages 5-86, March.
    8. Card, David, 1999. "The causal effect of education on earnings," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 30, pages 1801-1863, Elsevier.
    9. Margaret Clancy & Michal Grinstein-Weiss & Mark Schreiner, 2001. "Financial Education and Savings Outcomes in Individual Development Accounts," HEW 0108001, University Library of Munich, Germany, revised 27 Dec 2001.
    10. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Margaret Miller & Julia Reichelstein & Christian Salas & Bilal Zia, 2015. "Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature," The World Bank Research Observer, World Bank, vol. 30(2), pages 220-246.
    2. Berry, James & Karlan, Dean & Pradhan, Menno, 2018. "The Impact of Financial Education for Youth in Ghana," World Development, Elsevier, vol. 102(C), pages 71-89.
    3. Alex Yue Feng Zhu, 2020. "Impact of Financial Education on Adolescent Financial Capability: Evidence from a Pilot Randomized Experiment," Child Indicators Research, Springer;The International Society of Child Indicators (ISCI), vol. 13(4), pages 1371-1386, August.
    4. Iterbeke, Kaat & De Witte, Kristof & Declercq, Koen & Schelfhout, Wouter, 2020. "The effect of ability matching and differentiated instruction in financial literacy education. Evidence from two randomised control trials," Economics of Education Review, Elsevier, vol. 78(C).
    5. Entorf, Horst & Hou, Jia, 2018. "Financial Education for the Disadvantaged? A Review," IZA Discussion Papers 11515, Institute of Labor Economics (IZA).
    6. Lührmann, Melanie & Serra-Garcia, Marta & Winter, Joachim, 2015. "Teaching teenagers in finance: Does it work?," Journal of Banking & Finance, Elsevier, vol. 54(C), pages 160-174.
    7. Frisancho, Veronica, 2020. "The impact of financial education for youth," Economics of Education Review, Elsevier, vol. 78(C).
    8. Winter, Joachim & Lührmann, Melanie & Serra Garcia, Marta, 2013. "The effects of financial literacy training: Evidence from a field experiment in German high schools," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79744, Verein für Socialpolitik / German Economic Association.
    9. Bruhn, Miriam & de Souza Leao, Luciana & Legovini, Arianna & Marchetti, Rogelio & Zia, Bilal, 2013. "The impact of high school financial education : experimental evidence from Brazil," Policy Research Working Paper Series 6723, The World Bank.
    10. Brugiavini, Agar & Cavapozzi, Danilo & Padula, Mario & Pettinicchi, Yuri, 2015. "Financial education, literacy and investment attitudes," SAFE Working Paper Series 86, Leibniz Institute for Financial Research SAFE, revised 2015.
    11. Rodriguez-Raga, Santiago & Martinez-Camelo, Natalia, 2022. "Game, guide or website for financial education improvement: Evidence from an experiment in Colombian schools," Journal of Behavioral and Experimental Finance, Elsevier, vol. 33(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tim Kaiser & Lukas Menkhoff, 2017. "Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?," The World Bank Economic Review, World Bank Group, vol. 31(3), pages 611-630.
    2. Bruhn, Miriam & de Souza Leao, Luciana & Legovini, Arianna & Marchetti, Rogelio & Zia, Bilal, 2013. "The impact of high school financial education : experimental evidence from Brazil," Policy Research Working Paper Series 6723, The World Bank.
    3. Lührmann, Melanie & Serra-Garcia, Marta & Winter, Joachim, 2015. "Teaching teenagers in finance: Does it work?," Journal of Banking & Finance, Elsevier, vol. 54(C), pages 160-174.
    4. Winter, Joachim & Lührmann, Melanie & Serra Garcia, Marta, 2013. "The effects of financial literacy training: Evidence from a field experiment in German high schools," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79744, Verein für Socialpolitik / German Economic Association.
    5. Margaret Miller & Julia Reichelstein & Christian Salas & Bilal Zia, 2015. "Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature," The World Bank Research Observer, World Bank, vol. 30(2), pages 220-246.
    6. B. Ronchini, 2015. "Il ruolo emergente dell'edutainment nei percorsi di educazione finanziaria," Economics Department Working Papers 2015-EF03, Department of Economics, Parma University (Italy).
    7. Angel, Stefan, 2018. "Smart tools? A randomized controlled trial on the impact of three different media tools on personal finance," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 74(C), pages 104-111.
    8. Xu, Lisa & Zia, Bilal, 2012. "Financial literacy around the world : an overview of the evidence with practical suggestions for the way forward," Policy Research Working Paper Series 6107, The World Bank.
    9. Emanuela di Gropello, 2006. "Meeting the Challenges of Secondary Education in Latin America and East Asia : Improving Efficiency and Resource Mobilization," World Bank Publications - Books, The World Bank Group, number 7173, December.
    10. Carstensen Kai & Hartmann Susanne & Gundlach Erich, 2009. "The Augmented Solow Model with Mincerian Schooling and Externalities," German Economic Review, De Gruyter, vol. 10(4), pages 448-463, December.
    11. Bourguignon, Francois, 2005. "The Effect of Economic Growth on Social Structures," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 27, pages 1701-1747, Elsevier.
    12. Gregorio Caetano & Miguel Palacios & Harry A. Patrinos, 2019. "Measuring Aversion to Debt: An Experiment Among Student Loan Candidates," Journal of Family and Economic Issues, Springer, vol. 40(1), pages 117-131, March.
    13. John B. Burbidge & Kirk A. Collins & James B. Davies & Lonnie Magee, 2012. "Effective tax and subsidy rates on human capital in Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 45(1), pages 189-219, February.
    14. Eric A. Hanushek & Victor Lavy & Kohtaro Hitomi, 2008. "Do Students Care about School Quality? Determinants of Dropout Behavior in Developing Countries," Journal of Human Capital, University of Chicago Press, vol. 2(1), pages 69-105.
    15. Angel de la Fuente & Juan Francisco Jimeno, 2004. "The private and fiscal returns to schooling and the effect of public policies on private incentives to invest in education: a general framework and some results for the EU," Working Papers 152, Barcelona School of Economics.
    16. Bonilla-Mejía, Leonardo & Galvis-Aponte, Luis Armando, 2014. "Profesionalización docente y calidad de la educación escolar en Colombia," Chapters, in: Sánchez Jabba, Andrés & Otero Cortés, Andrea (ed.), Educación y desarrollo regional en Colombia, chapter 5, pages 161-209, Banco de la Republica de Colombia.
    17. Martin Huber, 2012. "Identification of Average Treatment Effects in Social Experiments Under Alternative Forms of Attrition," Journal of Educational and Behavioral Statistics, , vol. 37(3), pages 443-474, June.
    18. Tim Besley, 2001. "From micro to macro: public policies and aggregate economic performance," Fiscal Studies, Institute for Fiscal Studies, vol. 22(3), pages 357-374, September.
    19. Maria Manuel Campos & Hugo Reis, 2018. "Returns to schooling in the Portuguese economy: a reassessment," Public Sector Economics, Institute of Public Finance, vol. 42(2), pages 215-242.
    20. Elizabeth M. King & Claudio E. Montenegro & Peter F. Orazem, 2012. "Economic Freedom, Human Rights, and the Returns to Human Capital: An Evaluation of the Schultz Hypothesis," Economic Development and Cultural Change, University of Chicago Press, vol. 61(1), pages 39-72.

    More about this item

    Keywords

    financial education; financial literacy; demand for money balances; randomized experiment;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:aiccon:2012_098. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Paolo Venturi (email available below). General contact details of provider: https://edirc.repec.org/data/aiccoea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.