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The Effects of Financial Education on Financial Literacy and Savings Behavior: Evidence from a Controlled Field Experiment in Dutch Primary Schools

Author

Listed:
  • Adriaan Kalwij
  • Rob Alessie
  • Milena Dinkova
  • Gea Schonewille
  • Anna van der Schors
  • Minou van der Werf

Abstract

This article reports the results of a controlled field experiment designed to estimate the short‐term effects of a 45‐minute financial education program on the financial literacy and savings behavior of children in Dutch primary schools. Among fifth and sixth graders, the program led to a pre‐ to posttest improvement in financial literacy on almost one of eight questions, with about one‐third of the increase in correctness attributable to the program. It also raised the probability of willingness to save by 4 percentage points. Nonetheless, whereas the program appears effective in respect to questions that explicitly address program content, its significant effects on financial literacy seem primarily driven by the results for girls, although we cannot reject homogeneous treatment effects with respect to gender.

Suggested Citation

  • Adriaan Kalwij & Rob Alessie & Milena Dinkova & Gea Schonewille & Anna van der Schors & Minou van der Werf, 2019. "The Effects of Financial Education on Financial Literacy and Savings Behavior: Evidence from a Controlled Field Experiment in Dutch Primary Schools," Journal of Consumer Affairs, Wiley Blackwell, vol. 53(3), pages 699-730, September.
    • Handle: RePEc:bla:jconsa:v:53:y:2019:i:3:p:699-730
    DOI: 10.1111/joca.12241
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    Cited by:

    1. Nicole Jonker & Anneke Kosse, 2020. "The interplay of financial education, financial literacy, financial inclusion and financial, stability: Any lessons for the current Big Tech era?," Working Papers 692, DNB.
    2. Amagir, Aisa & van den Brink, Henriëtte Maassen & Groot, Wim & Wilschut, Arie, 2022. "SaveWise: The impact of a real-life financial education program for ninth grade students in the Netherlands," Journal of Behavioral and Experimental Finance, Elsevier, vol. 33(C).
    3. Tommaso Agasisti & Alessio D'Ignazio & Gabriele Iannotta & Angela Romagnoli & Marco Tonello, 2024. "As soon as possible: the effectiveness of a financial education program in Italian schools," Temi di discussione (Economic working papers) 1464, Bank of Italy, Economic Research and International Relations Area.
    4. Ginevra Buratti & Alessio D'Ignazio, 2024. "Improving the effectiveness of financial education programs. A targeting approach," Journal of Consumer Affairs, Wiley Blackwell, vol. 58(2), pages 451-485, June.
    5. Hooman Estelami & Nicole N. Estelami, 2024. "The differential impact of cognitive style on the relationship between financial education and financial literacy," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(2), pages 242-256, June.
    6. Eberle, Mira & Oberrauch, Luis, 2022. "What a difference three years of economics education make: Evidence from lower-track schools in Germany," EconStor Preprints 250909, ZBW - Leibniz Information Centre for Economics.
    7. Nicole Jonker & Anneke Kosse, 2022. "The interplay of financial education, financial inclusion and financial stability and the role of Big Tech," Contemporary Economic Policy, Western Economic Association International, vol. 40(4), pages 612-635, October.
    8. Eberle, Mira & Oberrauch, Luis, 2023. "What a difference three years of economics education make: Evidence from lower stream schools in Germany," International Review of Economics Education, Elsevier, vol. 42(C).
    9. Agasisti, Tommaso & D’Ignazio, Alessio & Iannotta, Gabriele & Romagnoli, Angela & Tonello, Marco, 2025. "Financial literacy calls the roll — The effectiveness of a financial education program in Italian schools," Economics of Education Review, Elsevier, vol. 109(C).
    10. Gabriele Iannotta & Marta Cannistrà & Tommaso Agasisti, 2024. "It's never too late to be financially literate: Evaluating a financial education intervention for adults in Italy," Journal of Consumer Affairs, Wiley Blackwell, vol. 58(2), pages 397-431, June.
    11. Tracey West & Michelle Cull, 2020. "Future Expectations and Financial Satisfaction," Economic Papers, The Economic Society of Australia, vol. 39(4), pages 318-335, December.
    12. Valentina Maria Andreucci & Alessio D'Ignazio & Francesca Festa & Marialucia Longo & Francesco Rossetti, 2025. "Experiential financial education. Assessing the effectiveness of a Banca d'Italia museum exhibition," Questioni di Economia e Finanza (Occasional Papers) 943, Bank of Italy, Economic Research and International Relations Area.
    13. Mahfuzur Rahman & Nurul Azma & Md. Abdul Kaium Masud & Yusof Ismail, 2020. "Determinants of Indebtedness: Influence of Behavioral and Demographic Factors," IJFS, MDPI, vol. 8(1), pages 1-14, February.
    14. Struckell, Elisabeth M. & Patel, Pankaj C. & Ojha, Divesh & Oghazi, Pejvak, 2022. "Financial literacy and self employment – The moderating effect of gender and race," Journal of Business Research, Elsevier, vol. 139(C), pages 639-653.

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