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Does financial education enhance financial preparedness? Evidence from a natural experiment in Singapore

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  • BARUA, RASHMI
  • KOH, BENEDICT
  • MITCHELL, OLIVIA S.

Abstract

We evaluate how financial education provided to college students influenced their financial knowledge and planning in a quasi-experimental setting where we control for student motivation to enroll in the course. Using a difference-in-difference strategy, we show that financial education led to an increase in financial knowledge and planning. Specifically, we find that financial education improved students’ financial knowledge score by 11%, and financial planning score by 16%. No statistically significant effects are detected for student levels of financial prudence, discipline, or outcomes related to credit card usage.

Suggested Citation

  • Barua, Rashmi & Koh, Benedict & Mitchell, Olivia S., 2018. "Does financial education enhance financial preparedness? Evidence from a natural experiment in Singapore," Journal of Pension Economics and Finance, Cambridge University Press, vol. 17(3), pages 254-277, July.
    • Handle: RePEc:cup:jpenef:v:17:y:2018:i:03:p:254-277_00
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    Cited by:

    1. Ascaryan RAFINDA & Tímea GÁL, 2019. "The Educational Programme For Micro Investment In Agriculture In Indonesian Rural Areas," SEA - Practical Application of Science, Romanian Foundation for Business Intelligence, Editorial Department, issue 19, pages 23-38, May.
    2. Agasisti, Tommaso & Barucci, Emilio & Cannistrà, Marta & Marazzina, Daniele & Soncin, Mara, 2023. "Online or on-campus? Analysing the effects of financial education on student knowledge gain," Evaluation and Program Planning, Elsevier, vol. 98(C).
    3. Thomas Korankye & Blain Pearson, 2023. "Managing Household Finances: How Engaging in Financial Management Activities Relates to the Experiential Well-Being of Americans," JRFM, MDPI, vol. 16(2), pages 1-13, February.
    4. Msomi Thabiso Sthembiso & Olarewaju Odunayo Magret & Ngcobo Xolani, 2021. "Sustaining South African small and medium-sized enterprises through monetary access and Literacy in the COVID-19 ERA," Folia Oeconomica Stetinensia, Sciendo, vol. 21(2), pages 57-75, December.
    5. Tran, Trung & Thanh, Hai Trinh & Van Le, Dao & Phuong, Thao Trinh Thi & Lan, Phuong Nguyen, 2022. "Does government financial support decrease the inefficiency of public universities? A decomposition approach," Finance Research Letters, Elsevier, vol. 47(PA).
    6. Gentjan Çera & Khurram Ajaz Khan & Jaroslav Belas & Humberto Nuno Rito Ribeiro, 2020. "The Role of Financial Capability and Culture in Financial Satisfaction," Economic Papers, The Economic Society of Australia, vol. 39(4), pages 389-406, December.

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