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Teaching teenagers in finance: Does it work?

Listed author(s):
  • Lührmann, Melanie
  • Serra-Garcia, Marta
  • Winter, Joachim

Many initiatives worldwide aim at improving financial literacy through targeted education programs, yet there is little evidence regarding their effectiveness. We examine the impact of a short financial education program on teenagers in German high schools. Our findings reveal that the training program significantly increases teenagers’ interest in financial matters and their financial knowledge, especially their ability to properly assess the riskiness of assets. Behaviorally, we observe a decrease in the prevalence of self-reported impulse purchases, but at the same time find no evidence of a significant increase in savings.

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File URL: http://www.sciencedirect.com/science/article/pii/S0378426614003628
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Article provided by Elsevier in its journal Journal of Banking & Finance.

Volume (Year): 54 (2015)
Issue (Month): C ()
Pages: 160-174

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Handle: RePEc:eee:jbfina:v:54:y:2015:i:c:p:160-174
DOI: 10.1016/j.jbankfin.2014.11.009
Contact details of provider: Web page: http://www.elsevier.com/locate/jbf

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