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What works in financial education? Experimental evidence on program impact

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  • García, Gonzalo Llamosas
  • Pérez-Oleaga, Cristina Mazas

Abstract

Financial education is increasingly essential for safeguarding both individual and corporate well-being. This study systematically reviews global financial education experiments using a dual-method framework that integrates a deep learning classifier with advanced multivariate statistical techniques. Our analysis indicates that while short-term improvements in financial literacy are common, such gains tend to diminish over time without ongoing reinforcement. Moreover, the limited impact of digital innovations and monetary incentives suggests that successful financial education depends on more than simply deploying technological solutions or extrinsic rewards. Overall, this review provides valuable insights into the evolving landscape of financial education in a dynamic economic context and underscores the need for sustainable strategies that secure lasting improvements in financial literacy.

Suggested Citation

  • García, Gonzalo Llamosas & Pérez-Oleaga, Cristina Mazas, 2025. "What works in financial education? Experimental evidence on program impact," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 119(C).
    • Handle: RePEc:eee:soceco:v:119:y:2025:i:c:s2214804325000679
    DOI: 10.1016/j.socec.2025.102401
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