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The ABCs of Financial Education: Experimental Evidence on Attitudes, Behavior, and Cognitive Biases

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  • Fenella Carpena

    (Norwegian Institute of International Affairs, 0164 Oslo, Norway)

  • Shawn Cole

    (Harvard Business School, Boston, Massachusetts 02163)

  • Jeremy Shapiro

    (Busara Center for Behavioral Economics, Nairobi, Kenya)

  • Bilal Zia

    (World Bank, Washington, DC 20433)

Abstract

This paper uses a large-scale field experiment in India to study attitudinal, behavioral, and cognitive constraints that can stymie the link between financial education and financial outcomes. The study complements financial education with (i) financial incentives on a financial literacy test to affect participant motivation, (ii) financial goal setting to provide a psychological nudge, and (iii) personalized financial counseling to enhance the intensity of treatment. The analysis finds no impact of financial incentives on learning but significant effects of both goal setting and counseling on real financial outcomes. These results identify important complements to financial education that can bridge the gap between financial knowledge and behavior change.

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  • Fenella Carpena & Shawn Cole & Jeremy Shapiro & Bilal Zia, 2019. "The ABCs of Financial Education: Experimental Evidence on Attitudes, Behavior, and Cognitive Biases," Management Science, INFORMS, vol. 65(1), pages 346-369, January.
    • Handle: RePEc:inm:ormnsc:v:65:y:2019:i:1:p:346-369
    DOI: 10.1287/mnsc.2017.2819
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