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Impact of Financial Education on Adolescent Financial Capability: Evidence from a Pilot Randomized Experiment


  • Alex Yue Feng Zhu

    (Lingnan University)


Financial capability is an important competence for adolescents, and secondary school is a natural setting in which to deliver financial education courses. Currently, however, little empirical evidence has been published on the effects of in-school financial education on financial capability in adolescents. This pilot study brought together a randomized experimental design, a combination of local and non-local financial education courses, comprehensive measurements, and multi-level structural equation modeling for data analysis to evaluate the outcomes of a financial education project in a representative sample of Hong Kong adolescents. Results demonstrated that our financial intervention made a positive impact on objective financial knowledge and financial self-efficacy but a negative one on financial behaviors. Positive effects on financial self-efficacy were stronger in male adolescents than in females. Our findings represent an important contribution to the literature regarding financial education at the secondary school level.

Suggested Citation

  • Alex Yue Feng Zhu, 2020. "Impact of Financial Education on Adolescent Financial Capability: Evidence from a Pilot Randomized Experiment," Child Indicators Research, Springer;The International Society of Child Indicators (ISCI), vol. 13(4), pages 1371-1386, August.
  • Handle: RePEc:spr:chinre:v:13:y:2020:i:4:d:10.1007_s12187-019-09704-9
    DOI: 10.1007/s12187-019-09704-9

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    References listed on IDEAS

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