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Does financial education at school work? Evidence from Italy

Author

Listed:
  • Angela Romagnoli

    (Bank of Italy)

  • Maurizio Trifilidis

    (Bank of Italy)

Abstract

In the 2008-09 school year the Bank of Italy and the Italian Ministry of Education started an experimental program to incorporate financial education into school curricula. This paper describes the experience since then. According to the program, teachers receive training from the Bank on financial topics and then move on to classroom teaching. The effect of classroom teaching on pupils� financial knowledge is measured by tests. The empirical evidence shows that the program proved successful in increasing the financial knowledge of pupils, for longer than one year.

Suggested Citation

  • Angela Romagnoli & Maurizio Trifilidis, 2013. "Does financial education at school work? Evidence from Italy," Questioni di Economia e Finanza (Occasional Papers) 155, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_155_13
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    References listed on IDEAS

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    2. Leonardo Becchetti & Stefano Caiazza & Decio Coviello, 2013. "Financial education and investment attitudes in high schools: evidence from a randomized experiment," Applied Financial Economics, Taylor & Francis Journals, vol. 23(10), pages 817-836, May.
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    6. Rutledge, Susan L., 2010. "Consumer protection and financial literacy : lessons from nine country studies," Policy Research Working Paper Series 5326, The World Bank.
    7. Angela Hung & Joanne Yoong & Elizabeth Brown, 2012. "Empowering Women Through Financial Awareness and Education," OECD Working Papers on Finance, Insurance and Private Pensions 14, OECD Publishing.
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    Cited by:

    1. Jian Li & Alexis Meyer‐Cirkel, 2021. "Promoting financial literacy through a digital platform: A pilot study in Luxembourg," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 73-87, January.
    2. Coda Moscarola, Flavia & Migheli, Matteo, 2015. "Educating Children to Save: an Experimental Approach to Financial Education of Pupils in Primary Schools," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201502, University of Turin.
    3. Sergio Longobardi & Margherita Maria Pagliuca & Andrea Regoli, 2018. "Can problem-solving attitudes explain the gender gap in financial literacy? Evidence from Italian students’ data," Quality & Quantity: International Journal of Methodology, Springer, vol. 52(4), pages 1677-1705, July.
    4. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    5. Brugiavini, Agar & Cavapozzi, Danilo & Padula, Mario & Pettinicchi, Yuri, 2015. "Financial education, literacy and investment attitudes," SAFE Working Paper Series 86, Leibniz Institute for Financial Research SAFE, revised 2015.
    6. Bucciol, Alessandro & Quercia, Simone & Sconti, Alessia, 2021. "Promoting financial literacy among the elderly: Consequences on confidence," Journal of Economic Psychology, Elsevier, vol. 87(C).
    7. Matteo Migheli & Flavia Coda Moscarola, 2017. "Gender Differences in Financial Education: Evidence from Primary School," De Economist, Springer, vol. 165(3), pages 321-347, September.
    8. Tim Kaiser & Lukas Menkhoff, 2017. "Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?," The World Bank Economic Review, World Bank, vol. 31(3), pages 611-630.
    9. Margaret Miller & Julia Reichelstein & Christian Salas & Bilal Zia, 2015. "Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature," The World Bank Research Observer, World Bank, vol. 30(2), pages 220-246.
    10. Alessia Sconti, 2020. "Financial Literacy in Italy: What works among millennials most?," Working Papers 01/2020, University of Verona, Department of Economics.
    11. Cordero, José Manuel & Gil, María & Pedraja Chaparro, Francisco, 2016. "Exploring the effect of financial literacy courses on student achievement: a cross-country approach using PISA 2012 data," MPRA Paper 75474, University Library of Munich, Germany.
    12. Giovanni D’Alessio & Riccardo de Bonis & Andrea Neri & Cristiana Rampazzi, 2020. "Italian people’s financial literacy: the results of the Bank of Italy’s 2020 survey," Questioni di Economia e Finanza (Occasional Papers) 588, Bank of Italy, Economic Research and International Relations Area.
    13. B. Ronchini, 2015. "Il ruolo emergente dell'edutainment nei percorsi di educazione finanziaria," Economics Department Working Papers 2015-EF03, Department of Economics, Parma University (Italy).
    14. Sara Lamboglia & Massimiliano Stacchini, 2022. "Financial literacy, numeracy and schooling: evidence from developed countries," Questioni di Economia e Finanza (Occasional Papers) 722, Bank of Italy, Economic Research and International Relations Area.

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    More about this item

    Keywords

    financial literacy; youth financial education; money; pre-/post-test design;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid

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