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The Impact of Financial Education for Youth in Ghana

Listed author(s):
  • Dean Karlan

    ()

    (Economic Growth Center, Yale University)

  • James Berry

    ()

    (Cornell University)

  • Menno Pradhan

    ()

    (VU University Amsterdam)

We evaluate, using a randomized trial, two school-based financial literacy education programs in government-run primary and junior high schools in Ghana. One program integrated financial and social education, whereas the second program only offered financial education. Both programs included a voluntary after-school savings club that provided students with a locked money box. After nine months, both programs had significant impacts on savings behavior relative to the control group, mostly because children moved savings from home to school. We observed few other impacts. We do find that financial education, when not accompanied by social education, led children to work more compared to the control group, whereas no such effect is found for the integrated curriculum; however, the difference between the two treatment effects on child labor is not statistically significant.

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File URL: http://www.econ.yale.edu/growth_pdf/cdp1048.pdf
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Paper provided by Economic Growth Center, Yale University in its series Working Papers with number 1048.

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Length: 32 pages
Date of creation: Apr 2015
Handle: RePEc:egc:wpaper:1048
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  1. Bruhn, Miriam & de Souza Leao, Luciana & Legovini, Arianna & Marchetti, Rogelio & Zia, Bilal, 2013. "The impact of high school financial education : experimental evidence from Brazil," Policy Research Working Paper Series 6723, The World Bank.
  2. Bruce Ian Carlin & David T. Robinson, 2012. "What Does Financial Literacy Training Teach Us?," The Journal of Economic Education, Taylor & Francis Journals, vol. 43(3), pages 235-247, July.
  3. 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.
  4. Melanie Lührmann & Marta Serra-Garcia & Joachim K. Winter, 2014. "The impact of financial education on adolescents' intertemporal choices," IFS Working Papers W14/18, Institute for Fiscal Studies.
  5. Leonardo Becchetti & Fabio Pisani, 2011. "Financial education on secondary school students: the randomized experiment revisited," Econometica Working Papers wp34, Econometica.
  6. Margaret Sherraden & Lissa Johnson & Baorong Guo & William Elliott, 2011. "Financial Capability in Children: Effects of Participation in a School-Based Financial Education and Savings Program," Journal of Family and Economic Issues, Springer, vol. 32(3), pages 385-399, September.
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