Bank accounts and youth financial knowledge: connecting experience and education
Studies have shown that “experiential learning” can result in significant knowledge gains in a number of subject areas, but how does “learning by doing” fit into the context of financial education? This new working paper explores this topic and analyzes data from the 2008 Jump$tart survey of high school seniors to examine the relationship between bank account ownership and student knowledge of personal finance. The results are informative for financial education delivery, particularly the importance of providing interactive opportunities for the application and practice of skills and knowledge.
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