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Can Personal Financial Management Education Promote Asset Accumulation by the Poor?

Author

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  • John P. Caskey

Abstract

This paper asks whether personal financial management education is an effective mechanism for helping lower-income households accumulate financial assets and improve credit histories. The paper argues that the best existing studies of the effectiveness of financial literacy initiatives suggest that such initiatives might help lower-income households build savings and improve credit records, but the results are only suggestive due to the limitations of the studies. The paper concludes that a high research priority should be to gathering more robust evidence on whether teaching personal financial management skills to lower-income households can be an effective means to improve their financial situations.

Suggested Citation

  • John P. Caskey, 2006. "Can Personal Financial Management Education Promote Asset Accumulation by the Poor?," NFI Policy Briefs 2006-PB-06, Indiana State University, Scott College of Business, Networks Financial Institute.
  • Handle: RePEc:nfi:nfipbs:2006-pb-06
    as

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    File URL: http://www.indstate.edu/business/sites/business.indstate.edu/files/Docs/2006-PB-06_Caskey.pdf
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    References listed on IDEAS

    as
    1. Bernheim, B. Douglas & Garrett, Daniel M. & Maki, Dean M., 2001. "Education and saving:: The long-term effects of high school financial curriculum mandates," Journal of Public Economics, Elsevier, vol. 80(3), pages 435-465, June.
    2. Bernheim, B. Douglas & Garrett, Daniel M., 2003. "The effects of financial education in the workplace: evidence from a survey of households," Journal of Public Economics, Elsevier, vol. 87(7-8), pages 1487-1519, August.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Kannyiri Thadious Banyen & Joseph Kofi Nkuah, 2015. "Limited Stock Market Participation in Ghana: A Behavioral Explanation," International Journal of Economics and Empirical Research (IJEER), The Economics and Social Development Organization (TESDO), vol. 3(6), pages 286-305, June.
    2. John A. Tatom, 2010. "Financial Wellbeing and Some Problems in Assessing Its Link to Financial Education," NFI Working Papers 2010-WP-03, Indiana State University, Scott College of Business, Networks Financial Institute.

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