Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/98194 
Year of Publication: 
2014
Series/Report no.: 
Economic Growth Center Discussion Paper No. 1040
Publisher: 
Yale University, Economic Growth Center, New Haven, CT
Abstract: 
Evidence on the effectiveness of financial education and formal savings account access is lacking, particularly for youth. We randomly assign 250 youth clubs to receive either financial education, access to a cheap group account, or both. The financial education treatments increase financial literacy; the account-only treatment does not. Administrative data shows the education plus account treatment increases bank savings relative to account-only. But survey-measured total savings shows roughly equal increases across all treatment arms. Earned income also increases in all treatment arms. We find little evidence that education and account access are strong complements, and some evidence they are substitutes.
Subjects: 
financial education
financial literacy
financial access
savings
youth savings
microsaving
JEL: 
D12
D91
O12
Document Type: 
Working Paper

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