Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/161658
Authors: 
Kaiser, Tim
Menkhoff, Lukas
Year of Publication: 
2017
Series/Report no.: 
DIW Discussion Papers 1562
Abstract: 
In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: Financial education is less effective for low-income clients as well as in low and lower-middle income economies. Specific behaviors, such as the handling of debt, are more difficult to influence and mandatory financial education tentatively appears to be less effective. Thus, intervention success depends crucially on increasing education intensity and offering financial education at a "teachable moment."
Subjects: 
financial education
financial literacy
financial behavior
meta-analysis
meta-regression
impact evaluation
JEL: 
D14
I21
Document Type: 
Working Paper

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