Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/272729 
Year of Publication: 
2023
Series/Report no.: 
IZA Discussion Papers No. 16102
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
We present the results of a randomized intervention to study how teaching financial literacy to 16-year old high-school students affects their behavior in risk and time preference tasks. Compared to two different control treatments, we find that teaching financial literacy makes subjects behave more patiently, more time-consistent, and more risk-averse. These effects persist for up to almost 5 years after our intervention. Behavior in the risk and time preference tasks is related to financial behavior outside the lab, in particular spending patterns. This shows that teaching financial literacy affects economic decision-making which in turn is important for field behavior.
Subjects: 
financial behavior
time preferences
risk preferences
randomized intervention
financial literacy
field experiment
JEL: 
C93
D14
I21
Document Type: 
Working Paper

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