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Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
ECONtribute Discussion Paper No. 229
Verlag: 
University of Bonn and University of Cologne, Reinhard Selten Institute (RSI), Bonn and Cologne
Zusammenfassung: 
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.
Schlagwörter: 
Financial literacy
randomized intervention
risk preferences
time preferences
financial behavior
field experiment
JEL: 
C93
D14
I21
Dokumentart: 
Working Paper

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