Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/320521 
Year of Publication: 
2025
Series/Report no.: 
IZA Discussion Papers No. 17927
Publisher: 
Institute of Labor Economics (IZA), Bonn
Abstract: 
We examine the causal effect of education on financial outcomes related to stock markets and retirement savings, leveraging a major compulsory school reform and a unique data set covering the universe of investors in Türkiye. The estimates show no effects on participation rates, portfolio composition, or return performance. Moreover, education does not appear to influence behavioral biases or heuristics in retirement plans. The reform leads to a 3% increase in pension savings for females, with no significant effect on males. Higher earnings and increased employment with employer-sponsored pension plans appear as potential mechanisms driving the wealth effect.
Subjects: 
Wealth
Retirement
Education
Investment Decisions
JEL: 
I21
I26
G11
G41
G50
G53
J32
Document Type: 
Working Paper

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