Do Financial Education Programs Work?
Frontier Economics; Brookings Institution; New York University
International Labour Organization (ILO)
April 1, 2008
FRB of Cleveland Working Paper No. 08-03
In this paper we provide a comprehensive critical analysis of research that has investigated the impact of financial education programs on consumer financial behavior. In light of the evidence, we recommend that future programs be highly targeted towards a specific audience and area of financial activity (e.g. homeownership or credit card counseling, etc.), and that this training occurs just before the corresponding financial event (e.g. purchase of a home or use of a credit card, etc.). Similarly, in light of a lack of evidence, we also recommend that program evaluation be taken as an essential element of any program, and that it be included in the design of the programs before they are introduced.
Number of Pages in PDF File: 29
Keywords: financial education, financial literacy, consumer finance
JEL Classification: D12, D14
Date posted: April 10, 2008
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