The Impact of Financial Literacy Education on Subsequent Financial Behavior

10 Pages Posted: 27 Feb 2013  

Lewis Mandell

University of Washington - Foster School of Business and Aspen Institute

Linda Schmid Klein

University of Connecticut - Department of Finance

Date Written: 2009

Abstract

This study examined the differential impact on 79 high school students of a personal financial management course completed 1 to 4 years earlier. This study used a matched sample design based on a school system’s records to identify students who had and had not taken a course in personal financial management. The findings indicated that those who took the course were no more financially literate than those who had not. In addition, those who took the course did not evaluate themselves to be more savings-oriented and did not appear to have better financial behavior than those who had not taken the course. The study raises serious questions about the longer-term effectiveness of high school financial literacy courses.

Keywords: financial literacy, financial management, high school students, personal financial management course

Suggested Citation

Mandell, Lewis and Klein, Linda Schmid, The Impact of Financial Literacy Education on Subsequent Financial Behavior (2009). Journal of Financial Counseling and Planning, Vol. 20, No. 1, 2009. Available at SSRN: https://ssrn.com/abstract=2224231

Lewis Mandell (Contact Author)

University of Washington - Foster School of Business and Aspen Institute ( email )

Seattle, WA 98105

Linda Schmid Klein

University of Connecticut - Department of Finance ( email )

School of Business
2100 Hillside Road
Storrs, CT 06269
United States
860-486-2765 (Phone)
860-486-0634 (Fax)

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