The Impact of High School Financial Education: Experimental Evidence from Brazil

55 Pages Posted: 20 Apr 2016

See all articles by Miriam Bruhn

Miriam Bruhn

World Bank - Development Research Group (DECRG)

Luciana de Souza Leao

Columbia University

Arianna Legovini

World Bank

Rogelio Marchetti

World Bank - Latin America and Caribbean Region

Bilal Zia

World Bank - Development Research Group (DECRG)

Date Written: December 1, 2013

Abstract

This paper studies the impact of a comprehensive financial education program spanning six states, 868 schools, and approximately 20,000 high school students in Brazil through a randomized control trial. The program increased student financial knowledge by a quarter of a standard deviation and led to a 1.4 percentage point increase in saving for purchases, better likelihood of financial planning, and greater participation in household financial decisions by students. "Trickle-up" impacts on parents were also significant, with improvements in parent financial knowledge, savings, and spending behavior. The study also finds evidence that the program affected students' inter-temporal preferences and attitudes.

Keywords: Tertiary Education, Financial Literacy, Education For All, Secondary Education, Primary Education

Suggested Citation

Bruhn, Miriam and de Souza Leao, Luciana and Legovini, Arianna and Marchetti, Rogelio and Zia, Bilal, The Impact of High School Financial Education: Experimental Evidence from Brazil (December 1, 2013). World Bank Policy Research Working Paper No. 6723, Available at SSRN: https://ssrn.com/abstract=2367083

Miriam Bruhn (Contact Author)

World Bank - Development Research Group (DECRG) ( email )

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Luciana De Souza Leao

Columbia University

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New York, NY 10027
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Arianna Legovini

World Bank ( email )

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United States

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Rogelio Marchetti

World Bank - Latin America and Caribbean Region

1818 H Street NW
Washington, DC 20433
United States

Bilal Zia

World Bank - Development Research Group (DECRG) ( email )

MC3-445
1818 H Street, N.W.
Washington, DC 20433

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