The Impact of Financial Education for Youth in Ghana

33 Pages Posted: 6 Apr 2015

See all articles by James Berry

James Berry

Cornell University - Department of Economics

Dean S. Karlan

Northwestern University - Kellogg School of Management; Yale University; Innovations for Poverty Action; Massachusetts Institute of Technology (MIT) - Abdul Latif Jameel Poverty Action Lab (J-PAL); National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Menno Prasad Pradhan

Vrije Universiteit Amsterdam, School of Business and Economics; University of Amsterdam - Faculty of Economics and Business (FEB)

Multiple version iconThere are 4 versions of this paper

Date Written: April 2015

Abstract

We evaluate, using a randomized trial, two school-based financial literacy education programs in government-run primary and junior high schools in Ghana. One program integrated financial and social education, whereas the second program only offered financial education. Both programs included a voluntary after-school savings club that provided students with a locked money box. After nine months, both programs had significant impacts on savings behavior relative to the control group, mostly because children moved savings from home to school. We observed few other impacts. We do find that financial education, when not accompanied by social education, led children to work more compared to the control group, whereas no such effect is found for the integrated curriculum; however, the difference between the two treatment effects on child labor is not statistically significant.

Suggested Citation

Berry, James and Karlan, Dean S. and Pradhan, Menno, The Impact of Financial Education for Youth in Ghana (April 2015). NBER Working Paper No. w21068, Available at SSRN: https://ssrn.com/abstract=2590234

James Berry (Contact Author)

Cornell University - Department of Economics ( email )

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Ithaca, NY 14853-7601
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Dean S. Karlan

Northwestern University - Kellogg School of Management ( email )

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Yale University ( email )

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New Haven, CT 06520-8269
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Innovations for Poverty Action ( email )

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Massachusetts Institute of Technology (MIT) - Abdul Latif Jameel Poverty Action Lab (J-PAL) ( email )

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National Bureau of Economic Research (NBER)

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Centre for Economic Policy Research (CEPR) ( email )

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Menno Pradhan

Vrije Universiteit Amsterdam, School of Business and Economics ( email )

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Amsterdam, 1081HV
Netherlands
+31(0)20 444 6137 (Phone)
+31(0)20 444 6127 (Fax)

University of Amsterdam - Faculty of Economics and Business (FEB) ( email )

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Amsterdam, 1018 WB
Netherlands

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