The Impact of High School Financial Education on Financial Knowledge and Choices: Evidence from a Randomized Trial in Spain

43 Pages Posted: 29 Jan 2018

See all articles by Olympia Bover

Olympia Bover

Banco de España - Research Department; Centre for Economic Policy Research (CEPR)

Laura Hospido

Banco de España - Research Department

Ernesto Villanueva

Banco de España - Research Department

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Abstract

We conducted a randomized controlled trial where 3,000 9th grade students coming from 78 high schools received a financial education course at different points of the year. Right after the treatment, test performance increased by 16% of one standard deviation, treated youths were more likely to become involved in financial matters at home and showed more patience in hypothetical saving choices. In an incentivized saving task conducted three months after, treated students made more patient choices than a control group of 10th graders. Within randomization strata, the main impacts are also statistically significant in public schools, which over-represent disadvantaged students.

Keywords: financial education, impact evaluation

JEL Classification: D14, D91, I22, J24

Suggested Citation

Bover, Olympia and Hospido, Laura and Villanueva, Ernesto, The Impact of High School Financial Education on Financial Knowledge and Choices: Evidence from a Randomized Trial in Spain. IZA Discussion Paper No. 11265, Available at SSRN: https://ssrn.com/abstract=3111139

Olympia Bover (Contact Author)

Banco de España - Research Department ( email )

Alcala 50
28014 Madrid
Spain
+34 91 338 5979 (Phone)
+34 91 338 5678 (Fax)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Laura Hospido

Banco de España - Research Department ( email )

Alcala 48
Madrid, 28014
Spain
+34 913385625 (Phone)
+34 913385678 (Fax)

HOME PAGE: http://www.laurahospido.com/

Ernesto Villanueva

Banco de España - Research Department ( email )

Alcala 50
28014 Madrid
Spain

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