Assessing Financial Education: Evidence from Boot Camp

American Economic Journal: Economic Policy, (8)2, 2015

41 Pages Posted: 8 Jan 2020

See all articles by Bill Skimmyhorn

Bill Skimmyhorn

Mason School of Business, College of William & Mary; U.S. Army Office of Economic and Manpower Analysis

Date Written: July 21, 2015

Abstract

This study estimates the effects of Personal Financial Management Course attendance and enrollment assistance using a natural experiment in the U.S. Army. Course attendance reduces the probability of select credit account balances, average account balances, delinquencies, and adverse legal actions in the first year after the course, but it has no effects on accounts in the second year or credit scores in either year. The course and its bundled enrollment assistance increase retirement savings rates from 12% to 24%, with effects that persist through at least two years. The course has no significant effects on military labor market outcomes.

Keywords: financial education, household finance, retirement savings, credit

JEL Classification: A29, D14, G11, H52, I21, I28

Suggested Citation

Skimmyhorn, William, Assessing Financial Education: Evidence from Boot Camp (July 21, 2015). American Economic Journal: Economic Policy, (8)2, 2015, Available at SSRN: https://ssrn.com/abstract=3505514

William Skimmyhorn (Contact Author)

Mason School of Business, College of William & Mary ( email )

Williamsburg, VA
United States

HOME PAGE: http://https://mason.wm.edu/faculty/directory/full-time-faculty/skimmyhorn_w.php

U.S. Army Office of Economic and Manpower Analysis ( email )

West Point, NY
United States

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