Financial Education and Spillover Effects

33 Pages Posted: 3 May 2022 Last revised: 15 Jul 2022

See all articles by Theodosis L. Kallenos

Theodosis L. Kallenos

University of Cyprus-School of Economics and Management- Department of Accounting and Finance

Andreas Milidonis

University of Cyprus - Department of Accounting and Finance

George Nishiotis

University of Cyprus-Faculty of Economics and Management-Department of Accounting and Finance

Stavros A. Zenios

University of Cyprus; Bruegel; University of Pennsylvania - Wharton Financial Institutions Center; Cyprus Academy of Sciences, Letters, and Arts

Date Written: July 2022

Abstract

Using a newly-introduced, semester-long, university course on financial education in a country of low financial literacy, we find evidence of financial knowledge spillovers from students to their parents. We measure the financial knowledge score of students and parents, before and after the introduction of the course, using both a treatment and a control sample. The spillover effect is economically significant and it is driven from the subsample of students who have frequent, face-to-face interaction with their parents.

Keywords: Financial Education, Financial Literacy, Spillover, University course

JEL Classification: G53

Suggested Citation

Kallenos, Theodosis L. and Milidonis, Andreas and Nishiotis, George P. and Zenios, Stavros A., Financial Education and Spillover Effects (July 2022). Available at SSRN: https://ssrn.com/abstract=4094763 or http://dx.doi.org/10.2139/ssrn.4094763

Theodosis L. Kallenos

University of Cyprus-School of Economics and Management- Department of Accounting and Finance ( email )

1 University Avenue
P.O. Box 20537
Nicosia, CY-1678
Cyprus
+35722893628 (Phone)
+35722895475 (Fax)

Andreas Milidonis (Contact Author)

University of Cyprus - Department of Accounting and Finance ( email )

P.O. Box 20537
Nicosia CY-1678
Cyprus
+357 22 893 626 (Phone)

HOME PAGE: http://www.ucy.ac.cy/~amilidon/

George P. Nishiotis

University of Cyprus-Faculty of Economics and Management-Department of Accounting and Finance ( email )

Cyprus

Stavros A. Zenios

University of Cyprus ( email )

75 Kallipoleos Street
P.O. Box 20537
Nicosia CY-1678
Cyprus
+357 2 893605 (Phone)

HOME PAGE: http://https://www.researchgate.net/profile/Stavros_Zenios

Bruegel ( email )

Rue de la Charité 33
B-1210 Brussels Belgium, 1210
Belgium

University of Pennsylvania - Wharton Financial Institutions Center ( email )

3733 Spruce Street
Philadelphia, PA 19104-6374
United States

HOME PAGE: http://zenios.wordpress.com

Cyprus Academy of Sciences, Letters, and Arts ( email )

Nicosia
Cyprus

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