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Can Personal Financial Management Education Promote Asset Accumulation by the Poor?

Networks Financial Institute Policy Brief No. 2006-PB-06

16 Pages Posted: 10 Aug 2006  

John Caskey

Swarthmore College - Economics Department; Bard College - The Levy Economics Institute

Date Written: March 2006

Abstract

This paper asks whether personal financial management education is an effective mechanism for helping lower-income households accumulate financial assets and improve credit histories. The paper argues that the best existing studies of the effectiveness of financial literacy initiatives suggest that such initiatives might help lower-income households build savings and improve credit records, but the results are only suggestive due to the limitations of the studies. The paper concludes that a high research priority should be to gathering more robust evidence on whether teaching personal financial management skills to lower-income households can be an effective means to improve their financial situations.

Keywords: personal financial management education, financial literacy, impact evaluation, poverty, asset accumulation

Suggested Citation

Caskey, John, Can Personal Financial Management Education Promote Asset Accumulation by the Poor? (March 2006). Networks Financial Institute Policy Brief No. 2006-PB-06. Available at SSRN: https://ssrn.com/abstract=923565 or http://dx.doi.org/10.2139/ssrn.923565

John Caskey (Contact Author)

Swarthmore College - Economics Department ( email )

Swarthmore, PA 19081
United States

Bard College - The Levy Economics Institute

Blithewood
Annandale-on-Hudson, NY 12504
United States

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