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Financial Education in Schools: A Meta-Analysis of Experimental Studies

Diskussionspapiere extern

Tim Kaier, Lukas Menkhoff

München: CESifo, 2018, 35 S.
(CESifo Working Papers ; 7395)


We study the literature on school financial education programs for children and youth via aquantitative meta-analysis of 37 (quasi-) experiments. We find that financial education treatmenthas, on average, a significant and sizeable impact on financial knowledge (+0.25 SD), similar toeducational interventions in other domains. Additionally, we document small but still significanteffects on financial behaviors (+0.05 SD). These results are robust to restricting the sample to 18randomized experiments and they hold irrespective of the meta-analytic method used. Meta-regressions show the beneficial effect of more intensive treatments and smaller class size, albeitwith decreasing marginal returns.

Lukas Menkhoff

Senior Research Associate in the Macroeconomics Department

JEL-Classification: I21;A21;D14
Keywords: financial education, financial literacy, financial behavior, meta-analysis
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