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

Referierte Aufsätze Web of Science

Tim Kaiser, Lukas Menkhoff

In: Economics of Education Review 78 (2020), 101930, 15 S.


We study the literature on school financial education programs for children and youth via a quantitative meta-analysis of 37 (quasi-) experiments. We find that financial education treatments have, on average, sizeable impacts on financial knowledge (+0.33 SD), similar to educational interventions in other domains. Additionally, we document smaller effects on financial behaviors among students (+0.07 SD). When restricting the sample to 18 randomized experiments average effect sizes are estimated to be about 0.15 SD units on financial knowledge and 0.07 SD units on financial behaviors. These results are robust irrespective of the meta-analytic method used and when accounting for publication bias. Subgroup analyses show the beneficial effect of more intensive treatments, albeit with decreasing marginal returns.

Lukas Menkhoff

Senior Research Associate in the Macroeconomics Department

JEL-Classification: I21;A21;D14
Keywords: Financial behavior, Financial education, Financial literacy, Meta-analysis