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Does Financial Education Impact Financial Literacy and Financial Behavior, and if So, When?

Discussion Papers 1562, 35, 52 S.

Tim Kaiser, Lukas Menkhoff

2016. Revised Version, May 2017.

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Forthcoming in: Economics of Education Review


In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: Financial education is less effective for lowincome clients as well as in low and lower-middle income economies. Specific behaviors, such as the handling of debt, are more difficult to influence and mandatory financial education tentatively appears to be less effective. Thus, intervention success depends crucially on increasing education intensity and offering financial education at a “teachable moment.”

Lukas Menkhoff

Head of Department in the International Economics Department

JEL-Classification: D14;I21
Keywords: Financial education, financial literacy, financial behavior, metaanalysis, meta-regression, impact evaluation
Frei zugängliche Version: (econstor)