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

Diskussionspapiere extern , 35 S.

Tim Kaier, Lukas Menkhoff

München: CESifo, 2017, 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.

Tim Kaiser

Wissenschaftlicher Mitarbeiter in der Abteilung Weltwirtschaft

Lukas Menkhoff

Abteilungsleiter in der Abteilung Weltwirtschaft

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