DP12632 The Impact of High School Financial Education on Financial Knowledge and Choices: Evidence from a Randomized Trial in Spain

Author(s): Olympia Bover, Laura Hospido, Ernesto Villanueva
Publication Date: January 2018
Keyword(s): Financial Education, Impact Evaluation
JEL(s): D14, D91, I22, J24
Programme Areas: Financial Economics
Link to this Page: cepr.org/active/publications/discussion_papers/dp.php?dpno=12632

We conducted a randomized controlled trial where 3,000 9th grade students coming from 78 high schools received a financial education course at different points of the year. Right after the treatment, test performance increased by 16% of one standard deviation, treated youths were more likely to become involved in financial matters at home and showed more patience in hypothetical saving choices. In an incentivized saving task conducted three months after, treated students made more patient choices than a control group of 10th graders. Within randomization strata, the main impacts are also statistically significant in public schools, which over-represent disadvantaged students.