Financial education in schools: A meta-analysis of experimental studies

By Tim Kaiser, Lukas Menkhoff. Economics of Education Review, 2020

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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 treatment has, on average, a significant and sizeable impact on financial knowledge (+0.25 SD), similar to educational interventions in other domains. Additionally, we document small but still significant effects on financial behaviors (+0.05 SD). These results are robust to restricting the sample to 18 randomized experiments and they hold irrespective of the meta-analytic method used. Metaregressions show the beneficial effect of more intensive treatments and smaller class size, albeit with decreasing marginal returns.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/1c6dc5d06920c2f04385138225b8e31900161bda