NBER

Lukas Menkhoff

Humboldt-University of Berlin
Germany

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliations: Humboldt University Berlin and DIW Berlin

NBER Working Papers and Publications

April 2020Financial Education Affects Financial Knowledge and Downstream Behaviors
with Tim Kaiser, Annamaria Lusardi, Carly J. Urban: w27057
We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,000 individuals. The evidence shows that financial education programs have, on average, positive causal treatment effects on financial knowledge and downstream financial behaviors. Treatment effects are economically meaningful in size, similar to those realized by educational interventions in other domains, and are at least three times as large as the average effect documented in earlier work. These results are robust to the method used, restricting the sample to papers published in top economics journals, including only studies with adequate power, and accounting for publication selection bias in the literature. ...

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