Articlegreen2017

Does financial education enhance financial preparedness? Evidence from a natural experiment in Singapore

Rashmi Barua · Benedict Koh · Olivia S. Mitchell

27 citations0/0 files storedJournal of Pensions Economics and Finance

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Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics Financial Literacy and Behavior

Abstract

Abstract We evaluate how financial education provided to college students influenced their financial knowledge and planning in a quasi-experimental setting where we control for student motivation to enroll in the course. Using a difference-in-difference strategy, we show that financial education led to an increase in financial knowledge and planning. Specifically, we find that financial education improved students’ financial knowledge score by 11%, and financial planning score by 16%. No statistically significant effects are detected for student levels of financial prudence, discipline, or outcomes related to credit card usage.

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References

2014The Economic Importance of Financial Literacy: Theory and Evidence 2014Financial Literacy, Financial Education, and Downstream Financial Behaviors 2007Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth 1998An Analysis of Personal Financial Literacy Among College Students 2010Financial Literacy among the Young 2007Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education 1978Estimating the Effect of Training Programs on Earnings 2009Present-Biased Preferences and Credit Card Borrowing

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2020Financial Literacy in Asia: A Scoping Review 2021Impact of financial literacy models on the financial behavior of individuals: An empirical study on the Indian context 2024Financial knowledge and responsible credit card behavior: exploring mediators and moderators

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