Article2018

The Impact of Financial Education on Adolescents’ Intertemporal Choices

Melanie Lührmann · Marta Serra-García · Joachim Winter

74 citations0/0 files storedAmerican Economic Journal Economic Policy

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

Abstract

We study the impact of financial education on intertemporal choice in adolescence. The educational program was randomly assigned among high school students, and choices were measured using an incentivized experiment. Students who participated in the program make more time-consistent choices; are more likely to allocate payments to a single payment date, as opposed to spreading payment across two dates; and display increased consistency of choice with the law of demand. These findings suggest that financial education increases the quality of intertemporal decision-making and decreases narrow bracketing. (JEL C93, D14, D15, I21, J13)

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References

2002Time Discounting and Time Preference: A Critical Review 1997Golden Eggs and Hyperbolic Discounting 2014The Economic Importance of Financial Literacy: Theory and Evidence 1937A Note on Measurement of Utility 2014Financial Literacy, Financial Education, and Downstream Financial Behaviors 2007Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth 2010Financial Literacy among the Young 2008Planning and Financial Literacy: How Do Women Fare?

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