25 Jahre IWH

Veranstaltung
28
Nov 2016

14:15 - 15:45

Does Financial Education Impact Financial Behavior, and if so, When?

In a meta-analysis of 115 experimental impact evaluations, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy.

Speaker
Professor Dr. Lucas Menkhoff , Deutsches Institut für Wirtschaftsforschung e.V. (DIW Berlin)
Location
IWH-Konferenzsaal
Professor Dr. Lucas Menkhoff

Über den Autor

Professor Dr. Lucas Menkhoff

Lukas Menkhoff ist Leiter der Abteilung Weltwirtschaft am DIW Berlin und Professor für Volkswirtschaftslehre (Weltwirtschaft) an der Humboldt-Universität zu Berlin. Er ist zudem Mitglied des Graduiertenkollegs Globalization and Development der Universitäten Göttingen und Hannover sowie Associate Editor des Journal of Economic Behavior and Organization. Seine Forschungsschwerpunkte sind internationale Finanzmärkte und finanzielle Entwicklung.

In a meta-analysis of 115 experimental impact evaluations, we find that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: Financial education is less effective in low- and medium income countries; some target groups, such as low-income clients, or specific behaviors, such as borrowing, are difficult to influence; additionally mandatory financial education appears to be less effective. Thus, success depends crucially on increasing training intensity and offering financial education at a “teachable moment.”

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