Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/245535 
Year of Publication: 
2021
Citation: 
[Journal:] DIW Weekly Report [ISSN:] 2568-7697 [Volume:] 11 [Issue:] 38 [Publisher:] Deutsches Institut für Wirtschaftsforschung (DIW) [Place:] Berlin [Year:] 2021 [Pages:] 287-294
Publisher: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Abstract: 
The OECD recommends its member countries implement national strategies for financial education. Many other countries, such as China and India, also have such strategies, whereas Germany does not. The strongest reason for rejecting such a strategy is the supposition that financial education interventions are ineffective. Using all available randomized experimental studies, this study investigates and unequivocally rejects this hypothesis. On average, financial education interventions are significantly effective and the extent is similar to comparable (educational) interventions. While it is possible that individual interventions may fail, these failures are exceptions. Overall, financial education works: It works also even if is short-lived, if its effectiveness is not verified for over a year, if circumstances are difficult, and if teaching approaches are conventional. The argument that financial education is ineffective is thus invalidated and, against this background, German policymakers can move forward in implementing the OECD recommendations.
Subjects: 
financial education
financial literacy
financial behavior
meta-analysis
JEL: 
G53
I21
Persistent Identifier of the first edition: 
Document Type: 
Article

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