Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/301313 
Year of Publication: 
2024
Series/Report no.: 
CESifo Working Paper No. 11187
Publisher: 
CESifo GmbH, Munich
Abstract: 
We study the effects of digital financial education interventions on undergraduate students’ financial knowledge in a small-scale RCT. We test the substitutability or complementarity of two treatments: an online video financial education treatment and an incentive-based approach where students are issued pre-paid voucher cards worth 50 EUR to register with a broker specializing in robo-advised investment in Exchange Traded Funds (ETFs). Three months after the intervention, the video treatment enhanced financial knowledge scores by more than 0.5 standard deviations. Conversely, the vouchers showed no effect. The findings suggest that subsidies encouraging robo-advised investment into ETFs cannot substitute direct financial education in our setting, and there is no evidence for complementarity between these interventions.
Subjects: 
digital intervention
financial literacy
Financial knowledge
financial education
robo-advisor
ETFs
JEL: 
G53
Document Type: 
Working Paper
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