Education and saving:

Bernheim, B. Douglas; Garrett, Daniel M.; Maki, Dean M.

doi:10.1016/s0047-2727(00)00120-1

Cited by 379 publications

(74 citation statements)

References 20 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Although Bernheim, Garrett, and Maki (2001) find that high school students participating in a mandatory financial education course subsequently saved at higher rates than did nonparticipating students, Cole, Paulson, and Shastry (2014) find no such correlation in their examination of the same data and point to exogenous factors that contributed to the association observed by Bernheim and colleagues. Yet many have noted the positive attitudinal and behavioral outcomes for youth who participate in financial education programs (see, e.g., Boyce and Danes 1999;Lyons, Chang, and Scherpf 2006).…”

Section: Financial Education and Financial Well-beingmentioning

confidence: 87%

Financial Education and Savings Outcomes for Low‐Income IDA Participants: Does Age Make a Difference?

Grinstein‐Weiss¹,

Guo²,

Reinertson³

et al. 2015

Journal of Consumer Affairs

View full text Add to dashboard Cite

This study considers the impact of financial education dosage on savings outcomes of participants in Individual Development Account (IDA) programs. It analyzes data from a sample of approximately 2,000 participants in the American Dream Policy Demonstration, disaggregates outcomes by age, and uses propensity score modeling to control for endogeneity and selection bias. We find that, relative to counterparts who did not complete educational requirements, IDA participants who completed program requirements for financial education had higher average monthly savings, saved a higher portion of their income, and deposited savings more frequently. Notably, we find that participants aged 36 or older experienced increasing returns on investment in financial education, and the best outcomes are found among those with more than 200% of the required dose of financial education. However, younger participants with more than 100% of the required dose are found to experience a diminishing return on their investment in financial education.Recent developments in the global economy have made financial management increasingly complex

show abstract

Section: Financial Education and Financial Well-beingmentioning

confidence: 87%

Financial Education and Savings Outcomes for Low‐Income IDA Participants: Does Age Make a Difference?

Grinstein‐Weiss¹,

Guo²,

Reinertson³

et al. 2015

Journal of Consumer Affairs

View full text Add to dashboard Cite

show abstract

“…Hastings and Mitchell [37] argued that consumers having trouble with financial decisions were specific to various cohorts; for instance, although the improvement in financial literacy through financial education was significantly correlated with wealth, it appeared to be a weaker predictor of sensitivity to framing in investment decisions. In addition, these financial education courses, which are related to financial knowledge, have a long-term positive effect on consumers [38]. Thus, sustainable financial education in the long-term is of significance in improving consumer life satisfaction.…”

Section: Previous Research On Financial Educationmentioning

confidence: 99%

Sustainable Financial Education and Consumer Life Satisfaction

Chen

Wang

et al. 2020

Sustainability

View full text Add to dashboard Cite

Sustainable financial education is defined as the continuous input of money and time on financial knowledge education after formal schooling. The purpose of this paper is to examine the impact of sustainable financial education on consumer life satisfaction. Utilizing the dataset of Household Consumer Finance of Chinese Urban Residents in 2012 by the China Financial Research Center of Tsinghua University, the variable of sustainable financial education is constructed through the variables of the necessity of financial education, the money spent on financial education, and the time spent on financial education. To improve the estimation results, order probit regression is utilized. The results indicate that financial education is significantly positive to consumer life satisfaction only for a consumer with higher education. Consumers who regard financial education to be of high necessity will feel more satisfied. The results also show that consumers who spend more money and time on financial education after formal schooling will be more satisfied. Moreover, the sustainable impacts of financial education on consumer life satisfaction are verified. In addition, this study provides empirical evidence that suggests that sustainable financial education positively contributes to consumer life satisfaction. The results have implications for policymakers to take measures in enhancing sustainable financial education to improve consumer life satisfaction.

show abstract

“…The pioneer study analysing the relationship between training in financial areas and the level of savings was conducted by Bernheim, Garrett, and Maki (2001). It was shown that adults who received a course in financial management during their secondary education studies had increased savings rates.…”

mentioning

confidence: 99%

Factors that influence the financial literacy of young Spanish consumers

Mancebón-Torrubia

Ximénez-de-Embún

Mediavilla

et al. 2019

Int J Consumer Studies

View full text Add to dashboard Cite

This study examines the development of mathematical and financial literacy skills amongst 471 students in Spain. Most studies on this topic have looked at either one or the other skill but they have not examined the relationship between the two. The use of simultaneous equations has enabled us to do so. The aim of the paper is to disentangle the factors determining the financial skills of young consumers in Spain. To do this, the PISA Financial Literacy Assessment conducted by the OECD in 2012 is used. Our paper’s main contribution lies in the methodological way to deal with the empirical challenges overshadowing our study. Particularly, our methodological strategy is defined by the application of a multi‐level model of simultaneous equations (MSiEM). This method allows us to take into account the simultaneous determination of math and financial skills at school and the nested structure of the database. This MSiEM permits the identification of the determinants of financial skills, differentiating between the influences operating at school level from those at student level. A first conclusion is that the development of financial abilities of young consumers is mediated by their mathematical skills. A second conclusion, in accordance with those of other international studies, is the importance of the family on the financial literacy of 15‐year‐old Spanish students. The family, a first‐order determinant in reading, science and math scores, is also a key variable in the development of financial skills. Finally, school type (public vs. private) does not display any effect on either the financial or math performance of Spanish young people.

show abstract

Education and saving:

Cited by 379 publications

References 20 publications

Financial Education and Savings Outcomes for Low‐Income IDA Participants: Does Age Make a Difference?

Financial Education and Savings Outcomes for Low‐Income IDA Participants: Does Age Make a Difference?

Sustainable Financial Education and Consumer Life Satisfaction

Factors that influence the financial literacy of young Spanish consumers

Contact Info

Product

Resources

About