The impact of high school financial education

Produced by: 
The World Bank
Available from: 
December 2013
Paper author(s): 
Miriam Bruhn
Luciana de Souza Leão
Arianna Legovini
Rogelio Marchetti
Bilal Zia
Education and Health

This paper studies the impact of a comprehensive financial education program spanning six states, 868 schools, and approximately 20,000 high school students in Brazil through a randomized control trial. The program increased student financial knowledge by a quarter of a standard deviation and led to a 1.4 percentage point increase in saving for purchases, better likelihood of financial planning, and greater participation in household financial decisions by students."Trickle-up"impacts on parents were also significant, with improvements in parent financial knowledge, savings, and spending behavior. The study also finds evidence that the program affected students'inter-temporal preferences and attitudes.


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