Financial education measures are effective: Germany should develop a national strategy for financial education

Artikel

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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: DIW Weekly Report ; ISSN: 2568-7697 ; Volume: 11 ; Year: 2021 ; Issue: 38 ; Pages: 287-294 ; Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Analysis of Education
• Thema: financial education ; financial literacy ; financial behavior ; meta-analysis

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Kaiser, Tim ; Menkhoff, Lukas
• Ereignis: Veröffentlichung
• (wer): Deutsches Institut für Wirtschaftsforschung (DIW)
• (wo): Berlin
• (wann): 2021

Weitere Informationen

• DOI: doi:10.18723/diw_dwr:2021-38-1
• Handle: http://hdl.handle.net/10419/245535
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ