Impact of financial education on adolescent financial capability: Evidence from a pilot randomized experiment

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9 Citations (Scopus)

Abstract

Financial capability is an important competence for adolescents, and secondary school is a natural setting in which to deliver financial education courses. Currently, however, little empirical evidence has been published on the effects of in-school financial education on financial capability in adolescents. This pilot study brought together a randomized experimental design, a combination of local and non-local financial education courses, comprehensive measurements, and multi-level structural equation modeling for data analysis to evaluate the outcomes of a financial education project in a representative sample of Hong Kong adolescents. Results demonstrated that our financial intervention made a positive impact on objective financial knowledge and financial self-efficacy but a negative one on financial behaviors. Positive effects on financial self-efficacy were stronger in male adolescents than in females. Our findings represent an important contribution to the literature regarding financial education at the secondary school level. Copyright © 2019 Springer Nature B.V.

Original languageEnglish
Pages (from-to)1371-1386
JournalChild Indicators Research
Volume13
Early online dateDec 2019
DOIs
Publication statusPublished - Aug 2020

Citation

Zhu, A. Y. F. (2020). Impact of financial education on adolescent financial capability: Evidence from a pilot randomized experiment. Child Indicators Research, 13, 1371-1386. https://doi.org/10.1007/s12187-019-09704-9

Keywords

  • Adolescents
  • Financial capability
  • Financial education
  • Gender difference
  • Randomized experimental trial

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