Using university admission cutoffs that generate exogenous variation in college-major choices, we provide causal evidence that enrollment in a business or economics program leads individuals to invest significantly more in the stock market, earn higher portfolio returns, and ultimately...

We examine the causal effect of education on financial outcomes related to stock markets and retirement savings, leveraging a major compulsory school reform and a unique data set covering the universe of investors in Türkiye. The estimates show no effects on participation rates, portfolio...

There are many concerns about financial competences of Millennials. Initial research on this generation suggests that it is less financially knowledgeable and exhibits less healthy financial behaviours compared to other generations. The goal of the article is to compare Millennials to...

The COVID-19 pandemic has shown how important it is to prepare one's own financial budget for the unexpected loss of income. In this dimension, the financial education of the society plays an invaluable role. It allows us to account for events that may adversely affect personal finances in our...

Financial Education courses required for high school graduation make a difference in students' future financial lives. Given that schools exercise local control, there are a variety of types of courses offered and required by US high schools. It remains unclear why and where this variation...

Professional advice can be perceived as a means to tackleshortcomings in the objectively measuredfinancial literacy ofconsumers. However, most studies suggest that lessfinanciallyliterate individuals are less likely to seek experts'financial advice.At the same time, it has been shown...

We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,000 individuals. The evidence shows that financial education programs have, on average, positive causal treatment...

This paper investigates the moderating effect of confidence on the gender gap in financial literacy based on a nationwide survey of German high school students. Two measures of confidence are applied while controlling for cognitive abilities and several independent variables. This study shows...

This paper studies whether school-based financial education has spillover effects from children to parents. Leveraging data from a large-scale experiment with public high schools in Peru and credit bureau records on the parents of the youth targeted, this study measures the impact of providing...

This article provides a concise narrative overview of the rapidly growing empirical literature on financial literacy and financial education. We first discuss stylized facts on the demographic correlates of financial literacy. We next cover the evidence on the effects of financial literacy on...