In the U.S., a number of states have mandated personal finance classes in public school curricula to address perceived deficiencies in financial decision-making competency. Despite the growth of financial and economic education provided in public schools, little is known about the effect of...

Over the past decade, concerns have been raised about the extent to which Americans as a whole are sufficiently financially literate to make the complex decisions required in the ever-changing financial marketplace. In response to these concerns, financial education, which aims to make consumers...

Financial education is often held up as a solution to negative financial behaviors, in large part due to the correlations among lower levels of financial knowledge, fewer savings behaviors, and higher rates of credit problems. Studies evaluating financial education are often plagued by...

Loan modifications offer one strategy to prevent mortgage foreclosures by lowering interest rates, extending loan terms and/or reducing principal balance owed. Yet modifications are largely at the discretion of loan servicers and not as systematically transparent as loan application approvals...

This paper analyzes 26 studies that assess the impact of financial education and counseling targeted to low- and moderate-income consumers. Most studies report significant and positive findings, but the magnitude of impacts is often small compared to a control group. The evidence of behavior...