Financial Literacy, Experimental Preference Measures and Field Behavior – A Randomized Educational Intervention

Matthias Sutter (), Michael Weyland (), Anna Untertrifaller (), Manuel Froitzheim () and Sebastian Schneider
Additional contact information
Matthias Sutter: Max Planck Institute for Research on Collective Goods, Bonn, University of Cologne, University of Innsbruck, IZA Bonn, and CESifo Munich
Michael Weyland: Ludwigsburg University of Education
Anna Untertrifaller: University of Cologne
Manuel Froitzheim: University of Siegen

No 229, ECONtribute Discussion Papers Series from University of Bonn and University of Cologne, Germany

Abstract: We present the results of a randomized intervention to study how teaching financial literacy to 16-year old high-school students affects their behavior in risk and time preference tasks. Compared to two different control treatments, we find that teaching financial literacy makes subjects behave more patiently, more time-consistent, and more risk-averse. These effects persist for up to almost 5 years after our intervention. Behavior in the risk and time preference tasks is related to financial behavior outside the lab, in particular spending patterns. This shows that teaching financial literacy affects economic decision-making which in turn is important for field behavior.

Keywords: Financial literacy; randomized intervention; risk preferences; time preferences; financial behavior; field experiment (search for similar items in EconPapers)
JEL-codes: C93 D14 I21 (search for similar items in EconPapers)
Pages: pages
Date: 2023-05
New Economics Papers: this item is included in nep-cbe, nep-edu, nep-exp, nep-fle and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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https://www.econtribute.de/RePEc/ajk/ajkdps/ECONtribute_229_2023.pdf First version, 2023 (application/pdf)

Related works:
Working Paper: Financial Literacy, Experimental Preference Measures and Field Behavior – A Randomized Educational Intervention (2023)
Working Paper: Financial Literacy, Experimental Preference Measures and Field Behavior – A Randomized Educational Intervention (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:ajk:ajkdps:229

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