Publication Type
Journal Article
Version
publishedVersion
Publication Date
8-2017
Abstract
We evaluate how financial education provided to college students influenced their financial knowledge and planning in a quasi-experimental setting where we control for student motivation to enroll in the course. Using a difference-in-difference strategy, we show that financial education led to an increase in financial knowledge and planning. Specifically, we find that financial education improved students’ financial knowledge score by 11%, and financial planning score by 16%. No statistically significant effects are detected for student levels of financial prudence, discipline, or outcomes related to credit card usage.
Keywords
Financial literacy, natural experiment
Discipline
Asian Studies | Finance and Financial Management
Research Areas
Finance
Areas of Excellence
Growth in Asia
Publication
Journal of Pension Economics and Finance
Volume
17
Issue
3
First Page
254
Last Page
277
ISSN
1474-7472
Identifier
10.1017/S1474747217000312
Publisher
Cambridge University Press
Citation
BARUA, Rashmi; KOH, Seng Kee Benedict; and MITCHELL, Olivia S..
Does financial education enhance financial preparedness? Evidence from a natural experiment in Singapore. (2017). Journal of Pension Economics and Finance. 17, (3), 254-277.
Available at: https://ink.library.smu.edu.sg/lkcsb_research/7706
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
http://doi.org/10.1017/S1474747217000312