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Journal of Banking & Finance Vol. 54 2015

Teaching teenagers in finance: Does it work?

Melanie Lührmann1,2; Marta Serra-Garcia; Joachim Winter3,4

1 Institute for Fiscal Studies · 2 Royal Holloway University of London · 3 Department of Economics, University of Munich, Germany · 4 Munich Center for the Economics of Aging (MEA), Germany

Abstract

Many initiatives worldwide aim at improving financial literacy through targeted education programs, yet there is little evidence regarding their effectiveness. We examine the impact of a short financial education program on teenagers in German high schools. Our findings reveal that the training program significantly increases teenagers’ interest in financial matters and their financial knowledge, especially their ability to properly assess the riskiness of assets. Behaviorally, we observe a decrease in the prevalence of self-reported impulse purchases, but at the same time find no evidence of a significant increase in savings.

DOI
10.1016/j.jbankfin.2014.11.009
Volume
54
Pages
160-174
Language
en
Sources
openalex crossref bibtex:phds-export.bib

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