The ABCs of Financial Education : Experimental Evidence on Attitudes, Behavior, and Cognitive Biases
Financial literacy - the ability to make informed decisions regarding money - plays a critical role in ensuring both the well-being of households and the stability of the financial system. Consequently, numerous private institutions, non-profit org...
| Main Authors: | , , , |
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| Format: | Brief |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/509541486539234677/The-ABCs-of-financial-education-experimental-evidence-on-attitudes-behavior-and-cognitive-biases http://hdl.handle.net/10986/26068 |
| Summary: | Financial literacy - the ability to make
informed decisions regarding money - plays a critical role
in ensuring both the well-being of households and the
stability of the financial system. Consequently, numerous
private institutions, non-profit organizations, and
governments have responded by implementing financial
education programs. However, empirical evidence on the
efficacy of such programs provides only mixed results, and
little is known about which aspects of financial education
initiatives successfully enhance financial behavior and
financial outcomes. The authors combined financial education
with cash incentives for learning, non-compulsory
goal-setting, and personalized financial counseling services
to study the attitudinal, behavioral, and cognitive
constraints that can stymie the link between financial
education and outcomes. |
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