Impact of Financial Education on Adolescent Financial Capability: Evidence from a Pilot Randomized Experiment

Alex Yue Feng ZHU*

*Corresponding author for this work

Research output: Journal PublicationsJournal Article (refereed)

Abstract

Financial capability is an important competence for adolescents, and secondary school is a natural setting in which to deliver financial education courses. Currently, however, little empirical evidence has been published on the effects of in-school financial education on financial capability in adolescents. This pilot study brought together a randomized experimental design, a combination of local and non-local financial education courses, comprehensive measurements, and multi-level structural equation modeling for data analysis to evaluate the outcomes of a financial education project in a representative sample of Hong Kong adolescents. Results demonstrated that our financial intervention made a positive impact on objective financial knowledge and financial self-efficacy but a negative one on financial behaviors. Positive effects on financial self-efficacy were stronger in male adolescents than in females. Our findings represent an important contribution to the literature regarding financial education at the secondary school level.
Original languageEnglish
Pages (from-to)1371-1386
Number of pages16
JournalChild Indicators Research
Volume13
Issue number4
Early online date12 Dec 2019
DOIs
Publication statusPublished - Aug 2020

Bibliographical note

Financial capability is an important competence for adolescents, and secondary school is a natural setting in which to deliver financial education courses. Currently, however, little empirical evidence has been published on the effects of in-school financial education on financial capability in adolescents. This pilot study brought together a randomized experimental design, a combination of local and non-local financial education courses, comprehensive measurements, and multi-level structural equation modeling for data analysis to evaluate the outcomes of a financial education project in a representative sample of Hong Kong adolescents. Results demonstrated that our financial intervention made a positive impact on objective financial knowledge and financial self-efficacy but a negative one on financial behaviors. Positive effects on financial self-efficacy were stronger in male adolescents than in females. Our findings represent an important contribution to the literature regarding financial education at the secondary school level.

Keywords

  • Adolescents
  • Financial capability
  • Financial education
  • Gender difference
  • Randomized experimental trial

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