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 language | English |
|---|---|
| Pages (from-to) | 1371-1386 |
| Number of pages | 16 |
| Journal | Child Indicators Research |
| Volume | 13 |
| Issue number | 4 |
| Early online date | 12 Dec 2019 |
| DOIs | |
| Publication status | Published - 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.Funding
This study was funded by grants from the Investor and Financial Education Council, Securities and Future Commission, Hong Kong SAR.
Keywords
- Adolescents
- Financial capability
- Financial education
- Gender difference
- Randomized experimental trial