Experiential financial education: A field study of my classroom economy in elementary schools

Batty, M; Collins, J. Michael; O'Rourke, Collin; Odders-White, Elizabeth R.

doi:10.1016/j.econedurev.2020.102014

Cited by 35 publications

(28 citation statements)

References 17 publications

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“…In other words, there is an additional learning effect of 0.04 standard deviations from being assigned a homework alone and 0.03 standard deviations from being assigned a homework with parents, yet, the F-tests indicate that these differences between coefficients are not significant. The observed average effect size of the three interventions on financial knowledge amounts to 0.29, which is larger than the effects on financial knowledge found in previous financial education experiments, such as the effect of 0.25 standard deviations (with a standard error of 0.299) detected by Bruhn et al (2016), 0.16 standard deviations (with a standard error of 0.075) observed by Bover et al (2018), 0.20 standard deviations (with a standard error of 0.319) seen by Batty et al (2017) and 0.14 standard deviations (with a standard error of 0.022)…”

Section: Intention-to-treat Effectcontrasting

confidence: 58%

“…Parents could, therefore, help to answer the questions in the homework and offer further explanation to the students. Second, as 6 The teaching material was in line with the contemporary need of interactive learning (Amagir, Groot, Maassen van den Brink, & Wilschut, 2017;Batty et al, 2015) and positive experimental evidence on active learning methods in financial education (Batty et al, 2017;Kaiser & Menkhoff, 2018). the parents understand their child well, they could alter the learning process based on their child's character and interests.…”

Section: Interventionmentioning

confidence: 88%

“…3 However, most of these studies did not consider the role of parents in influencing the financial education of their children. A small number of experiments assessed the effects of school taught financial education on family communication about financial topics (Batty, Collins, ORourke, & Odders-White, 2017;Bover, Hospido, & Villanueva, 2018;Frisancho, 2018). These studies showed that financial education at school increases the frequency of family communication about financial topics, but do not assess the extent to which the targeted involvement of parents can enhance these effects.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

The effects of parental involvement in homework: two randomised controlled trials in financial education

Maldonado

Witte

Declercq³

2021

Empir Econ

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Based on two randomised controlled trials with a total of 2,779 students from grade 8 and 9 in Flanders, we provide causal evidence on the effects of parental involvement on students' learning in a financial education course. Using an experimental design with three treatment groups, the impact of parental involvement in homework is distinguished from the standalone impact of the classroom intervention and homework itself. Intention-to-treat analysis reveals that the intervention effectively improves students' knowledge and behaviour. The classroom intervention used in conjugation with a homework assignment that the students complete with the help of their parents increases financial literacy scores by 0.37 standard deviations. On average, the added value of involving parents in homework is not significant, but involving parents has significant positive effects on behaviour for disadvantaged students. As a potential underlying mechanism it is observed that the parental involvement intervention significantly increases family communication between students and parents about the course topics.

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Section: Intention-to-treat Effectcontrasting

confidence: 58%

Section: Interventionmentioning

confidence: 88%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

The effects of parental involvement in homework: two randomised controlled trials in financial education

Maldonado

Witte

Declercq³

2021

Empir Econ

View full text Add to dashboard Cite

show abstract

“…Because the common true effect assumption is potentially problematic in the context of heterogeneous financial education interventions, we estimate the mean of a distribution of true effects using the model specified in equation 3. In addition to the mentioned theoretical reasons 11 We convert the correlations used as an effect size metric by . This is true under the assumption that the outcome measures in each group are continuous and normally distributed and that the treatment variable is a binary variable indicating treatment and control groups, i.e., a valid assumption in the context of RCTs.…”

Section: A Meta-analysis Of Randomized Experimentsmentioning

confidence: 99%

Financial Education Affects Financial Knowledge and Downstream Behaviors

et al. 2020

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We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,000 individuals. The evidence shows that financial education programs have, on average, positive causal treatment effects on financial knowledge and downstream financial behaviors. Treatment effects are economically meaningful in size, similar to those realized by educational interventions in other domains and are at least three times as large as the average effect documented in earlier work. These results are robust to the method used, restricting the sample to papers published in top economics journals, including only studies with adequate power, and accounting for publication selection bias in the literature. We conclude with a discussion of the cost-effectiveness of financial education interventions.

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“…There is a good reason for this, as there are high returns to imparting such knowledge in these early and formative years of one's life. For example, Urban et al () finds that personal finance education in high school positively affects post‐graduation credit reports, and several other studies have also examined interventions on students (e.g., Batty et al ; Cole, Paulson, and Shastry ; Stoddard, Urban, and Schmeiser ).…”

Section: Introductionmentioning

confidence: 99%

Building Financial and Health Literacy at Older Ages: The Role of Online Information

Bavafa¹,

Liu²,

Mukherjee³

2019

Journal of Consumer Affairs

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Improving financial and health literacy is an important step in reducing economic vulnerability in older age, yet the means by which individuals accumulate these types of human capital remains an open question. This article evaluates the impact of online search activities on the levels of financial and health literacy. We find that using the internet for such information increases literacy significantly: doing so frequently (versus not at all) increases financial literacy by 16%, and health literacy by 12%. Our results are robust to alternative measures of financial literacy. They are also robust to an instrumental variable approach using other web skills such as email use to proxy for how individuals use the internet.

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Experiential financial education: A field study of my classroom economy in elementary schools

Cited by 35 publications

References 17 publications

The effects of parental involvement in homework: two randomised controlled trials in financial education

The effects of parental involvement in homework: two randomised controlled trials in financial education

Financial Education Affects Financial Knowledge and Downstream Behaviors

Building Financial and Health Literacy at Older Ages: The Role of Online Information

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