Financial Education and Counseling - Still Holding Promise

Collins, J. Michael; O'Rourke, Collin

doi:10.2139/ssrn.1529422

Cited by 40 publications

(45 citation statements)

References 33 publications

(5 reference statements)

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“…This starts with systematically searching the relevant databases, including working papers, for the following keywords: (i) financial literacy; (ii) financial knowledge; (iii) financial education; (iv) financial capability; and (v) combinations of these keywords with "intervention". Moreover, we consider all records from meta-analyses and narrative literature reviews (Fox et al 2005;Collins and O'Rourke 2010;Willis 2011;Xu and Zia 2012;Hastings et al 2013;Blue et al 2014;Lusardi and Mitchell 2014). This search resulted in over 500 potentially relevant published journal-articles and over 600 results from working paper databases with some apparent overlap.…”

Section: Selection Of Studiesmentioning

confidence: 99%

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Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?

Kaiser¹,

Menkhoff²

2017

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Section: Selection Of Studiesmentioning

confidence: 99%

“…In addition, we screen the references of narrative literature reviews (Fox et al 2005;Collins and O'Rourke 2010;Willis 2011;Xu and Zia 2012;Hastings et al 2013;Blue et al 2014;Lusardi and Mitchell 2014).…”

Section: Appendix A: Supplementary Materialsmentioning

confidence: 99%

Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?

Kaiser¹,

Menkhoff²

2017

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“…Many assessments of financial literacy programmes report positive impacts, however, the effects are often small when compared with valid comparison groups (Gloukoviezoff el., 2007, Hathaway and Khatiwada, 2008, Collins and O'Rourke 2010. The most effective financial literacy programmes are found to be those that are targeted towards a specific audience and area of financial activity rather than one-size-fits-all financial education programmes, (Martin 2007, Lusardi andMitchell 2014).…”

Section: Does Financial Literacy Matter?mentioning

confidence: 99%

Financial literacy and over-indebtedness in low-income households

French¹,

McKillop²

2016

International Review of Financial Analysis

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“…In a recent meta-analysis of the literature, Collins and O'Rourke (2010) find financial counseling to be associated with increased financial knowledge, reductions in credit delinquency, increased savings, and improved self-assessed financial behaviors.…”

Section: Effects Of Financial Counselingmentioning

confidence: 99%

Does Salient Financial Information Affect Academic Performance and Borrowing Behavior among College Students?

Schmeiser

Stoddard

Urban

2015

FEDS

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While rising student loan debt can plague college students future finances, few federal programs have been instituted to educate college students on the mechanics of student loan borrowing. This paper exploits a natural experiment in which some students received "Know Your Debt" letters with incentivized offers for one-on-one financial counseling. Montana State University students who reached a specific debt threshold received these letters; University of Montana students did not. We use a difference-in-difference-in-differences strategy to compare students above and below the thresholds across campuses and before and after the intervention to determine how the letters affect student behavior. Employing a rich administrative dataset on individual-level academic records and financial aid packages, we find that students receiving the letters borrow an average of $1,360, less in the subsequent semester-a reduction of one-third. This does not adversely affect their academic performance.In fact, those who receive the intervention take more credits and have higher GPAs in the subsequent semester.

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Financial Education and Counseling - Still Holding Promise

Cited by 40 publications

References 33 publications

Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?

Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?

Financial literacy and over-indebtedness in low-income households

Does Salient Financial Information Affect Academic Performance and Borrowing Behavior among College Students?

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