Financial Education in Schools: A Meta-Analysis of Experimental Studies

Kaiser, Tim; Menkhoff, Lukas

doi:10.2139/ssrn.3338749

Cited by 33 publications

(22 citation statements)

References 17 publications

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“…Kaiser and Menkhoff (2019) conducted a systematic review and meta‐analysis of studies on school financial education programs for children and youth. They built on their existing data set from their 2016 study by using the same search strategy to collect published studies on financial education in school between October 2016 and Sept 2018.…”

Section: Introductionmentioning

confidence: 99%

“…Interventions that include only financial education and are not designed to increase participant access to appropriate financial products and services that allow them to act on their knowledge assume that knowledge alone can result in financial behaviour change. Indeed, prior reviews have found that financial education alone has weak effects on behaviour (Fernandes et al, 2014; Kaiser & Menkhoff, 2019).…”

Section: Introductionmentioning

confidence: 99%

“…Fernandes et al (2014) and Kasier and Mankhoff (2016, 2019) included only financial education or literacy efforts without access to a financial product or service. Therefore, the interventions were not designed to increase participant access to appropriate financial products or service that allow them to act on their knowledge.…”

Section: Introductionmentioning

confidence: 99%

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Interventions designed to improve financial capability: A systematic review

Birkenmaier

Maynard

Kim

2022

Campbell Systematic Reviews

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Background There is growing recognition that people need stronger financial capability to avoid and recover from financial difficulties and poverty. Researchers are testing financial capability interventions with adults, children, immigrant populations and other groups, but little is known about the effectiveness of financial capability interventions on financial behaviour and financial outcomes. Objectives The purpose of this review is to inform practice and policy by examining and synthesizing evidence of the effects of interventions designed to improve financial capability. Financial capability interventions combine financial education and financial products and/or services. The research questions are: (a) What are the effects of interventions designed to improve financial capability on financial behaviour and financial outcomes? and (b) Does study(design), intervention (dosage, duration, type) or sample (age) characteristics relate to the magnitude of effect size? Methods We conducted two identical rounds of electronic searches for two different time periods. In Round 1 searched for studies through May, 2017 and Round 2 searched from May, 2017 through May, 2020. For both rounds, we identified and retrieved both published and unpublished studies, including conference proceedings, through a comprehensive search that included multiple electronic databases, grey literature sources, organizational websites, government websites and reference lists of reviews and relevant studies. We also conducted forward citation searching using Google Scholar to search for studies citing the included studies. We also conducted a search on Google using key terms. We hand searched the table of contents of selected journals to identify potentially eligible reports not properly indexed. Finally, experts who were study or sub‐study authors of prior studies were contacted in an attempt to obtain unpublished studies, studies in process and published studies missed in the database search. Selection Criteria To be eligible for this review, the intervention must have included a financial education component and a financial product or service. Studies must have also been conducted in any of the 35‐member countries of the OECD, and included a financial behaviour or financial outcome. To meet the criteria for delivering financial education, interventions must have delivered information about: (1) a variety of general financial concepts and behaviours, or advice about financial behaviours); (2) a specific financial topic; (3) a specific product; and/or (4) a specific service. To meet the criteria for access to a financial product or service, interventions must have facilitated access to one or more of the following: (1) a child development account; (2) a retirement account through an employer; (3) a ‘second chance’ checking account; (4) a matched savings account; (5) a financial service, such as financial counselling or coaching; (6) a bank account; (7) an investment vehicle; or (8) a home mortgage loan product. Data Collection and An...

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Interventions designed to improve financial capability: A systematic review

Birkenmaier

Maynard

Kim

2022

Campbell Systematic Reviews

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“…Once this is uncovered, meta-analysis is useful in identifying publication bias, CAER 14,2 evidence of genuine empirical effect beyond publication bias and study characteristics that may explain heterogeneity in effect size. This explains why meta-analysis is increasingly popular and has been applied in health, medicine, education, economics, food and agriculture (see; Lee, 2018;Xue et al, 2020;Ogundari andBolranwa, 2018, 2019;Gallet, 2010;Kaiser and Menkhoff, 2020;Ugur et al, 2016). Methods used to carry out a meta-analysis include vote counting, graphs and regression techniques, also known as meta-regression analysis (MRA).…”

Section: Materials and Estimation Methodsmentioning

confidence: 99%

A meta-analysis of the impact of agricultural extension services

Ogundari

2022

CAER

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PurposeThis study aims to address two research questions. First, do the agricultural extension services have an impact on the potential outcomes considered in the primary studies, and to what extent? Second, how sensitive is the reported impact to the study-specific characteristics in the primary studies?Design/methodology/approachThe paper synthesizes 45 studies that assessed the causal impact of agricultural extension services published in 2004–2021, using meta-regression analysis. It considers three measures of effect sizes – Cohen’s, Hedges and principal correlation coefficient (PCC) – to standardize the reported impact of agricultural extension services in the primary studies.FindingsThe empirical results show that, on average, agricultural extension services have statistically significant and positive impacts on the potential outcomes identified in the primary studies. However, the magnitude of the impact is considered medium-sized. Other results show that the effect size estimates of agricultural extension services' impact significantly vary with the data type (cross-sectional data vs. panel data), research design (non-experimental vs. experimental design) and econometric methods employed in the primary studies.Practical implicationsOne can argue that the medium-sized impact we estimated indicates evidence of a moderate, weak relationship between agricultural extension services and the potential outcomes considered in the primary studies. This means that agricultural extension services need to be restructured in the current form to stimulate change in the agricultural sector globally. In addition, the sensitivity of effect sizes to study attributes (i.e. data types, research design and econometric methods) shows that researchers and academicians need to pay attention to these attributes to provide more reliable estimates for policy purposes.Originality/valueThis is the first study that attempts to shed light on the overall performance of agricultural extension services using a meta-regression analysis approach.

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“…1 In addition, an early exposure helps in obtaining positive and lasting effects in the future (Bernheim et al, 2001). A meta-analysis by Kaiser and Menkhoff (2020) shows that early exposure to financial education significantly affects children’s and adolescents’ financial behaviour (+0.07 SD) and, to an even larger extent, financial knowledge (+0.33 SD). However, De Beckker, De Witte and Van Campenhout (2021) show that increased financial literacy does not necessarily result in improved consumer choices.…”

Section: Introductionmentioning

confidence: 99%

A comparative analysis of financial literacy levels and initiatives among students in five European countries

Cannistrà

Agasisti

Amagir

et al. 2022

Research in Comparative and International Education

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Given the expected advantages for individuals and societies, financial literacy is high on the policy agenda in many countries. This paper reports the results from a unique survey conducted on a sample of 13–16-year-old students in five European countries, aimed at measuring and comparing their level of financial literacy skills. The results indicate significant differences in the level of financial literacy across countries that are interpreted in the light of the differences in the countries’ educational policies and experiences with financial education. The findings suggest that supra-national coordinated action is needed to guarantee better financial knowledge and safeguard economic stability in future crises. JEL-classification: I21; G53; O57; O16.

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Financial Education in Schools: A Meta-Analysis of Experimental Studies

Cited by 33 publications

References 17 publications

Interventions designed to improve financial capability: A systematic review

Interventions designed to improve financial capability: A systematic review

A meta-analysis of the impact of agricultural extension services

A comparative analysis of financial literacy levels and initiatives among students in five European countries

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