Abstract
This experimental study with a pre-post and follow-up design evaluates the financial education program "SaveWise"for ninth grade students in the Netherlands (n = 713). SaveWise adopts a holistic approach, emphasizing action rather than mere cognition. Benefitting from explicit instruction embedded in real-life contexts, students in the program set a personal savings goal and are coached on how to achieve it. The short-term treatment results indicated that SaveWise expanded the students' level of financial knowledge; encouraged their intentions to save more, spend less and earn an income; and broadly improved their financial and savings behavior. The program demonstrated that it could serve as an effective and low-cost method to enhance the financial literacy of prevocational students, a financially vulnerable group. Although long-term effects were expressed only through financial socialization, this study offers evidence linking curricula to increased knowledge and improved behavior for a specific sample of students. (c) 2021 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
Original language | English |
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Article number | 100605 |
Number of pages | 12 |
Journal | Journal of Behavioral and Experimental Finance |
Volume | 33 |
DOIs | |
Publication status | Published - 1 Mar 2022 |
Keywords
- Financial education
- Financial literacy
- Financial knowledge
- Attitudes towards money
- Financial behavior
- Savings behavior
- Experiment
- Adolescents
- MONEY ATTITUDES
- LITERACY
- BEHAVIOR
- SOCIALIZATION
- CHILDHOOD
- KNOWLEDGE
- INSIGHTS