The ABCs of Financial Education : Experimental Evidence on Attitudes, Behavior, and Cognitive Biases
This paper uses a large scale field experiment in India to study attitudinal, behavioral, and cognitive constraints that stymie the link between financial education and financial outcomes. The study complements financial education with (i) participant classroom motivation with pay for performance on a knowledge test, (ii) intensity of treatment with personalized financial counseling, and (iii) behavioral nudges with financial goal setting. The analysis finds no impact of pay for performance but significant effects of both counseling and goal setting on real financial outcomes. These results identify important complements to financial education that can bridge the gap between financial knowledge and financial behavior change
Year of publication: |
2015
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Authors: | Carpena, Fenella ; Cole, Shawn ; Shapiro, Jeremy ; Zia, Bilal |
Publisher: |
2015: World Bank, Washington, DC |
Saved in:
freely available
Extent: | 1 Online-Ressource |
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Series: | Policy Research Working Paper ; No. 7413 |
Type of publication: | Book / Working Paper |
Notes: | India English en_US |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012571613
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