Financially vulnerable consumers are often associated with suboptimal financial behaviors. Evaluated financial education programs so far show difficulties to effectively reach this target population. In our attempt to solve this problem, we built a behaviorally informed financial education program incorporating insights from both motivational and behavioral change theories. In a quasi-experimental field study among Dutch financially vulnerable people, we compared this program with both a control group and a traditional program group. In comparison with the control group, we found robust positive effects of the behaviorally informed program on financial skills and knowledge and self-reported financial behavior, but not on other outcomes. Additionally, we did not find evidence that the behaviorally informed program performed better than the traditional program. Finally, we discuss the findings and limitations of this study in light of the financial education literature and provide implications for policymaking and directions for future research.
MULTIFILE
In this systematic literature review, we evaluate the effectiveness of financial-literacy education programs and interventions for children and adolescents. Furthermore, the key characteristics of the design of a successful financial-education curriculum are described. The evidence shows that school-based financial-education programs can improve children’s and adolescents’ financial knowledge and attitudes. Studies that assess the intention to practice good behavior and studies based on self-reported behavior also report positive effects. However, studies that assess the effects of financial education on children’s and adolescent’s actual financial behavior are scarce, and show hardly any effect. A promising method to teach financial literacy to children and adolescents in primary and secondary school is “experiential learning.” In college, the focus should be on specific “life events” of students. The findings may be useful for designing an effective school-based financial education program.
DOCUMENT
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.
DOCUMENT
CRYPTOPOLIS is a project supported by EU which focuses on the financial management knowledge of teachers and the emerging field of risk management and risk analysis of cryptocurrencies. Cryptocurrency has shown to be a vital and rapidly growing component in today’s digital economy therefore there is a need to include not just financial but also crypto literacy into the schools. Beside multiple investors and traders the market is attracting an increasing number of young individuals, viewing it as an easy way to make money. A large pool of teenagers and young adults want to hop on this train, but a lack of cryptocurrency literacy, as well as financial literacy in general amongst youth, together with their inexperience with investing makes them even more vulnerable to an already high-risk investment.Therefore, we aim to increase the capacity and readiness of secondary schools and higher educational institutions to manage an effective shift towards digital education in the field of crypto and financial literacy. The project will develop the purposeful use of digital technologies in financial and crypto education for teaching, learning, assessment and engagement.
