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The Value of Financial Education During Multiple Life Stages

The Value of Financial Education During Multiple Life Stages This study examines the timing of financial education and its impact on short-term and long-term financial behavior. We also explore the power of financial education on financial knowledge and examine the link between financial knowledge and positive financial behavior. Exposure to financial education during multiple life stages leads to a better financial outcome. Financial education taught via multiple channels, including high school, college, the workplace, and at home, is the most optimal in the long run. For those who did not attend college, being exposed to financial education in high school is significantly associated with positive financial behavior. We cite implications for all financial education advocates. Policymakers in the financial capability arena can stay abreast of the channels of financial education that produce the most fruitful economic and societal gains. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

The Value of Financial Education During Multiple Life Stages

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Publisher
Springer Publishing
Copyright
© 2022 Springer Publishing Company
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/jfcp-20-00017
Publisher site
See Article on Publisher Site

Abstract

This study examines the timing of financial education and its impact on short-term and long-term financial behavior. We also explore the power of financial education on financial knowledge and examine the link between financial knowledge and positive financial behavior. Exposure to financial education during multiple life stages leads to a better financial outcome. Financial education taught via multiple channels, including high school, college, the workplace, and at home, is the most optimal in the long run. For those who did not attend college, being exposed to financial education in high school is significantly associated with positive financial behavior. We cite implications for all financial education advocates. Policymakers in the financial capability arena can stay abreast of the channels of financial education that produce the most fruitful economic and societal gains.

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: May 2, 2022

References