NDLI: Causal Effects of Financial Education Intervention Aimed at University Students on Financial Knowledge and Financial Self-Efficacy

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Causal Effects of Financial Education Intervention Aimed at University Students on Financial Knowledge and Financial Self-Efficacy

Content Provider	MDPI
Author	Salas-Velasco, Manuel
Copyright Year	2022
Description	Based on a randomized controlled experiment among final-year undergraduate students, we provide an assessment of the treatment effects of financial education intervention focused on debt-financed graduate education decision-making. Specifically, this study finds positive treatment effects on both college seniors’ objective financial knowledge and subjective financial knowledge and self-confidence (i.e., perceived financial self-efficacy). Individual financial well-being is thought to be enhanced by improved financial knowledge test scores and perceived financial self-efficacy. In addition, we carry out a causal mediation analysis to investigate the extent to which objective financial knowledge plays a mediating role in the effect of financial education treatment on the intervention outcome (perceived financial self-efficacy). The mediation proportion, the proportion of treatment effect on outcome explained by the intermediate variable of financial knowledge, is around 21%, which is important. Thus, policies that aim to improve financial capabilities among college students through financial education programs should be aware that financial literacy is a significant antecedent of (a prerequisite for) financial self-efficacy.
Starting Page	284
e-ISSN	19118074
DOI	10.3390/jrfm15070284
Journal	Journal of Risk and Financial Management
Issue Number	7
Volume Number	15
Language	English
Publisher	MDPI
Publisher Date	2022-06-27
Access Restriction	Open
Subject Keyword	Journal of Risk and Financial Management Financial Education Financial Literacy Financial Self-efficacy Causal Mediation Analysis Randomized Controlled Experiment
Content Type	Text
Resource Type	Article

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