Abstract
This study assesses whether participation in financial education programmes has a positive effect on financial literacy. To pursue this goal, we conducted an online survey in March 2019. The sample comprised 918 Italian adults aged 30 to 91. We asked respondents if they had participated in financial education programmes during school or university years. The results show the effectiveness of participating in financial education programmes, as the rate of correct responses to financial literacy questions was higher for those who had completed one of the above-mentioned programmes than for those who did not. In addition, those who participated in a financial literacy programme during university years gave more correct answers compared to those who participated in one of these programmes during school (non-university) years.
Highlights
During their lives, people are called upon to make decisions that have positive or negative effects on their wellbeing
The results suggest that participation in financial education programmes during both school and university has a positive effect on adults’ financial literacy
A comparison of participation during different time periods revealed that receiving financial education during university years had a greater positive effect on financial literacy than receiving it during school
Summary
People are called upon to make decisions that have positive or negative effects on their wellbeing. Previous studies indicated that more financially literate individuals are skilled in savings management, pension planning and wealth accumulation (Ameriks, Caplin, & Leahy, 2003; Hilgert, Hogarth, & Beverly, 2003; Lusardi & Mitchell, 2007, 2011; Bucher-Koenen & Lusardi, 2011; Delavande, Rohwedder, & Willis, 2008; Stango & Zinman, 2009; Hung, Parker, & Yoong, 2009; van Rooij, Lusardi, & Alessie, 2012; Lusardi & Tufano, 2015; Algood & Walstad, 2015; Jappelli & Padula, 2015; Hastings & Mitchell, 2020) For these reasons, financial education programmes are ―the process in which users of financial services improve their understanding of financial products, notions and risks, and on the basis of information, instructions and advice develop skills and confidence in making financial decisions capable of improving their wealth‖ (OECD, 2005, p.31)
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