The effects of high school personal financial education policies on financial behavior |
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| Institution: | 1. Associate Professor of Economics, Montana State University, 210A Linfield Hall, PO Box 172920, Bozeman, MT 59717, USA;2. Director of Research, Amazon.com (previously Federal Reserve Board), USA;3. Associate Professor of Public Affairs and Human Ecology, University of Wisconsin-Madison, USA;4. Joint Program of Survey Methodology, University of Maryland (previously Federal Reserve Board), USA;1. Leuven Economics of Education Research, KU Leuven, Naamsestraat 69, 3000 Leuven, Belgium;2. UNU-MERIT, Boschstraat 24, 6211 AX, Maastricht, the Netherlands;3. IRES/LIDAM, UCLouvain and FNRS, Place Montesquieu 3/L2.06.01, 1348 Louvain-la-Neuve, Belgium;4. Antwerp School of Education, Universiteit Antwerpen, Venusstraat 35, 2000 Antwerpen, Belgium |
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| Abstract: | High schools in the United States are increasingly requiring their students to complete financial education prior to graduation. This study estimates the effects of these requirements on the credit report outcomes of 18- through 21-year-olds—young people just establishing their financial independence. We find that financial education requirements are associated with fewer defaults and higher credit scores among young adults, but this general finding masks important heterogeneity at the state level. We conclude that well-funded teacher preparation may be key to successfully implementing financial education programs. |
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