Financial Education For Children and Youth - Systematic Review and Meta Analysis 2014 PDF

Financial Education for Children and Youth:
A Systematic Review and Meta-analysis

Aflatoun Working Paper 2014.1C
Support: This review was made possible through the generous support of
Aflatoun Child Social and Financial Education.
Suggested Citation: OPrey L and Shephard D (2014) Financial Education for
Children and Youth: A Systematic Review and Meta-analysis. Aflatoun Working
Paper 2014.1C. Accessed at www.aflatoun.org/evaluation.
Corresponding Author: Llorenc OPrey, School for Policy Studies, University of
Bristol, 8 Priory Road, Bristol, BS8 1TZ, United Kingdom:
llorenc.oprey@bristol.ac.uk
Working Paper 2014.1C
Executive Summary
This paper reports on the findings of the systematic review and meta-analysis
exploring the effectiveness of financial education aimed at children and youth.
Overall, 21 independent experimental studies were uncovered, suggesting that
the evidence base is broader than previously thought. The studies reported on a
broad range of programmes, including the content that was taught, the way it
was delivered, and the context in which children and youth experienced their
education. There exists a varying degree of methodological quality across
included studies, with some of the most rigorous studies being the most recent
suggesting that the evidence base is improving over time.
Where there was sufficient and comparable data to do so, the outcomes reported
in each study were combined to produce an overall effect-size. The results
suggest that financial education is effective in improving knowledge, attitudes
and behaviours. The strongest and most significant finding was regarding
knowledge gains. The meta-analysis found overall modest improvements in
attitudinal and behaviour change. This confirms that generally, financial
education does produce tangible gains in financial capability amongst children
and youth.
Summary of Overall Effects of Financial Education:
Knowledge gains: 0.18 (0.09, 0.27)
Attitudinal change: 0.08 (0.01, 0.15)
Behaviour change: 0.07 (0.03, 0.11)
Standard Mean Differences (95% Confidence Intervals)
Random Effects Model
Compared to research exploring other educational programmes, this metaanalysis presents robust findings in support of financial education. Across the
studies included in this review, there was variation in the effectiveness of
different programmes, with some providing greater effects than others. The
paper goes onto explore and expand on these issues, and their potential
implications for practice.
Background
This review collects and synthesizes all the available experimental evidence that
analyses the change brought about by financial education programmes aimed at
children and youth. Through meta-analysis the review will explore the links
between education programmes and intended outcomes.
The Systematic Review seeks to:
1. Explore the efficacy and effectiveness of financial education programmes
aimed at children and youth.
2. Explore causal links between financial education and outcomes.
3. Within different approaches and programmes, identify which types of
programmes are showing promise and which are less effective.
4. Provide a definitive statement of the quality and scope of the evidence
regarding financial education aimed at children and youth.
Search of the Literature

The authors of the review completed a systematic search of the literature, which
produced over 1400 potential studies. These studies were then screened against
a number of criteria, including:
Intervention: Financial Education
Population: Children and Youth
Study Design: Randomized Control Trail Design
Studies that met all of the inclusion criteria were included in the review. The
screening process found 21 unique studies reported in 15 papers. Two papers
were found to report on 8 independent studies. A summary of the literature
search can be found overleaf.
Table, summary of the literature search:
Ongoing studies that could not be included:

The search also uncovered a number of studies that are ongoing, and were
unable to be included in the review because they were still under completion.
Tajikistan CRCT of the efficacy of a programme called Aflateen+ that

combines a youth social and financial programme with a sexual and
reproductive health intervention designed for young women at risk of
early marriage. Data collection is complete with the final analysis
expected in 2014.
Peru CRCT of two variations of the youth social and financial education
programme called Aflateen being led by Matthew Bird. The study seeks to
determine if a different goal setting mechanism in the curriculum affects
savings behavior. Data collection is complete with the final analysis
expected in 2014.
Colombia RCT looking into the effectiveness of youth access to accounts
combined with text messaging once or twice a month, with one group
having financial education oriented text messaging instead of just
reminders to save.
China CRCT looking into the effectiveness of the Aflatoun and Aflateen
social and financial education curriculum by comparing a control group

that receives no programme, with the standard programme group plus
individual savings, and a third group using the same curriculum but
combining it with a group savings mechanism.
Rwanda CRCT of a social and financial education for children called

Aflatoun. The study is using both children outcomes and teacher
observation methods to determine causal pathways between teacher
methodology and childrens social and financial outcomes.
A CRCT of a school-based financial education programme in Turkey,
conducted by Alan Erta.
A cluster randomized control trial evaluating the YouthSave Ghana
Experiment, with results expected later in 2014 (Chowa et al, 2012).
Suubi Bridges a follow-up experiment looking into the Suubi project in
Uganda. Led by Fred Ssewamala.
Characteristics of Included Studies

The 21 unique studies display a broad range of characteristics in the way they
were designed and executed.
Methodology
Nine studies reported clustering at the classroom or school level, and 11 at the
individual level, and one used an encouragement design analysed at the
individual level. Most studies employed a treatment as usual control, in which
participants continue as normal (f = 14). One study reported using a wait-list
control, in which participants assigned to the control have financial education
delayed until after the study (Supanantaroek, 2013). Three studies used
multiple trial arms to explore the effectiveness of different treatments. Most
studies sought to create a balance sample size between intervention and control.
Most studies used pre- and post- testing to explore change over time. Some
studies reported collecting data at multiple time-points, including after the
programme had finished.
Participants
Studies were located across the globe, although most were conducted in the US (f
= 11). Uganda (f = 5), Ghana (f = 1), Tunisia (f = 1), Tanzania (f = 1), Brazil (f = 1),
and Italy (f = 1) were also represented. Studies varied in size, the smallest
involving just 67 young people, and the largest initially involving over 240,000.
All studies sought to understand co-educational programmes that were
delivered to both boys and girls without exception.
Intervention
All studies provided at least partial descriptions of the financial education
components under investigation. 11 unique programmes were investigated,
including two trials that explored the effectiveness of Aflatoun programme in

Ghana and Uganda, three trials looking into the effectiveness of the SEED/Suubi
Project in Uganda, and six trials of variations of Visas online credit education
program. Across the different programmes, there was considerable diversity in
the content and mode of delivery. The majority were classroom based, in which
children and youth would access content through exercises and materials
delivered by a teacher (f = 12). Other studies explored media delivered content,
including the web based materials (f = 6), computer based materials linked to
classroom content (f = 2), and one explored the effectiveness of edutainment, a
TV show which included a financial education component. All studies included
some form of financial education that looked to develop either knowledge and
skills, or the importance of saving and asset accumulation.
For an outline of study characteristics, please see overleaf.
Table: Summary of Included Studies:

Study
1
Becchetti et al
(2012)
Berry et al
(2013)
Type of
Trial
CRCT
Italy
CRCT
Ghana
Country
Financial
education
Mixed,
Financial and
Social
Education
Financial
education
16 hours
Mode of
Delivery
Classroom
20 hours
Classroom
5,000
72 hours
Classroom
26,000
68
Focus
Duration
N
944
Bruhn et al
(2013)
CRCT
Brazil
Faircloth et al
(1986)
CRCT
USA
Financial
education
3 hours
Gartner et al
(2005a)
Gartner et al
(2005b)
RCT
USA
RCT
USA
Financial
education
Financial
education
At own
pace
At own
pace
Classroom,
on
computer
Media,
web
Media,
web
Gartner et al
(2005c)
RCT
USA
Financial
education
At own
pace
Media,
web
82,600
Gartner et al
(2005d)
Gartner et al
(2005e)
Gartner et al
(2005f)
RCT
USA
USA
RCT
USA
At own
pace
At own
pace
At own
pace
11
Hinojosa et al
(2009)
RCT
USA
Financial
education
15 hours
12
Jamison et al
(2012)
CRCT
Uganda
Financial
education
15 hours
Media,
web
Media,
web
Media,
mail and
web
Classroom,
on
computer
Classroom
8,190
RCT
Financial
education
Financial
education
Financial
education
13
Jorgensen and
Tonsburg
(2011)
Karimli (2013)
Encouragement CRCT
Tanzania
Financial
education
14 hours
Media, TV
2,126
CRCT
Uganda
10 to 20
hours
Classroom
346
15
McLean
(2010a)
RCT
USA
Mixed,
Financial and
Health
Education
Financial
education
16 hours
Classroom
67
16
McLean
(2010b)
RCT
USA
Financial
education
12 hours
Classroom
75
17
McNeil et al
(2008)
RCT
USA
Financial
education
2 hours
Classroom
308
18
Premand et al
(2012)
RCT
Tunisia
2 weeks
intensive
Classroom
1,702
19
Ssewamala et
al (2008)
CRCT
Uganda
12 hours
Classroom
96
20
Ssewamala et
al (2009)
CRCT
Uganda
Not stated
Classroom
286
21
Supanantaroek
et al (2012)
CRCT
Uganda
Mixed,
Financial and
Entrepreneurial Education
Mixed,
Financial and
Health
Education
Mixed,
Financial and
Health
Education
Mixed,
Financial and
Social
40 hours
Classroom
1,746
9
10
14
241,112
80,982
11,686
39,422
522
Classes
2,810
Risk of Bias in Included Studies

Before analysing and synthesizing the results of each study, it is important to
understand how each study was completed, and if any potential weaknesses in
its design or execution could have influenced (biased) the results.
A bias is a systematic error in results or inferences. Biases can
operate in either direction: different biases can lead to an
underestimation or overestimation of the true intervention effect.
Cochrane Handbook (2014)
Against each study, assessments were made across a number of potential risks
by the review authors using the Cochrane Collaborations risk of bias tool
(Higgens et al, 2011). With each potential risk, reviewers made an independent
assessment either a low risk of bias, one that was unlikely to significantly alter
the results, or a high risk of bias, one that seriously weakens confidence in the
results.
In cases where there was insufficient information from a paper to make an
accurate assessment, attempts were made to seek clarification from authors.
Several authors did not respond, in which case the judgment was left as an
unclear risk of bias: a plausible bias that raises some doubt about the results.
In completing the risk of bias assessment, a number of methodological
weaknesses were identified.
Random sequence generation:
All studies reported randomly assigning participants to either intervention or
control groups.
Eight studies provided sufficient information to ascertain that the methods used
to randomly allocate schools or participants were at a low risk of bias. A number
of studies (f = 3) reported using stratification as a means of ensuring the
comparability of intervention and control groups. This process involved dividing
schools or participants into groups according to certain characteristics, such as
geographical location (eg, urban and rural) prior to random allocation.
The precise method of randomisation was not reported in 10 studies, and we
were unable to clarify with authors. This makes it difficult to ascertain if
selection bias was likely to have occurred and, if so, in which direction it may
have biased the results. Therefore an assessment of unclear risk of bias was
made.
Allocation Concealment:
Allocation concealment was not practically possible in the majority of studies,
especially where allocation occurred at the school or district level. Where
adequate random sequence generation methods were used, a low risk of bias has
been assumed, as it would ensure that allocation was down to chance.
Bruhn et al (2013) reported that after allocation, some school districts requested
that at least one school be allocated into the intervention school, requiring three
schools, chosen at random, to be transferred over from control to intervention
group. In this instance a low risk of bias has been assumed as steps were taken
to ensure a measure of chance in the final allocation.
Of the remaining studies, it was not possible to determine whether allocation
concealment had been appropriately carried out, so therefore an unclear risk of
bias was assumed.
Blinding of participants and personnel:
In many instances, it was not feasible to completely blind participants or
personnel as to which arm the school or individual had been allocated, especially
for those in clusters or in the intervention arm. In this instance, a low risk of bias
has been assumed.
Hinojosa et al (2009) reported that allocation influenced attrition, in which
teachers that found themselves in the control group either requested to be in the
intervention group or decided not to continue with the study. In this instance a
high risk of bias has been assumed as it was clear that an absence of blinding
significantly influenced data collection.
Blinding of outcome assessment:
Three studies reported that it was not possible to blind data collectors as to the
assignment of particular schools or participants, however took steps to control
for sampling or measurement error. In this instance a low risk of bias has been
assumed.
It was not clear from 18 studies that steps were taken to either blind data
collectors as to the allocation of intervention and control arms, or to take
measures to control for reporting bias. In this instance, an unclear risk of bias is
assumed as it is not possible to rule out if and how this bias may have influenced
results.
Incomplete data:
Most studies reported high rates of attrition (drop-out). The way in which
missing data from attrition is handled can have a significant impact on the
results.
Two studies reported handling attrition and missing data by analysing outcomes
based on intention-to-treat analysis. This form of analysis attempts to control
for missing data, and therefore assumes a low risk of bias. Similarly, in studies
that had low or no reported attrition (f= 4) a low risk of bias is assumed.
In cases (f = 3) where it was unclear how attrition was handled, and therefore
the potential to bias the results, an unclear risk of bias was assumed. In one case
(Jamison et al 2014), the amount of attrition did not differ between groups;
however, a mixture of analytical methods to deal with missing data made the
existence and direction of any bias difficult to interpret as such an unclear risk of
bias was assumed.
Two studies appeared to report a treatment-on-treated analysis of the results.
This ignores drop-out, and only analyses data for those participants that
completed the study. This type of analysis is likely to overestimate the
effectiveness of a programme to the extent to which those that dropped out
display different characteristics and outcomes to those that finished the
programme, for example, lower levels of motivation or knowledge gains. In this
instance a high risk of bias has been assumed.
All of the Gartner et al (2005) studies reported extremely high rates of attrition.
This was due to the nature of the intervention, however it does present
significant potential to bias the final results. Therefore a high risk of bias has
been assumed. For Becchetti et al (2013), it was not clear exactly how sample
size and attrition were reflected in the final analysis, with different analyses and
papers reporting different sample sizes. Attempts to contact the authors to
clarify were unsuccessful, so in this instance a high risk of bias is assumed. The
effect of Becchetti on the Financial Knowledge meta-analysis was subjected to
sensitivity analysis but did not substantively affect the overall findings.
Selective reporting:
We were unable to find published protocols for any included study. This made it
difficult to determine selective reporting bias when a study only publishes data
that favours a particular hypothesis. All studies reported outcomes that are
consistent with the study objectives, and where there was no reason to suggest
selective reporting such as not reporting negative findings, a low risk of bias is
assumed. Where there was insufficient information, an unclear risk of bias was
assumed.
With Berry et al (2013), it was unclear if the composite scores used to
communicate the results accurately reflected all the data that was collected.
Without clarification, a high risk of bias has been assumed.
Other sources of bias:
Included studies were also screened for a variety of other potential risks.
Most studies reported using survey questionnaires (instruments) to collect data
that were designed specifically for the programme under investigation. It was
not always clear if assessments were made to ensure that instruments were both
valid and reliable. Validity, the extent to which an instrument produces stable
and consistent results, and reliability, the extent to which it accurately measures
the concepts, skills and competencies under investigation, can influence data
collection in a number of ways. Without a process of validation assessing
whether an instrument is both accurate (valid) and consistent (reliable) it is
difficult to determine how the results may have been affected.
Another aspect that was assessed for potential bias was implementation fidelity
10
the degree to which a programme was delivered as intended. Through

exploring and measuring whether an intervention has been implemented with
fidelity, it is possible to understand how and why a programme works, and the
extent to which outcomes could be improved. It raises confidence in the results,
especially in those studies that report no effect. When fidelity is not assessed, it
is difficult to determine whether the observed results are due to the intervention
itself, or an undocumented counterfactual.
Very few studies reported taking steps to ensure implementation fidelity. Most
reported the programmed number of hours children and youth were expected to
attend, but did not go onto explore the actual number of hours they received.
This is perhaps the most basic measure of implementation fidelity in education
research, and included studies were marked as being potentially open to bias if,
at a minimum, participant exposure was not reported to have been observed.
A summary of risks can be viewed in this graph, and a table overleaf.
Table: Risk of Bias Graph
11
12
Publication Bias:
Another potential bias is that of publication bias, the possibility that publication
of research depends on the nature and direction of the results. For example,
some areas of effectiveness research tend to only make studies that report
positive outcomes towards an intervention publically available, over those that
do not. Assuming the assumption holds that meta-analysed data displays a
normative distribution, then we are able to assess symmetry in the data. Though
subjective assessment of funnel plots, it appears that data is broadly symmetrical
for knowledge and attitudes, suggesting that there is a low risk of publication
bias in the sample of included studies. However, it is notable that all studies of
behaviour were on the positive end.
Table: Funnel Plot of Knowledge Outcomes:
Table: Funnel Plot of Attitude Outcomes:
13
Table: Funnel Plot of Behaviour Outcomes:
14
Results
Of the included studies, we extracted all outcome data that could be located
using published and unpublished sources, including contacting authors.
It was not possible to include data from some studies as there was insufficient
information to fully synthesis the data within a meta-analysis.
The Gartner et al studies (2005) and Ssewamala (2008) did not provide
sufficient data to include their analyses, and were contacted to provide
clarification without success. In the case of Ssewamala, discussions with
members of the research group indicated that the SEED study did not collect
financial outcomes for both treatment and control groups because the study was
focused on psychosocial outcomes only.
Knowledge
Eleven studies provided comparable knowledge outcomes. In comparing the
results between the intervention and control groups after the programme had
finished, six studies found clear knowledge gains for the intervention group.
Five studies produced inconclusive results, in which the 95% confidence interval
crosses the line of no effect.
Table: Knowledge Outcomes, Random Effects Model:
Combining the results of all studies together using a random effects model, we
find that financial education has a moderate effect on knowledge outcomes
(0.18). Statistical heterogeneity is high and significant (I2 = 88%, p<0.001),
suggesting that the results should be interpreted with caution, and that effect
sizes reported may be accounted for by the differences within the included
studies.
Note: The highest effect size of 0.95 (Faircloth et al, 1986) tested knowledge
immediately after the intervention which is likely to inflate the outcome in
favour of intervention. The study was comparing computer assisted financial
education with reading based financial education.
15
Table: Knowledge Outcomes, Fixed Effects Model:
Using a fixed effects model to combine the results, we find similar positive
results (0.18, CI 0.16, 0.20). Again, statistical heterogeneity is high and
significant (I2 = 88%, p<0.001).
16
Attitudes
Nine studies provided comparable attitudinal outcomes. We found that three
studies produced clear results in favour of the financial education, and six
studies produced inconclusive results.
Table: Attitude outcomes, Random Effects Model:
In combining the results together, the intervention improves attitudinal

outcomes by 0.08 standard deviations in favour of financial education. The effect
size is small with the 95% confidence interval approaching the line of no effect
(0.01 to 0.15). Heterogeneity was moderate and statistically significant (I2 =
79%, p < 0.001).
Table: Attitude outcomes, Fixed Effects Model:
Using a fixed effects model to combine the results, we find a small effect size
(0.06, CI 0.04, 0.09).
Note: The data reported here for Ssewamala et al (2009) has been treated
slightly differently. Due to significant variation in baseline differences between
groups, gain scores were used to establish an overall effect size. This gives a
more accurate indication of the overall change brought about by the programme.
17
Behaviours
Six studies provided comparable behaviour outcomes, of which five produced
results in favour of the financial education. One study, Premand et al, reported
whether participants accessed loans as a result of attending the intervention.
The other four studies assessed self-reported savings behaviour.
Table: Behaviour outcomes, Random Effects Model:
When all six studies results were combined applying a Random Effects model
the effect-size was 0.07 (95% CI = 0.03, 0.11, p < 0.001). Statistical
heterogeneity was relatively low and statistically insignificant (I2 = 53%, p =
0.06), suggesting that the results are more consistent than knowledge and
attitude findings.
Table: Behaviour outcomes, Fixed Effects Model:
The use of a Fixed Effects model reduced the overall effect-size to 0.06 with small
variance (95% CI: 0.04, 0.07). This is due the fact that the one study, Bruhn et al
(2013), dominated the results in this model with 81.7% of the weight, indicating
that the Random Effects model is preferable.
Note: Karimli (2013) data was transformed from an Odds Ratio to SMD to
include into the meta-analysis using the method suggested in Chinn 2000.
However, sensitivity analysis indicated that the inclusion of this data did not
substantively change the overall findings due to the wide confidence interval and
low weighting of the study.
18
Sub-group Analyses
A number of sub-group analyses were conducted using a random effects model
to explore trends within the data.
Study Design:
The use of an active control had the expected effect on the knowledge outcomes.
Studies with an active control (f = 3) showed no statistically significant
treatment effect (Z = 0.78, p = 0.43) while studies with a control group not
receiving any form of financial education showed a modest but robust treatment
effect of 0.18 standard deviations. The same is true for attitudinal outcomes,
where studies with active controls (f = 2) showed no overall effect (Z = 1.42, p =
0.16) while studies with an inactive or TAU control showed an overall treatment
effect of 0.12 standard deviations.
Risk of bias found that attrition bias was the most significant risk within included
studies. Studies with high risk of attrition bias were compared to those with
inconclusive and low risk studies, with mixed results. High-risk studies reported
slightly higher treatment effect and a broader confidence interval (SMD 0.19, CI
0.03, 0.36). Studies with a high risk of bias that exploring attitudinal change
appear to have overestimated effects (0.30 compared to the overall effect of 0.06
in low risk studies).
There was insufficient data to explore the effect of study design on behaviours,
as all included studies shared the same characteristics around type of control
and low risk of attrition bias.
Table: Summary of study design sub group analyses (random effects):
Type of Control
Inactive Ctrl
Active Ctrl
Knowledge
No. of
measures
Effect Point
Estimate
CI (Lower,
Upper)
Z (p)
I2
Attitudes
No. of
measures
Effect Point
Estimate
CI (Lower,
Upper)
Z (p)
I
Incomplete Outcome Data

High RoB
Other RoB
0.18
0.26
0.19
0.18
0.09, 0.26
-0.39, 0.92
0.03, 0.36
0.06, 0.26
3.99 (0.0001)
0.78 (0.43)
2.32 (0.02)
1.73 (0.08)
90%
85%
87%
84%
0.09
-0.24
0.30
0.06
0.02, 0.17
-0.57, 0.09
-0.35, 0.94
0.01, 0.11
2.50 (0.01)
1.42 (0.16)
0.90 (0.37)
2.34 (0.02)
82%
0%
96%
51%
19
Intervention:
There was considerable variation in the composition and the mode of delivery of
content across studies.
Those programmes delivering just financial education were compared with
those that delivered financial education plus another component, including
social, health or entrepreneurship education. The results suggest that for
knowledge outcomes, those programmes that delivered just financial education
were more effective (financial only: 0.19, financial plus: 0.16), although the
results should be interpreted with caution as the observations of financial plus
cross the line of no effect. However, for both attitudinal and behavioural
outcomes, the results suggested that financial plus produced larger effects
compared to financial only. For attitudinal outcomes, studies of financial plus
programmes found a treatment effect of 0.17 standard deviations while those of
financial only found no effect. For behavioural outcomes, financial plus
programmes had an effect of 0.13 standard deviations while the single study of
financial only had a smaller effect of 0.06.
Comparing the number of hours of tuition children and youth receive within
programmes suggested that those delivering less than 40 hours of tuition
produced greater knowledge, attitudinal and behaviour change than those
delivering more than 40 hours. Observations for attitudes were not significant
however.
In a further sub-group analysis, financial education delivered in the classroom
was compared to content delivered through media, such as TV, computers or the
internet. The results found higher knowledge gains for media driven
interventions (0.47, compared to 0.14 for classroom based programmes),
although two of the media studies took place in a classroom (Faircloth et al
1986) and in one case included complementary in class content (Hinojosa et al
2009). There is also unpublished data to suggest that the Jorgensen and Tonsburg
(2011) study produced unintended outcomes, as those in the intervention group
reported lower attendance at school and lower test scores at follow-up. There
was insufficient data to explore attitudes and behaviour outcomes.
Table on following page:
20
Table: Summary of intervention sub group analyses (random effects):
Knowledg
e
No. of
measures
Effect Point
Estimate
CI (Lower,
Upper)
Z (p)
I
Attitudes
Content
Financial
Financial
Plus
Only
3
8
No. of
measures
Effect Point
Estimate
CI (Lower,
Upper)
Z (p)
0.19
0.19
0.16
0.14
0.47
-0.07, 0.39
0.08, 0.30
0.08, 0.30
-0.07, 0.39
0.05, 0.23
0.04, 0.89
1.36 (0.17)
3.53
(0.06)
85%
1.36 ( 0.17)
93%
3.53
(0.0004)
85%
93%
3,12
(0.002)
89%
2.17
(0.03)
68%
NA
NA
0.17
0.01
0.11
0.06
0.03, 0.31
-0.11, 0.13
-0.01, 0.12
2.34 (0.02)
0.11 (0.91)
1.60 (0.11)
85%
91%
-0.05,
0.27
1.32
(0.19)
80%
NA
NA
0.13
0.06
0.14
0.05
0.02, 0.24
0.04, 0.07
0.05, 0.23
0.04, 0.07
2.40 (0.02)
7.15
(<0.0001)
0
3.07
(0.002)
38%
7.3
(0.0001)
0%
I2
Behaviour
Mode of Delivery
Class
Media
0.16
No. of
measures
Effect Point
Estimate
CI (Lower,
Upper)
Z (p)
Length of Programme
<40
>40 Hours
Hours
8
3
I2
71%
87%
21
Population
Similarly, there was significant variation in the context and age range of
participants found within studies.
In exploring the role of context in shaping outcomes, the influence of human
development was analysed. Drawing on the Human Development Index (HDI,
UNDP, 2013), studies that took place in countries not rated as having very high
HDI, were compared with those that were. The results suggest that programmes
operating in countries with very high HDI produced similar knowledge gains,
however, were significantly poorer at changing attitudes. There was insufficient
data to explore behaviour change and country HDI.
By separating those studies aimed at children (0-14) and youth (15+), sub-group
analysis found greater impact across knowledge attitudes and behaviours for
programmes aimed at younger children. With attitudinal outcomes, however,
the effect size crosses the line of no effect.
Table: Summary of population sub group analyses (random effects):
Knowledge
No. of
measures
Effect Point
Estimate
CI (Lower,
Upper)
Z (p)
I2
Attitudes
No. of
measures
Effect Point
Estimate
CI (Lower,
Upper)
Z (p)
I2
Behaviour
No. of
measures
Effect Point
Estimate
CI (Lower,
Upper)
Z (p)
I2
Context
Very High
Other HDI
HDI
4
7
Age range
Children (0Youth (15+)
14)
4
7
0.19
0.20
0.22
0.15
-0.17, 0.54
0.11, 0.29
0.02, 0.41
0.04, 0.26
1.03 (0.30)
4.42 (0.001)
2.21 (0.03)
2.73 (0.006)
79
84
91
85
-0.24
0.09
0.25
0.03
-0.57, 0.09
0.02, 0.17
-0.02, 0.52
-0.04, 0.09
1.42 (0.16)
2.5 (0.01)
1.84 (0.07)
0.78 (0.44)
89
84%
72%
NA
NA
0.17
0.05
0.09, 0.26
0.04, 0.07
3.89
(<0.0001)
7%
7.39
(<0.0001)
0%
22
Conclusions
Understanding the Results:
Summary of Overall Effects of Financial Education:
Knowledge gains: Modest robust positive effect 0.18 (0.09, 0.27)
Attitudinal change: Small positive effect 0.08 (0.01, 0.15)
Behaviour change: Small robust positive effect 0.07 (0.03, 0.11)
Standard Mean Differences (95% Confidence Intervals)
Random Effects Model
The meta-analysis produced conclusive results suggesting financial education is

effective in developing financial capabilities. Knowledge change represents a
modest positive result, with small gains in both attitude and behaviour
outcomes. Overall this indicates that financial education can be effective across a
range of outcome domains and that the evidence base is much broader than is
often supposed.
The heterogeneity among the studies suggests that different interventions,
combinations, contexts and targeting strategies will produce different results.
Therefore, in order to assist in informing practice, the authors identified the
strongest interventions in each outcome category.
The strongest programmes for financial knowledge change were The Stock
Market Game (Hinojosa et al 2009) and the Brazil high school programme
(Bruhn et al 2013). Both of these interventions focused only on financial topics,
included an in class component, and arguably included participants with
stronger numeracy skills than some of the other study contexts.
The best programme for changing financial attitudes was the Suubi Project that
combined financial topics, health topics, and financial access with young single
and double orphans in Uganda (Karimli 2013; Ssewamala et al 2009). The
combined effect of these two studies on financial attitudes was 0.45 (0.03, 0.87).
This combined intervention included younger participants (age 13), addressed
health and psychosocial issues, and provided a 200% matched savings account
to incentivise asset accumulation. Across studies, those that targeted younger
populations had a stronger effect on all domains, although for attitudes this did
not meet the standard cut-off for statistical significance.
The strongest programme for changing financial behaviour was the Aflatoun
curriculum which combines social and financial topics and targets younger
populations (Berry et al 2013; Supanantoroek 2013). The combined effect of
these two studies was 0.16 (0.08, 0.24), twice that of the overall effect. Across
interventions, those that combined financial education with another component,
targeted young beneficiaries and had a shorter overall intervention were more
effective at changing behaviour.
23
Comparing the Results with other Educational Research:

There is no universal guideline or rule of thumb for judging the practical
importance or substantive significance of a standardized effect-size estimate for
an intervention, especially when comparing them to other educational
programmes.
Within education, the US Department of Education defines an effect size of .25 of
a standard deviation as a substantially important effect (2013, p27). This can be
misleading however, as a particular effect-size may present a relatively small or
large impact depending on the benchmark that is most relevant. For example,
0.1 may be considered to be a relatively small gain in reading test scores over an
academic year, but may be considered a large effect if demonstrating improved
school attendance over the same period.
A meta-analysis of 181 studies exploring curriculum or broad instructional and
free-standing programmes in the US found an average standard deviation of 0.32
(Lipsey et al, 2012). These included a range of programmes, such as reading,
maths or science curricula, and multisession programmes in a general subject
area. The figure should also be viewed with caution, however, as it draws on
unstandardised data exploring a broad range of outcomes. It focuses on studies
in the US, and does not control for other potential confounding variables
including the amount of time children spend receiving tuition. In other
educational research, a meta-analysis of over 800 meta-analyses found that on
average, teachers in front of the class produced an effect of .24 of a standard
deviation, and that programmed instruction on average produced an effect of .18
(Hattie, 2009).
In comparison with other curriculum programmes and the US Dept. for
Educations benchmark the overall effect of financial education observed in this
review and meta-analysis are substantial for financial knowledge outcomes and
modest for attitude and behaviour outcomes. However, it should be noted that
most educational interventions measure outcomes with a focus on knowledge
and skills rather than attitudes and behaviour, so we postulate that the smaller
effect sizes found in this review may be of comparable size to attitude and
behaviour shifts in other education programmes. Furthermore, the educational
focus of the contexts should be taken into account. For children and youth
themselves, the financial education programmes that they have been given
access to represent a small and arguably peripheral part of their overall
education. Gains in knowledge, attitudes and behaviours across financial
educational programmes featured in this review therefore may be proportional
to larger, and more intensive educational programmes.
Implications for Research:
The existing research base exploring the effectiveness of financial education is of
varying methodological quality. Future research should seek to improve the
overall quality of the literature. The application of robust experimental methods,
the minimisation of potential bias, especially around allocation bias, should be a
priority. The reporting of trials should also be improved, especially with regards
24
to methodology, implementation fidelity, and data analysis. This will help

improve the comparability, transparency and utility of the research base.
Although there exists a significant research base, the review has exposed
significant gaps in our understanding. The paucity of experimental research
exploring financial education in Europe and Asia should cause concern.
There is a debate currently around the importance of numeracy in financial
educational knowledge outcomes. Non-experimental studies have suggested
that when you control for numeracy, financial education has no effect.
Meanwhile, both Hinojosa et al (2009) and Bruhn et al (2013) found that
financial education had improved overall math scores within the intervention
group. This suggests that there is a bidirectional relationship, and that financial
education may contribute to numeracy development while numeracy can be
important in shaping successful financial education outcomes. The role of
numeracy should be further investigated within experimental studies, in order to
better understand that relationship.
25
Annex A: Summary of Included Studies

Becchetti et al (2012)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:
Becchetti L, Caiazza S and Coviello D (2012) Financial

Education and Investment Attitudes in High Schools in Italy
Classroom-based financial education.
Female and male students in their last year of high school.
3820 (unclear, large variations among analyses)
Schools across Rome, Milan, and Genova, Italy.
Clustered RCT with treatment and control.
Self-administered survey
Financial literacy, including knowledge of financial concepts,
savings preferences and investment attitudes.
Impact on improving knowledge and attitudes, especially
amongst those with the lowest financial literacy prior to
programme.
Knowledge
The study explored how financial education affects financial
literacy and investment attitudes amongst a sample of high
school students in Italy. The treatment group received 16
hours of tuition relating to financial literacy. The study found
that the treatment group displayed increased levels of
financial literacy and the propensity to read and understand
economic articles and principles, although the results are not
statistically significant. The treatment group also recorded
reduced risky behaviors, however they did not increase
prudent behaviors. A sub-group analysis found differences
based on location, starting financial literacy, and other
characteristics. The analysis also uncovered baseline
differences indicating imperfect randomization.
26
Berry et al (2013)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Berry J, Karlan D and Predhan M (2013) Evaluating the

Efficacy of School Based Financial Education Programs in
Ghana
Female and male pupils aged between 9 and 14.
5363 (75)
Schools in semi-urban and rural Ghana, including Greater
Accra, Volta and in the Western District.
Clustered RCT with two treatments, Aflatoun and Honest
Money Box interventions, and a control group.
Self-administered survey
Financial well-being of students and their families, cognitive
function, and perspectives on savings and time and risk
preference.
Students in HMB-assigned schools showed positive and
significant increases in their overall attitudes toward savings,
compared to students in control schools. However, students
in both Aflatoun and HMB schools showed positive impacts
on savings behavior compared to students in control schools:
those students were more likely to save any money, and
those students were also much more likely to save money at
school. The pooled treatment effects are used in this metaanalysis.
Knowledge, Attitudes and Behaviours
27
Bruhn et al (2013)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:
Bruhn M, Bilal Zia, Arianna Legovini, Rogelio Marchelli

(2013) Financial Literacy for High School Students and Their
Parents: Evidence from Brazil
High school students and their parents.
17,680 (Attrition varied across time-points)
Brazil
Cluster randomised control trial.
Surveys to individual pupils and at the household level
Budgeting, savings, and general financial management.
Significant impact on improving knowledge, attitudes and
behaviours.
Knowledge, Attitudes and Behaviors
The study assessed the impact of high school financial
education in Brazil. It included nearly 900 schools students.
Administration of the program through schools allowed for a
broad coverage of content in the curriculum. Separate
training was provided to a group of parents of the students to
examine whether inside-the-household interactions
influenced behavior. Results found that the program
increased student financial knowledge by 0.20 of a standard
deviation, which led to a 1.4 percentage point increase in
savings behaviours - a relatively large and economically
relevant effect. Both current attitudes and forward-looking
intentions to save improved. A complementary workshop for
parents induced children to save even more.
28
Faircloth A (1986)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:
Faircloth A (1986) Effectiveness of Computer-Assisted

Instruction for Teaching Consumer Credit in the USA.
Computer assisted instruction, vrs supervised reading for
teaching consumer credit.
High School students in grades 10 through 12
68
USA, large rural high school.
Randomised Control Trial, with each arm testing either
computer assisted instruction or supervised reading control
group.
Pre and post tests, and administrative data.
Students IQ, grade point average, attitude towards computers
and familiarity with computers.
Computer assisted instuction is an effective intervention for
teaching consumer credit with diverse types of high school
students.
N/A
Using a random sample of 68 high school students learning
about consumer credit in home economics classes, the study
measured learning of an experimental group using computerassisted instruction and a control group using supervised
reading methods. Pretests and posttests indicated greater
learning gains in the experimental group.
29
Gartner et al (2005a)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:
Gartner K and Todd R (2005) Effectiveness of Online Early

Intervention Financial Education for Credit Cardholders in
the USA
Online, credit-card education programme.
New credit card holders or card holders reaching the point of
first delinquency.
241,112
Across the USA
RCT
Administrative data on customer behaviour, repayment
performance, delinquency etc.
Behaviour change amongst credit card holders.
Completion of online credit education correlates with more
responsible credit card usage, however the experiments dont
prove that the education causes this behavior.
N/A
The first of six independent RCTs, this was conducted by the
Bank Wells Fargo. It tested whether offering online credit
card education to credit cardholders is effective in changing
behavior. The targeted populations were either new
cardholders or cardholders reaching the point of first
delinquency.
The experimental groups received brief
counseling plus a referral to the VISA online credit education
web site MoneyChoices.com. Experiments with college
student cardholders found much more responsible behavior
by those who choose to complete the online education. The
other studies, however, found smaller overall differences
between the control and experimental groups. These results
were not statistically significant.
30
Gartner et al (2005b)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:

the USA
first delinquency.
80,982 with significant attrition.
Across the USA
RCT
N/A
Conducted by Target.
31
Gartner et al (2005c)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:

the USA
first delinquency.
82,600
Across the USA
RCT
N/A
Conducted by US Bank, aimed at cardholders past the point of
delinquency on credit card payments.
32
Gartner et al (2005d)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:

the USA
first delinquency.
8190
Across the USA
RCT
N/A
Completed by US Bank, the study aimed at understanding
intervention aimed at non-delinquent but high risk college
students.
33
Gartner et al (2005e)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:

the USA
first delinquency.
11,686 with significant attrition.
Across the USA
RCT
N/A
intervention aimed at non-delinquent and low risk college
students.
34
Gartner et al (2005f)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:

the USA
first delinquency.
241,112, with an average age of 18
Across the USA
Three independent RCTs each exploring support offered to
credit card holders.
N/A
intervention aimed at non-delinquent but high risk college
students.
35
Hinojosa et al (2009)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:
Hinojosa T, Miller S, Swanlund A, Hallberg K, Brown M, and

O'Brien (2009) The Stork Market Game Study
Online stock market game delivered in the classroom
Students in grades 4 to 10
522 classrooms joined the study
Schools across the USA.
Clustered RCT
pre- post test scores, administrative data.
Mathematics Ability and Investor Knowledge
Overall, in both mathematics and investor knowledge, there
is a significant difference between students who played The
Stock Market Game and those who did not, with those who
played substantially outperforming those who did not.
Knowledge
The program was designed to teach students the importance
of saving and investing by building their financial literacy
skills. Students manage imaginary investments online,
competing against other individuals and teams both in their
classroom and around the world. Teachers were invited to
sign up to participate in the RCT, with approximately 1,200
teachers applying. Of those who met the eligibility
requirements 568 teachers confirmed participation; 296
teachers and their students participated as the treatment
classrooms and 272 teachers and their students participated
as the control classrooms. Overall, results from the RCT
showed that students who played The Stock Market Game
significantly outperformed students who did not play the
game on both mathematics and investor knowledge tests.
36
Jamison et al (2012)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Meta-analysis:
Summary:
Jamison J, Karlan D and Zinman J (2012) Starting a Lifetime

of Saving: Teaching the Practice of Saving to Ugandan Youth
Classroom based financial curriculum, vrs specially designed
youth group savings account.
Youth, both female and male, attending Church of Uganda
Youth Fellowship Groups
2,800
Villages across Uganda
Clustered RCT, with four trial arms, A) Financial literacy
training with youth group savings account, B) Financial
literacy training without youth group savings account, C)
Youth group savings account without Financial literacy
training D) Comparison group, with no intervention.
Pre- post- survey
Financial literacy and savings behaviour.
N/A
Awaiting more data to be able to include in the review.
37
Jorgensen and Tonsburg (forthcoming)

Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Jorgensen and Tonsberg (2011) Edutainment and

entrepreneurship: A field experiment on youth in Tanzania
Media based reality TV show exploring financial literacy and
entrepreneurship.
In school and out of school youth between 15 and 30,
averages awaiting confirmation.
2,126 (199)
Urban and Rural Tanzania
Encouragement Randomised Control Trial
Self-administered questionnaires
Knowledge gains, school attendance, school grades.
Mixed, and awaiting precise confirmation, however early
indications show that knowledge gains were inconclusive,
with women having more positive results. The intervention
group also reported lower school attendance and school
grades.
Knowledge
38
McLean (2010a)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:
McLean, Bill (2010) Increasing the Learning Effectiveness of

Economics Education
Classroom based curriculum for teaching money and banking
principles.
High school students
221 (31)
USA
RCT
Test-score data.
Knowledge and attitudes.
Some improvements in learning achievements in the
treatment group.
Knowledge and Attitudes
The first of two independent RCTs, the study evaluated new
pedagogical innovations in financial curriculum delivery.
39
McLean (2010b)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
McLean, Bill (2010) Increasing the Learning Effectiveness of

Economics Education
Classroom based curriculum for teaching money and banking
principles.
High school students
102 (5)
USA
RCT
Test-score data.
Knowledge and attitude gains.
Some improvements in learning achievements in the
treatment group.
Knowledge and Attitudes
40
McNeil et al (2008)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Primary
outcomes:
Results:
Meta-analysis:
Summary:
McNeil N, Uttal D, Jarvin L and Sternberg R (2008) Should

you show me the money? Concrete objects both hurt and help
performance on mathematics problems.
Classroom based financial tools to help students develop
maths problems.
4th and 6th Grade Students
308
Connecticut, USA
Two Randomised Experiments which randomly assigned
students to two intervention groups and a control.
Mathematics test scores.
Results suggest that the use of perceptually rich concrete
objects conveys both advantages and disadvantages in
childrens performance in school mathematics.
N/A
Explored how concrete objects that cue real-world
knowledge affect students performance on mathematics
word problems. In the experimental group, fourth- and sixthgrade students (N 229) solved word problems involving
money. Students in the experimental condition were given
bills and coins to help them solve the problems, and students
in the control condition were not. Students in the
experimental condition solved fewer problems correctly.
Experiment 2 tested whether this effect was due to the
perceptually rich nature of the materials. Fifth-grade
students (N 79) were given: perceptually rich bills and coins,
bland bills and coins, or no bills and coins. Students in the
perceptually rich condition made the most errors; however,
their errors were least likely to be conceptual errors. This
suggests that perceptually rich, realistic objects may also
convey some advantages for students conceptualization of
problems.
41
Premand et al (2012)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Premand, Patrick, Brodmann, Stefanie, Almeida, Rita, Grun,

Rebekka and Barouni, Mahdi (2012) Entrepreneurship
training and self-employment among university graduates:
evidence from a randomized trial in Tunisia
Class-room based entrepreneurship training including
financial literacy components such as budgeting and business
planning.
University undergraduates
1,702 (202)
Across universities in Tunisia
RCT
Pre- post- survey
A range of indicators including labour market outcomes and
access, and willingness to access credit.
Observations suggested that the intervention was effective in
promoting knowledge and skills gains across a range of
measures including communication.
Those in the
intervention group, however, did not set up more businesses
than those in the control.
Knowledge
42
Ssewamala et al (2008)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:
Ssewamala F, Alicia S, Bannon W, Ismayiolova L (2008) A

novel Economic Intervention to reduce HIV risks amongst
School-going AIDS orphans in rural Uganda.
Classroom based, with access to savings accounts.
AIDS-orphaned adolescents, with an average age of 13.8.
96 youth drawn from 7public schools
Rakai District of southern Uganda
Cluster RCT
Pre- and Post-test interviews, and actual savings behaviour
into assigned bank accounts.
Savings behaviour, attitudes towards saving, educational
plans and aspirations, academic performance, sexual risktaking behaviour and attitudes.
Significant improvements in HIV prevention attitudes (17.2
to 18.5) and educational planning (88% to 96%) were
observed in the intervention group. However, the effect sizes
vis-a-vis the control group were not unambiguously reported
and the author could not be contacted for clarification the
partial 2 for HIV attitudes reported as positive 0.1 but the
95% confidence interval was negative, meanwhile the
confidence interval for educational plans includes the null
(partial 2 (CI)= 0.7 (-0.02 : 2.5)).
N/A because financial outcomes were not reported for both
groups.
The study examined the introduction of matched-savings
accounts, where savings deposits were matched by the
school, amongst AIDS-orphaned young people. There were
no comparable financial outcomes as the control group did
not have access to savings accounts and the administrative
data on the intervention accounts was the only measured
financial outcome.
43
Ssewamala et al (2009)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:
Ssewamala F and Ismayilova L (2009) Integrating Children's

Savings Accounts in the Care and Support of Orphaned
Adolescents in Rural Uganda
Workshops focused on asset-building and future planning,
monthly peer mentorship, with access to matched savings
accounts.
286 (19) youth drawn from 15 public schools
Cluster RCT
Pre- and Post-test interviews, and administrative data on
savings behaviour for the intervention group only.
Savings behaviour, attitudes towards saving, educational
plans and aspirations, academic performance, sexual risktaking behaviour and attitudes at 10 months.
Savings attitudes improved in the intervention group, where
as those in the control decreased. Actual savings behaviour
was only available for the intervention group. Improvements
on self-esteem
Attitudes
The study examined the introduction of matched-savings
accounts, where savings deposits were matched by the
school, amongst AIDS-orphaned young people. There were
statistically significant differences between groups on
attitudes towards savings, academic performance,
educational aspirations and health-related behaviours.
44
Karimli (2013)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Meta-analysis:
Summary
Karimli, L. (2013). Financial Asset Accumulation by Poor

Adolescents Participating in Child Savings Accounts in Low
Resource Communities in Uganda. Social Work. New York,
Columbia University. Doctor of Philosophy: 146.
Career planning and financial management through ten 1-2
hour training sessions, monthly mentoring, and access to
matched savings accounts in the childs name.
346 dyads, children and guardians, 10 schools
Cluster RCT
Pre- and Post-test interviews, and actual savings behaviour
into assigned bank accounts.
Attitudes and Behavior
The intervention was assessed after 10-12 months and 20-24
months. At the later time point changes in savings behavior
were noted. The intervention also explores personal and
social determinants of savings behavior, finding links
between both individual and family characteristics and the
childrens savings attitudes and behavior.
45
Supanantaroek S (2012)
Published:
Intervention:
Target Group:
N and Attrition:
Location:
Type of Study:
Data collection:
Primary
outcomes:
Results:
Meta-analysis:
Summary:
Supanantaroek S (2012) Aflatoun/PEDN Uganda RCT

Classroom based
Primary school children, both female and male, with an
average age of 12.5 years, with a Std Dev. of 1.46
1,746
Uganda, government and private schools in Kampala and
Wakiso
Clustered Randomised Control Trial
Cross-sectional
self-administered
survey,
classroom
observation and pre and post tests.
Financial awareness, budgeting and savings behaviour.
Students personal interest and participation in schooling.
Compared to the control, the results suggest that the
programme treatment leads to positive results as measured
by students awareness of money, budgeting and savings
behaviour.
Knowledge, Attitudes and Behaviours.
An evaluation of Aflatouns formal primary curriculum, the
study explores that changes in knowledge, attitudes and
behaviour around financial concepts including budgeting and
saving. Employing a Clustered RCT, the study recruited 64
schools and assigned them to either a treatment or control
group. The study found statistically significant results
confirming the effectiveness of the curriculum against no
intervention.
46
Bibliography of Included Studies

Becchetti L, Caiazza S and Coviello D (2012) Financial education and
investment attitudes in high schools: evidence from a randomized
experiment, in Applied Financial Economics, 23:10, 817-836
Berry J, Karlan D and Peadhan M (2013) Evaluating the Efficacy of School
Based Financial Education Programs, Innovations for Poverty Action
Bruhn M, Bilal Zia, Arianna Legovini, Rogelio Marchelli (2013) Financial
Literacy for High School Students and Their Parents: Evidence from Brazil
Faircloth A (1986) Effectiveness of Computer-Assisted Instruction for Teaching
Consumer Credit
Gartner K and Todd R (2005) Effectiveness of Online Early Intervention
Financial Education for Credit Cardholders
Hinojosa T, Miller S, Swanlund A, Hallberg K, Brown M, and O'Brien (2009)
The Stork Market Game Study: Brief Report
Jamison J, Karlan D and Zinman J (2012) Starting a Lifetime of Saving:
Teaching the Practice of Saving to Ugandan Youth
Jorgensen and Tonsburg (2011) Edutainment for entrepreneurship: Evidence
from a field experiment on youth in Tanzania: Masters Thesis
Karimli, L. (2013). Financial Asset Accumulation by Poor Adolescents
Participating in Child Savings Accounts in Low Resource Communities in
Uganda. Social Work. New York, Columbia University. Doctor of Philosophy:
146.
McLean, Bill (2010) Two Essays on Increasing the Learning Effectiveness of
Economics Education
McNeil N, Uttal D, Jarvin L and Sternberg R (2008) Should you show me the
money? Concrete objects both hurt and help performance on mathematics
problems
Premand P, Brodmann S, Almeida R, Grun R and Barouni M (2012)
Entrepreneurship training and self-employment among university
graduates: evidence from a randomized trial in Tunisia
Ssewamala F and Ismayilova L (2009) Integrating Children's Savings Accounts
in the Care and Support of Orphaned Adolescents in Rural Uganda
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Financial Education for Children and Youth:

A Systematic Review and Meta-analysis

Working Paper 2014.1C

Working Paper 2014.1C

Search of the Literature

Working Paper 2014.1C

Table, summary of the literature search:

Ongoing studies that could not be included:

Tajikistan CRCT of the efficacy of a programme called Aflateen+ that

Working Paper 2014.1C

social and financial education curriculum by comparing a control group

Rwanda CRCT of a social and financial education for children called

Characteristics of Included Studies

including two trials that explored the effectiveness of Aflatoun programme in

Working Paper 2014.1C

Table: Summary of Included Studies:

Working Paper 2014.1C

Risk of Bias in Included Studies

the degree to which a programme was delivered as intended. Through

Working Paper 2014.1C

Working Paper 2014.1C

Table: Funnel Plot of Attitude Outcomes:

Working Paper 2014.1C

Table: Funnel Plot of Behaviour Outcomes:

Working Paper 2014.1C

Working Paper 2014.1C

Table: Knowledge Outcomes, Fixed Effects Model:

Working Paper 2014.1C

In combining the results together, the intervention improves attitudinal

Working Paper 2014.1C

Working Paper 2014.1C

Working Paper 2014.1C

Incomplete Outcome Data

Working Paper 2014.1C

Table: Summary of intervention sub group analyses (random effects):

Working Paper 2014.1C

Working Paper 2014.1C

The meta-analysis produced conclusive results suggesting financial education is

Comparing the Results with other Educational Research:

to methodology, implementation fidelity, and data analysis. This will help

Working Paper 2014.1C

Annex A: Summary of Included Studies

Becchetti L, Caiazza S and Coviello D (2012) Financial

Working Paper 2014.1C

Berry J, Karlan D and Predhan M (2013) Evaluating the

Working Paper 2014.1C

Bruhn M, Bilal Zia, Arianna Legovini, Rogelio Marchelli

Working Paper 2014.1C

Faircloth A (1986) Effectiveness of Computer-Assisted

Working Paper 2014.1C

Gartner K and Todd R (2005) Effectiveness of Online Early

Working Paper 2014.1C

Gartner K and Todd R (2005) Effectiveness of Online Early

Working Paper 2014.1C

Gartner K and Todd R (2005) Effectiveness of Online Early

Working Paper 2014.1C

Gartner K and Todd R (2005) Effectiveness of Online Early

Working Paper 2014.1C

Gartner K and Todd R (2005) Effectiveness of Online Early

Working Paper 2014.1C

Gartner K and Todd R (2005) Effectiveness of Online Early

Working Paper 2014.1C