Does Financial Education Work?

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Other Title
  • 金融教育は有効なのか?
  • 金融教育は有効なのか? : 日本の大学生を対象とした一考察
  • キンユウ キョウイク ワ ユウコウ ナ ノ カ? : ニホン ノ ダイガクセイ オ タイショウ ト シタ イチ コウサツ
  • -日本の大学生を対象とした一考察-
  • Some Evidence from College Students in Japan

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It is widely believed that financial education programs improve financial literacy and change financial activities, but there is little evidence regarding effectiveness of financial education programs. We examine the impact of a short financial education program on undergraduate students in Japan by using questionnaire and video. Our findings indicate that the education program such as inflation, present discounted value, compound interest and diversified investment increase financial knowledge. We find that women tend to have lower financial knowledge and this result is consistent with previous studies. We also find that effectiveness of financial education programs differs among universities. Interestingly, we find that financial education programs is significantly effective for college students who are not concerned with finance. The results suggest that the introduction of financial education at school will be effective.


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