The ABCs of Financial Education Experimental Evidence on Attitudes, Behavior, and Cognitive Biases
This paper uses a large scale field experiment in India to study attitudinal, behavioral, and cognitive constraints that stymie the link between financial education and financial outcomes. The study complements financial education with (i) participant classroom motivation with pay for performance on...
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| Other Authors: | , |
| Format: | eBook |
| Language: | Undetermined |
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Washington, D.C
The World Bank
2015
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| Series: | World Bank E-Library Archive
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| Online Access: | |
| Collection: | World Bank E-Library Archive - Collection details see MPG.ReNa |
| Summary: | This paper uses a large scale field experiment in India to study attitudinal, behavioral, and cognitive constraints that stymie the link between financial education and financial outcomes. The study complements financial education with (i) participant classroom motivation with pay for performance on a knowledge test, (ii) intensity of treatment with personalized financial counseling, and (iii) behavioral nudges with financial goal setting. The analysis finds no impact of pay for performance but significant effects of both counseling and goal setting on real financial outcomes. These results identify important complements to financial education that can bridge the gap between financial knowledge and financial behavior change |
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| Physical Description: | 42 p |