High school and financial outcomes
Subtitle: the impact of mandated personal finance and mathematics courses
By: Shawn Cole, Anna Paulson, Gauri Kartini Shastry
Contributors: Paulson, Anna; Shastry, Gauri Kartini; Harvard Business School
Series: Working paper / Harvard Business School -- 13-064; Working paper (Harvard Business School) -- 13-064
Publisher: Harvard Business School
Published: 2013
Place of publication: Boston ]
Language: eng
Number of pages: 41
Description: Financial literacy and cognitive capabilities are convincingly linked to the quality of financial decision-making, influencing savings, stock-picking, and avoidance of outright financial mistakes. Yet, there is little evidence that education intended to improve financial decision-making is successful. Using plausibly exogenous variation in exposure to state-mandated personal finance and mathematics training in high school, affecting millions of students, this paper answers the question "Can good financial behavior be taught in high school?" It can, though not via personal finance courses, which we find have no effect on financial outcomes. Instead, we find additional training in mathematics leads to greater financial market participation, more investment income, and better credit management, including less bankruptcy and fewer foreclosures.
Notes: "January 2013" -- Publisher's website.

Includes bibliographical references (pages 33-36).