Table 1. Effect Sizes of Financial Education by Intervention Type, Research Design, and Country Groups

|Outcome|Type|Studies|Obs.|ES (g)|SEg|p-value|Diff. (t-value)|
|---|---|---|---|---|---|---|---|
|_A Effect sizes by_|_intervention channel_|_& setting_||||||
|Fin. literacy|Classroom|58|135|0.294|0.054|0.000|0.106**|
||Non-classroom|9|55|0.188|0.039|0.001|(2.015)|
||_- Online_|_5_|_41_|_0.217_|_0.060_|_0.018_||
||_- Counseling_|_0_||||||
||_- Nudge_|_4_|_14_|_0.103_|_0.045_|_0.108_||
|Fin. behavior|Classroom|70|317|0.084|0.013|0.000|-0.014|
||Non-classroom|20|32|0.098|0.020|0.000|(0.452)|
||_- Online_|_11_|_18_|_0.085_|_0.034_|_0.031_||
||_- Counseling_|_7_|_8_|_0.095_|_0.030_|_0.020_||
||_- Nudge_|_2_|_6_|_0.140_|_0.007_|_0.031_||
|Fin. literacy|School|35|62|0.373|0.076|0.000|0.163***|
||Non-school|32|128|0.210|0.035|0.000|(3.273)|
||_- Workplace_|_1_|_1_|_0.164_|_0.063_|||
||_- Other_|_31_|_127_|_0 210_|_0.035_|_0.000_||
|Fin. behavior|School|27|90|0.057|0.014|0.000|-0.039*|
||Non-school|63|259|0.096|0.014|0.000|(1.96)|
||_- Workplace_|_17_|_47_|_0.121_|_0.049_|_0.023_||
||_- Other_|_46_|_212_|_0.090_|_0.015_|_0.000_||
|_B Effect sizes by_|_research design_|||||||
|Fin. literacy|RCTs|33|135|0.209|0.033|0.000|-0.185***|
||Quasi-exp.|34|55|0.394|0.083|0.000|(-3.638)|
|Fin. behavior|RCTs|40|227|0.081|0.015|0.000|-0.012|
||Quasi-exp.|50|122|0.093|0.022|0.000|(-0.661)|
|_C Effect sizes by_|_country group_|||||||
|Fin. literacy|High income|53|123|0.328|0.058|0.000|0.183***|
||Developing|14|67|0.145|0.031|0.000|(3.787)|
||-_Low_|_3_|_6_|_0.219_|_0.069_|_0.086_||
||_-_ _Lower-middle_|_6_|_44_|_0.155_|_0.047_|_0.023_||
||_-_ _Upper-middle_|_5_|_17_|_0.092_|_0.023_|_0.017_||
|Fin. behavior|High income|66|168|0.071|0.019|0.000|-0.027|
||Developing|24|181|0.098|0.014|0.000|(-1.512)|
||_-_ _Low_|_6_|_39_|_0.161_|_0.038_|_0.009_||
||_-_ _Lower-middle_|_12_|_90_|_0.091_|_0.008_|_0.000_||
||_-_ _Upper-middle_|_6_|_52_|_0.06_|_0.023_|_0.045_||

Notes: Average effect sizes _(g)_ estimated via OLS regressions of effect sizes fitting only an intercept. Sample is split by an indicator of intervention type, research design, or country group. “Channel” is a categorical variable operationalized in the form of four dummy variables: Classroom, Counseling, Online, and “Nudge” where “Nudge” is the default (omitted) category in the regressions. “Setting” is a categorical variable operationalized through three dummy variables: School, Workplace and Other where Other is the omitted category in the meta-regression analyses. Country groups are based on the World Bank Atlas method and refer to 2015 data on GNI per capita. Low-income economies are defined as those with a GNI per capita of $1,025 or less in 2015, lower-middle income economies are defined by a GNI per capita between $1,026 and $4,035, upper-middle income economies are those with a GNI per capita between $4,036 and $12,475, and high-income economies are defined by a GNI per capita greater than $12,475. Standard errors are clustered at the study level. ***, ** and * denote significance at the one percent, five percent and ten percent level. Source: Authors’ analysis based on data sources discussed in the text.

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