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Those who completed a high school course on personal finance had lower debt levels and better savings rates.
“This connects with the study of Bernheim et al. (2001), which indicates that those who completed a high school course on personal finance had lower debt levels and better savings rates.”
From Financial Literacy Among the Senior High School Students: Basis for Financial Stewardship Plan (2024) · cites this paper as Bernheim et al., 2001
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“…when states began mandating the inclusion of personal finance, economics, and other consumer education topics in the K-12 educational curriculum (Bernheim et al. 2001).2 Private financial and 2By 2011, economic education had been incorporated into the K-12 educational standards of every state…”
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“1750008-21 (mostly due to political rationales rather than to stimulate retirement planning; see Bernheim et al., 2001).17 Since the ALP reports the state in which respondents were born, we use it as a proxy for state residence at age 17 so we can infer whether the state in which the respondent…”
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“Moreover, Bernheim et al. (2001) found that people who, as children, have been encouraged to save using a bank account, save more than others in their adult life.”
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“Indeed, Bernheim et al. (2001) use variation in the introduction of consumer education across states in the U.S. to show that these programs had a positive effect on asset accumulation later in life.”
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“Bernheim, Garrett, and Maki (2001) study mandatory high school financial education requirements, finding that increased exposure to financial curricula raises subsequent asset accumulation.”
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“Bernheim, Garrett, and Maki (2001) pioneered the use of state-level variation in high school financial curriculum mandates, and reported some evidence in survey data that financial education increases asset accumulation.”
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“To date, three main avenues of research have been proposed to address this scarcity: (1) directly improving education (e.g., Bernheim, Garrett, and Maki 2001); (2) improving access to timely decision support (Lynch 2009); or (3) implementing judicious default options to limit the harm that people…”
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“Although extensive financial education may lead people to save more (Bernheim, Garrett, and Maki 2001; Lusardi and Mitchell 2007), Experiment 2 showed that understanding compound interest had no effect on behavior.”
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“Bernheim, Garrett, and Maki (2001) suggest that education plays an important role.”
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“5 See, among others, Bernheim et al. (2001), Bernheim and Garrett (2003), Bertrand and Morse (2011), Cole et al. (2012), Duflo and Saez (2003), Lusardi (2004), Lusardi and Mitchell (2007a, 2007b), Lusardi and Tufano (2009), Stango and Zinman (2009), and van Rooij et al. (2007).”
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“For instance, Bernheim, Garrett, and Maki (2001) find that financial education in high schools in the United States positively affects savings.”
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“…has used alternative instruments for current financial literacy, including parental background (van Rooij et al., 2011), mathematical ability (Jappelli and Padula, 2013) when young, and previous experience of education in economics and finance (Bernheim et al., 2001; Lusardi and Tufano, 2009).”
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“In this literature financial knowledge is regarded as a form of human capital, i.e. as another input in the economic process. pioneer study analyzing the relationship between training in financial areas and the level of savings was conducted by Bernheim et al. (2001).”
- Authors
- Bernheim, B. D., Garrett, D. M., & Maki, D. M.
- Affiliations
- National Bureau of Economic Research (US)
- Stanford University (US)
- Federal Reserve (US)
- Corresponding author
- Bernheim, B.Douglas
- ORCID
- Bernheim, B.Douglas
- Venue
- Journal of Public Economics
- Publisher
- Elsevier BV
- Published
- 2001-06
- Volume
- 80
- Issue
- 3
- Pages
- 435-465
- ISSN
- 0047-2727 (ISSN-L)
- OpenAlex
- W3093851237
- Cited by
- 433
- References
- 40
- Citations by year
- 2026: 14 · 2025: 30 · 2024: 29 · 2023: 22 · 2022: 31 · 2021: 32 · 2020: 26 · 2019: 28 · 2018: 25 · 2017: 26 · 2016: 18 · 2015: 33 · 2014: 27 · 2013: 23 · 2012: 18
- FWCI
- 9.16
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Public Economics (publishedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy and Behavior
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Keywords
- consumer education, financial literacy, household savings, asset accumulation, state policy, implementation lag, household financial decision-making
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