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The effect of financial education training on the financial literacy of Spanish students in PISA

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  • José Manuel Cordero
  • Francisco Pedraja

Abstract

The aim of this paper is to analyze the effect of financial education training on Spanish secondary students. To do this, we rely on data from PISA 2012. This included an assessment of students’ financial literacy for the first time. In order to identify the causal effect of financial education courses, we employ a difference-in-differences (DiD) approach to compare the outcomes of students receiving and not receiving education on financial concepts for two different subjects (financial literacy and reading comprehension). Our results suggest that financial education programs only have an impact if they are taught as part of other subjects, i.e. by means of a cross-curricular approach.

Suggested Citation

  • José Manuel Cordero & Francisco Pedraja, 2019. "The effect of financial education training on the financial literacy of Spanish students in PISA," Applied Economics, Taylor & Francis Journals, vol. 51(16), pages 1679-1693, April.
    • Handle: RePEc:taf:applec:v:51:y:2019:i:16:p:1679-1693
    DOI: 10.1080/00036846.2018.1528336
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    Cited by:

    1. Nancy Neoyame Chabaefe & Abubaker Qutieshat, 2024. "Financial Literacy, Financial Education and Financial Experience: Conceptual Framework," International Journal of Economics and Financial Issues, Econjournals, vol. 14(4), pages 44-55, July.
    2. Sara Lamboglia & Massimiliano Stacchini, 2022. "Financial literacy, numeracy and schooling: evidence from developed countries," Questioni di Economia e Finanza (Occasional Papers) 722, Bank of Italy, Economic Research and International Relations Area.

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