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Financial education and consumers’ willingness to change behavior

Author

Listed:
  • Chatterjee, Swarn
  • Green-Pimentel, Leslie
  • Turner, Pamela

Abstract

This paper uses proprietary data comprising of 4,155 participants who attended financial education seminars conducted by a major U.S. consumer credit counseling agency in 2007. In this study, knowledge gained from attending the seminars is estimated using a multivariate regression model. Results indicate that those most likely to gain knowledge from attending the financial education seminars were respondents between 18 and 24 years of age, lower income groups and respondents who did not complete college. The findings of this study also reveal that the minority groups, women, and the less educated were more willing to seek further financial counseling and act on behavior changes after attending the seminar.

Suggested Citation

  • Chatterjee, Swarn & Green-Pimentel, Leslie & Turner, Pamela, 2010. "Financial education and consumers’ willingness to change behavior," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 7(3), pages 73-81.
    • Handle: RePEc:zbw:espost:129322
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    File URL: https://www.econstor.eu/bitstream/10419/129322/1/imfi_en_2010_03_Chatterjee.pdf
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    References listed on IDEAS

    as
    1. Margaret Clancy & Michal Grinstein-Weiss & Mark Schreiner, 2001. "Financial Education and Savings Outcomes in Individual Development Accounts," HEW 0108001, University Library of Munich, Germany, revised 27 Dec 2001.
    2. Bernheim, B. Douglas & Garrett, Daniel M., 2003. "The effects of financial education in the workplace: evidence from a survey of households," Journal of Public Economics, Elsevier, vol. 87(7-8), pages 1487-1519, August.
    3. Linda Waite, 1995. "Does marriage matter?," Demography, Springer;Population Association of America (PAA), vol. 32(4), pages 483-507, November.
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    Cited by:

    1. Margaret Miller & Julia Reichelstein & Christian Salas & Bilal Zia, 2015. "Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature," The World Bank Research Observer, World Bank, vol. 30(2), pages 220-246.

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    More about this item

    Keywords

    Financial Education; Behavioral Economics; Experimental Economics; Program Evaluation;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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