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The Long-Term Impact of High School Financial Education: evidence from Brazil

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Listed:
  • Miriam Bruhn
  • Gabriel Garber
  • Sergio Koyama
  • Bilal Zia

Abstract

In 2011, the impact of a comprehensive financial education program was studied through a randomized controlled trial with 892 high schools in six Brazilian states. Using administrative data, this paper follows 16,000 students for the next nine years. The short-term findings were that the treatment students used expensive credit and were behind on payments. By contrast, in the long-term treatment, students were less likely to borrow from expensive sources and to have loans with late payments than control students. Treatment students were also more likely to own microenterprises and less likely to be formally employed than control students.

Suggested Citation

  • Miriam Bruhn & Gabriel Garber & Sergio Koyama & Bilal Zia, 2022. "The Long-Term Impact of High School Financial Education: evidence from Brazil," Working Papers Series 563, Central Bank of Brazil, Research Department.
    • Handle: RePEc:bcb:wpaper:563
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    References listed on IDEAS

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    1. Laura Chioda & David Contreras-Loya & Paul Gertler & Dana Carney, 2021. "Making Entrepreneurs: Returns to Training Youth in Hard Versus Soft Business Skills," NBER Working Papers 28845, National Bureau of Economic Research, Inc.
    2. Kaiser, Tim & Menkhoff, Lukas, 2020. "Financial education in schools: A meta-analysis of experimental studies," Economics of Education Review, Elsevier, vol. 78(C).
    3. Bruhn, Miriam & Lara Ibarra, Gabriel & McKenzie, David, 2014. "The minimal impact of a large-scale financial education program in Mexico City," Journal of Development Economics, Elsevier, vol. 108(C), pages 184-189.
    4. Entorf, Horst & Hou, Jia, 2018. "Financial education for the disadvantaged? A review," SAFE Working Paper Series 205, Leibniz Institute for Financial Research SAFE.
    5. Miriam Bruhn & Luciana de Souza Leão & Arianna Legovini & Rogelio Marchetti & Bilal Zia, 2016. "The Impact of High School Financial Education: Evidence from a Large-Scale Evaluation in Brazil," American Economic Journal: Applied Economics, American Economic Association, vol. 8(4), pages 256-295, October.
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