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As soon as possible: the effectiveness of a financial education program in Italian schools

Author

Listed:
  • Tommaso Agasisti

    (Politecnico di Milano)

  • Alessio D'Ignazio

    (Bank of Italy)

  • Gabriele Iannotta

    (Politecnico di Milano)

  • Angela Romagnoli

    (Bank of Italy)

  • Marco Tonello

    (Bank of Italy)

Abstract

This paper examines the impact of 'Financial Education in Schools', a comprehensive financial education program implemented by the Bank of Italy in primary and secondary schools across the country. The program includes teacher training, specialized educational materials and interactive classroom activities. Using data from two randomized controlled trials involving over 1,500 students in grades 5 and 8, we find that the program significantly improves students' financial literacy by approximately 8 percentage points. Notably, the alternative approach – providing teaching materials without direct instruction – only yields positive outcomes for students from socio-economically advantaged backgrounds. These findings underscore the pivotal role of schools and teachers in fostering financial literacy and promoting equal opportunities for all students.

Suggested Citation

  • Tommaso Agasisti & Alessio D'Ignazio & Gabriele Iannotta & Angela Romagnoli & Marco Tonello, 2024. "As soon as possible: the effectiveness of a financial education program in Italian schools," Temi di discussione (Economic working papers) 1464, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:wptemi:td_1464_24
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    File URL: https://www.bancaditalia.it/pubblicazioni/temi-discussione/2024/2024-1464/en_tema_1464.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    financial education; impact evaluation; school effects; RCT;
    All these keywords.

    JEL classification:

    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • I20 - Health, Education, and Welfare - - Education - - - General
    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments

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