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On the Radio: Effectiveness of the Viva Seguro Financial Education Program

Author

Listed:
  • Catherine Rodríguez
  • Fabio Sánchez
  • Sandra Zamora

Abstract

Through a novel randomized control trial this paper estimates the impact of Viva Seguro, a financial education program that covers topics on risks and insurance management, on knowledge, attitudes and actual behavior. The program was broadcasted in two Colombian radio stations that have low and medium income households as target audience. Listeners from these radio stations comprise our treatment group. The control group is comprised by listeners from other two radio stations of similar characteristics and from the same broadcasting company. Using panel data information on both the treatment and the control group we find that giving financial education through such mass media channel has a positive impact on the knowledge of risks individuals face, the number of insurance they know exist and their perceived capability of understanding and handling insurance. No effect however is found on the knowledge of specific concepts of insurance, or their attitudes towards it, in savings behavior or the number of insurance bought. In general results show that delivering financial education through radio is a cost effective alternative in order to improve knowledge on insurance related concepts.

Suggested Citation

  • Catherine Rodríguez & Fabio Sánchez & Sandra Zamora, 2014. "On the Radio: Effectiveness of the Viva Seguro Financial Education Program," Documentos CEDE 11943, Universidad de los Andes, Facultad de Economía, CEDE.
    • Handle: RePEc:col:000089:011943
    as

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    File URL: https://repositorio.uniandes.edu.co/bitstream/handle/1992/8493/dcede2014-19.pdf
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    References listed on IDEAS

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    1. Duflo, Esther & Glennerster, Rachel & Kremer, Michael, 2008. "Using Randomization in Development Economics Research: A Toolkit," Handbook of Development Economics, in: T. Paul Schultz & John A. Strauss (ed.), Handbook of Development Economics, edition 1, volume 4, chapter 61, pages 3895-3962, Elsevier.
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    4. Meyer, Bruce D, 1995. "Natural and Quasi-experiments in Economics," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(2), pages 151-161, April.
    5. 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.
    6. Rodrik, Dani, 2008. "The New Development Economics: We Shall Experiment, but How Shall We Learn?," Working Paper Series rwp08-055, Harvard University, John F. Kennedy School of Government.
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    More about this item

    Keywords

    financial education; radio; insurance; randomized control tral (RCT);
    All these keywords.

    JEL classification:

    • I20 - Health, Education, and Welfare - - Education - - - General
    • I25 - Health, Education, and Welfare - - Education - - - Education and Economic Development

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