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Can a Budget Recording Tool Teach Financial Skills to Youth?: Experimental Evidence from a Financial Diaries Study

Author

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  • Frisancho, Verónica
  • Herrera, Alejandro
  • Prina, Silvia

Abstract

We study the impact of a mobile app to record daily financial transactions, coupled with enumerator monitoring visits every two weeks, on youths' investment in financial literacy and financial behavior. The treatment led to a positive and statistically significant effect on financial literacy scores and greater awareness of market prices. Youth in the treatment group experienced significant improvements in access to credit. These effects persist eight months after the intervention is over.

Suggested Citation

  • Frisancho, Verónica & Herrera, Alejandro & Prina, Silvia, 2021. "Can a Budget Recording Tool Teach Financial Skills to Youth?: Experimental Evidence from a Financial Diaries Study," IDB Publications (Working Papers) 11661, Inter-American Development Bank.
    • Handle: RePEc:idb:brikps:11661
    DOI: http://dx.doi.org/10.18235/0003691
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    Keywords

    Financial diaries; Financial literacy;

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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