The effect of financial education on pupils’ financial knowledge and skills: Evidence from a Solomon four-group design

  • Shekinah E. Dare Shekinah E. Dare
  • Eric van Dijk Eric van Dijk
  • Lotte F. van Dillen Lotte F. van Dillen
  • Marcello Gallucci Marcello Gallucci
  • Olaf Simonse Olaf Simonse
  • Wilco van Dijk Wilco van Dijk

The present study used a Solomon four-group quasi-experimental design to examine the short-term effect of a large-scale national financial education program on children’s knowledge and skills in responsible spending and performing transactions effectively. Our study included a representative sample of Dutch pupils in the fifth grade of primary school (N = 2,650). Controlling for different children-specific characteristics, results showed that the program increased pupils’ knowledge and skills scores in performing transactions effectively, but not in responsible spending. The insights gained from the present study show how financial education programs that enable children to immediately apply what they learn in practice can improve children’s knowledge and skills regarding certain financial competencies.

Netspar, Network for Studies on Pensions, Aging and Retirement, is a thinktank and knowledge network. Netspar is dedicated to promoting a wider understanding of the economic and social implications of pensions, aging and retirement in the Netherlands and Europe.


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