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ERIC Number: ED505617
Record Type: Non-Journal
Publication Date: 2008-Apr
Pages: 29
Abstractor: As Provided
Reference Count: 35
Do Financial Education Programs Work? Working Paper 08-03
Hathaway, Ian; Khatiwada, Sameer
Federal Reserve Bank of Cleveland
In this paper we provide a comprehensive critical analysis of research that has investigated the impact of financial education programs on consumer financial behavior. In light of the evidence, we recommend that future programs be highly targeted towards a specific audience and area of financial activity (e.g. home-ownership or credit card counseling, etc.), and that this training occurs just before the corresponding financial event (e.g. purchase of a home or use of a credit card, etc.). Similarly, in light of a lack of evidence, we also recommend that program evaluation be taken as an essential element of any program, and that it be included in the design of the programs before they are introduced. (Contains 2 figures and 10 footnotes.)
Federal Reserve Bank of Cleveland. P.O. Box 6387, Cleveland, OH 44101. Tel: 216-579-2050; e-mail:; Web site:
Publication Type: Reports - Evaluative
Education Level: Adult Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Federal Reserve Bank of Cleveland