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Title: High School Curriculum and Financial Outcomes: The Impact of Mandated Personal Finance and Mathematics Courses

Citation Type: Working Paper

Publication Year: 2014

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Abstract: Financial literacy and cognitive capabilities are convincingly linked to the quality of financial decision-making. Yet, there is little evidence that education intended to improve financial decision-making is successful. Using plausibly exogenous variation in exposure to state-mandated personal finance and mathematics high school courses, affecting millions of students, this paperanswers the question "Can good financial behavior be taughtin high school?" It can, though not via traditional personal finance courses, which we find have no effect on financial outcomes. Instead, we find additional mathematics training leads to greater financial market participation, investment income, and better credit management, including fewer foreclosures.

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Authors: Shastry, Gauri Kartini; Cole, Shawn; Paulson, Anna

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Publication Number: 13-064

Institution: Harvard Business School

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Data Collections: IPUMS USA

Topics: Education, Other

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