Do Financial Education Interventions for Women from Poor Households Impact Their Financial Behaviors? Experimental Evidence from India
Journal of Research on Educational Effectiveness
Taylor & Francis
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Bhutoria, A., & Vignoles, A. V. (2018). Do Financial Education Interventions for Women from Poor Households Impact Their Financial Behaviors? Experimental Evidence from India. Journal of Research on Educational Effectiveness, 11 (3), 409-432. https://doi.org/10.1080/19345747.2018.1465317
Policy makers have invested significant resources in financial education to improve financial literacy of the poor, reduce bad financial decision-making, and increase take-up of financial services and products. Yet there is limited evidence on the effectiveness of such interventions, especially in developing countries. This paper provides evidence from a clustered Randomized Controlled Trial (RCT) where a relatively light (a day of training) financial education program was offered to a large sample of women (n=1281) from poor households in non-formal community settings. The educational intervention was a significant departure from the more costly traditional classroom style adult education interventions. It was based on simple ‘Rules of Thumb’ and used a goal-oriented and action-focused approach, targeted at changing behaviors. We find evidence of modest, positive treatment effects for some outcomes including an increase in personal savings, achieved at a relatively low cost of training per participant.
External DOI: https://doi.org/10.1080/19345747.2018.1465317
This record's URL: https://www.repository.cam.ac.uk/handle/1810/277941