@misc{10481/76645,
year = {2022},
month = {6},
url = {http://hdl.handle.net/10481/76645},
abstract = {Based on a randomized controlled experiment among final-year undergraduate students,
we provide an assessment of the treatment effects of financial education intervention focused on
debt-financed graduate education decision-making. Specifically, this study finds positive treatment
effects on both college seniors’ objective financial knowledge and subjective financial knowledge
and self-confidence (i.e., perceived financial self-efficacy). Individual financial well-being is thought
to be enhanced by improved financial knowledge test scores and perceived financial self-efficacy.
In addition, we carry out a causal mediation analysis to investigate the extent to which objective
financial knowledge plays a mediating role in the effect of financial education treatment on the
intervention outcome (perceived financial self-efficacy). The mediation proportion, the proportion of
treatment effect on outcome explained by the intermediate variable of financial knowledge, is around
21%, which is important. Thus, policies that aim to improve financial capabilities among college
students through financial education programs should be aware that financial literacy is a significant
antecedent of (a prerequisite for) financial self-efficacy.},
organization = {FUNCASEDUCA Program	EF021/2018},
publisher = {MDPI},
keywords = {Financial education},
keywords = {Financial literacy},
keywords = {Financial self-efficacy},
keywords = {Causal mediation analysis},
keywords = {Randomized controlled experiment},
title = {Causal Effects of Financial Education Intervention Aimed at University Students on Financial Knowledge and Financial Self-Efficacy},
doi = {10.3390/jrfm15070284},
author = {Salas Velasco, Manuel},
}