Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/32298
Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: Does education improve financial behaviors? Quasi-experimental evidence from Britain
Author(s): Gray, Daniel
Montagnoli, Alberto
Moro, Mirko
Contact Email: mirko.moro@stir.ac.uk
Keywords: Compulsory schooling laws
Education expansion
Financial behaviours
Regression discontinuity
Saving decisions
Issue Date: Mar-2021
Date Deposited: 19-Feb-2021
Citation: Gray D, Montagnoli A & Moro M (2021) Does education improve financial behaviors? Quasi-experimental evidence from Britain. Journal of Economic Behavior and Organization, 183, pp. 481-507. https://doi.org/10.1016/j.jebo.2021.01.002
Abstract: This paper uses a range of exogenous schooling reforms in the UK to explore the relationship between education and a range of financial behaviours. Initially, we exploit two compulsory schooling reforms in Britain (1947 and 1972) and employ a regression discontinuity design to analyse nationally representative data. We find limited evidence that one extra year of schooling led to systematically different financial behaviours. One exception is the promotion of more positive saving behaviours amongst females affected by the 1947 reform. We then go on to explore a large expansion of the higher education sector in the UK, which occurred during the 1980s and 1990s, and confirm that general education does not appear to affect financial behaviours systematically. We argue that, despite clear positive spill-overs of educational reforms, desirable financial behaviours require specific and targeted education policies and we point to the growing research in this field to support this conclusion.
DOI Link: 10.1016/j.jebo.2021.01.002
Rights: This item has been embargoed for a period. During the embargo please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study. Accepted refereed manuscript of: Gray D, Montagnoli A & Moro M (2021) Does education improve financial behaviors? Quasi-experimental evidence from Britain. Journal of Economic Behavior and Organization, 183, pp. 481-507. https://doi.org/10.1016/j.jebo.2021.01.002 © 2021, Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/
Licence URL(s): http://creativecommons.org/licenses/by-nc-nd/4.0/

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