The effect of financial education training on the financial literacy of Spanish students in PISA

References

• Appleyard, L., and K. Rowlingson. 2013. “Children and Financial Education: Challenges for Developing Financial Capability in the Classroom.” Social Policy and Society 12 (04): 507–520.
   Google Scholar
• Atkinson, A., and F. A. Messy 2013. Promoting Financial Inclusion through Financial Education. OECD Working Papers on Finance, Insurance and Private Pensions, ( 34), 1.
   Google Scholar
• Batty, M., J. M. Collins, and E. Odders‐White. 2015. “Experimental Evidence on the Effects of Financial Education on Elementary School Students’ Knowledge, Behavior, and Attitudes.” Journal of Consumer Affairs 49 (1): 69–96.
   Web of Science ®Google Scholar
• Becchetti, L., S. Caiazza, and D. Coviello. 2013. “Financial Education and Investment Attitudes in High Schools: Evidence from a Randomized Experiment.” Applied Financial Economics 23 (10): 817–836.
   Google Scholar
• Bernheim, B. D., D. M. Garrett, and D. M. Maki. 2001. “Education and Saving: The Long-Term Effects of High School Financial Curriculum Mandates.” Journal of Public Economics 80 (3): 435–465.
   Web of Science ®Google Scholar
• Berry, J., D. Karlan, and M. Pradhan 2015. The Impact of Financial Education for Youth in Ghana. National Bureau of Economic Research, Paper No. 21068.
   Google Scholar
• Bietenbeck, J. 2014. “Teaching Practices and Cognitive Skills.” Labour Economics 30: 143–153.
   Web of Science ®Google Scholar
• Bruhn, M., L. de Souza Leão, A. Legovini, R. Marchetti, and B. Zia 2013. Financial Education and Behavior Formation: Large-Scale Experimental Evidence from Brazil. Presentation, World Bank, Washington, DC.
   Google Scholar
• Bucher-Koenen, T., and A. Lusardi. 2011. “Financial Literacy and Retirement Planning in Germany.” Journal of Pension Economics and Finance 10 (04): 565–584.
   Web of Science ®Google Scholar
• Christelis, D., T. Jappelli, and M. Padula. 2010. “Cognitive Abilities and Portfolio Choice.” European Economic Review 54 (1): 18–38.
   Web of Science ®Google Scholar
• Cole, S., A. Paulson, and G. K. Shastry. 2016. “High School Curriculum and Financial Outcomes: The Impact of Mandated Personal Finance and Mathematics Courses.” Journal of Human Resources 51 (3): 656–698.
   Web of Science ®Google Scholar
• Cole, S., T. Sampson, and B. Zia. 2011. “Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?” The Journal of Finance 66 (6): 1933–1967.
   Web of Science ®Google Scholar
• Collins, J. M., and C. M. O’Rourke. 2010. “Financial Education and Counseling - Still Holding Promise.” Journal of Consumer Affairs 44 (3): 483–498.
   Web of Science ®Google Scholar
• Cordero, J. M., V. Cristobal, and D. Santín. 2017. “Causal Inference on Education Policies: A Survey of Empirical Studies Using PISA, TIMSS and PIRLS.” Journal of Economic Surveys en prensa. doi:10.1111/joes.12217.
   Web of Science ®Google Scholar
• Dee, T. S. 2005. “Teachers and the Gender Gaps in Student Achievement.” Journal of Human Resources 42 (3): 528–554.
   Web of Science ®Google Scholar
• Disney, R., and J. Gathergood. 2013. “Financial Literacy and Consumer Credit Portfolios.” Journal of Banking and Finance 37 (7): 2246–2254.
   Web of Science ®Google Scholar
• Duflo, E., R. Glennerster, and M. Kremer. 2007. “Using Randomization in Development Economics Research: A Toolkit.” Handbook of Development Economics 4: 3895–3962.
   Google Scholar
• Evans, M., J. Kelley, J. Sikora, and D. Treiman. 2010. “Family Scholarly Culture and Educational Success Books and Schooling in 27 Nations.” Research in Social Stratification and Mobility 28 (2): 171–197.
   Web of Science ®Google Scholar
• Fernandes, D., J. G. Lynch Jr, and R. G. Netemeyer. 2014. “Financial Literacy, Financial Education, and Downstream Financial Behaviors.” Management Science 60 (8): 1861–1883.
   Web of Science ®Google Scholar
• Fornero, E., and C. Monticone. 2011. “Financial Literacy and Pension Plan Participation in Italy.” Journal of Pension Economics and Finance 10 (04): 547–564.
   Web of Science ®Google Scholar
• Fox, J., S. Bartholomae, and J. Lee. 2005. “Building the Case for Financial Education.” Journal of Consumer Affairs 39 (1): 195–214.
   Web of Science ®Google Scholar
• Gerardi, K., L. Goette, and S. Meier 2010. Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data. Federal Reserve Bank of Atlanta, Working Paper Series No. 2010–10.
   Google Scholar
• Gnan, E., M. A. Silgoner, and B. Weber. 2007. “Economic and Financial Education: Concepts, Goals and Measurement.” Monetary Policy & the Economy Quarterly 3 (1): 28–49.
   Google Scholar
• Grifoni, A., and F. Messy 2012. Current Status of National Strategies for Financial Education: A Comparative Analysis and Relevant Practices, OECD Working Papers on Finance, Insurance and Private Pensions, No. 16, OECD Publishing.
   Google Scholar
• Guiso, L., and T. Jappelli. 2002. “Household Portfolios in Italy.” In Household Portfolios, 251–289, MIT press.
   Google Scholar
• Hastings, J. S., B. C. Madrian, and W. L. Skimmyhorn. 2013. “Financial Literacy, Financial Education, and Economic Outcomes.” Annual Review of Economics 5 (1): 347–373.
   PubMed Web of Science ®Google Scholar
• Hill, R. C., W. E. Griffiths, and G. C. Lim. 2008. Principles of Econometrics. 4th ed. Hoboken, NJ: Wiley.
   Google Scholar
• Hospido, L., E. Villanueva, and G. Zamarro 2015. Finance for All: The Impact of Financial Literacy Training in Compulsory Secondary Education in Spain, Banco de España, Working Paper 1502/2015.
   Google Scholar
• Hung, A., A. M. Parker, and J. Yoong 2009. Defining and Measuring Financial Literacy. RAND Working Paper 708.
   Google Scholar
• Jamison, J. C., D. Karlan, and J. Zinman 2014. Financial Education and Access to Savings Accounts: Complements or Substitutes? Evidence from Ugandan Youth Clubs. National Bureau of Economic Research, Paper No. 20135.
   Google Scholar
• Jürges, H., K. Schneider, and F. Büchel. 2005. “The Effect of Central Exit Examinations on Student Achievement: Quasi‐Experimental Evidence from TIMSS Germany.” Journal of the European Economic Association 3 (5): 1134–1155.
   Web of Science ®Google Scholar
• Koenker, R., and G. Basset. 1978. “Regression Quantiles.” Econometrica 46 (1): 33–50.
   Web of Science ®Google Scholar
• Koenker, R., and K. F. Hallock. 2001. “Quantile Regression.” Journal of Economic Perspectives 15 (4): 143–156.
   Web of Science ®Google Scholar
• Lührmann, M., M. Serra-Garcia, and J. Winter. 2015. “Teaching Teenagers in Finance: Does It Work?” Journal of Banking & Finance 54: 160–174.
   Web of Science ®Google Scholar
• Lusardi, A., and O. S. Mitchell. 2007. “Financial Literacy and Retirement Planning in the United States.” Journal of Pension Economics and Finance 10 (04): 509–525.
   Web of Science ®Google Scholar
• Lusardi, A., and O. S. Mitchell. 2014. “The Economic Importance of Financial Literacy: Theory and Evidence.” Journal of Economic Literature 52 (1): 5–44.
   PubMed Web of Science ®Google Scholar
• Lusardi, A., and P. Tufano. 2015. “Debt Literacy, Financial Experiences, and Overindebtedness.” Journal of Pension Economics and Finance 14 (04): 332–368.
   Web of Science ®Google Scholar
• Lusardi, A., P. C. Michaud, and O. S. Mitchell 2013. Optimal Financial Knowledge and Wealth Inequality. National Bureau of Economic Research, Paper No. 18669.
   Google Scholar
• Lyons, A., L. Palmer, K. Jayaratne, and E. Scherpf. 2006. “Are We Making the Grade? A National Overview of Financial Education and Program Evaluation.” Journal of Consumer Affairs 40 (2): 208–235.
   Web of Science ®Google Scholar
• Mandell, L. 2008. “Financial Education in High School.” In Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs, edited by A. Lusardi, 257–279. Chicago and London: University of Chicago Press.
   Google Scholar
• Mandell, L., and L. S. Klein. 2009. “The Impact of Financial Literacy Education on Subsequent Financial Behavior.” Journal of Financial Counseling and Planning 20 (1): 15-24.
   Google Scholar
• McCormick, M. H. 2009. “The Effectiveness of Youth Financial Education: A Review of the Literature.” Journal of Financial Counseling and Planning 20 (1): 70–83.
   Google Scholar
• Messy, F., and C. Monticone 2012. The Status of Financial Education in Africa, OECD Working Papers on Finance, Insurance and Private Pensions, No. 25, OECD Publishing, Paris.
   Google Scholar
• Messy, F., and C. Monticone 2016. Financial Education Policies in Asia and the Pacific, OECD Working Papers on Finance, Insurance and Private Pensions, No. 40, OECD Publishing, Paris.
   Google Scholar
• Miller, M., J. Reichelstein, C. Salas, and B. Zia. 2015. “Can You Help Someone Become Financially Capable? a Meta-analysis Of The Literature.” The World Bank Research Observer 30 (2): 220-246.
   Web of Science ®Google Scholar
• OECD. 2014a. “PISA 2012 Results: Students and Money: Financial Literacy Skills for the 21st Century (Volume VI) pp. 1-204.” In Pisa. Paris: OECD Publishing.
   Google Scholar
• OECD. 2014b. PISA 2012 Technical Report, OECD Publishing, Paris.
   Google Scholar
• OECD. 2005. Improving Financial Literacy: Analysis of Issues and Policies. Paris: OECD Publishing.
   Google Scholar
• OECD. 2013. Advancing National Strategies for Financial Education. Paris: OECD Publishing.
   Google Scholar
• Peng, T., S. Bartholomae, J. Fox, and G. Cravener. 2007. “The Impact of Personal Finance Education Delivered in High School and College Courses.” Journal of Family and Economic Issues 28 (2): 265–284.
   Google Scholar
• Rivkin, S. G., and J. C. Schiman. 2015. “Instruction Time, Classroom Quality, and Academic Achievement.” The Economic Journal 125: 425–448.
   Web of Science ®Google Scholar
• Romagnoli, A., and M. Trifilidis 2013. Does Financial Education at School Work? Evidence from Italy. Evidence from Italy. Bank of Italy Occasional Paper, (155).
   Google Scholar
• Royston, P. 2009. “Multiple Imputation Of Missing Values: Further Update Of Ice, with an Emphasis on Categorical Variables.” Stata Journal 9 (3): 466–477.
   Web of Science ®Google Scholar
• Schafer, J. L. 1999. “Multiple Imputation: A Primer.” Statistical Methods in Medical Research 8 (1): 3–15.
   PubMed Web of Science ®Google Scholar
• Schlotter, M., G. Schwerdt, and L. Woessmann. 2011. “Econometric Methods for Causal Evaluation of Education Policies and Practices: A Non‐Technical Guide.” Education Economics 19 (2): 109–137.
   Google Scholar
• Schwerdt, G., and A. C. Wuppermann. 2011. “Is Traditional Teaching Really All that Bad? A Within-Student Between-Subject Approach.” Economics of Education Review 30 (2): 365–379.
   Web of Science ®Google Scholar
• Shim, S., B. L. Barber, N. A. Card, J. J. Xiao, and J. Serido. 2010. “Financial Socialization of First-Year College Students: The Roles of Parents, Work, and Education.” Journal of Youth and Adolescence 39 (12): 1457–1470.
   PubMed Web of Science ®Google Scholar
• Stango, V., and J. Zinman. 2009. “Exponential Growth Bias and Household Finance.” The Journal of Finance 64 (6): 2807–2849.
   Web of Science ®Google Scholar
• Swinton, J. R., T. W. DeBerry, B. Scafidi, and H. C. Woodard. 2007. “The Impact of Financial Education Workshops for Teachers on Students’ Economic Achievement.” The Journal of Consumer Education 24: 63–77.
   Google Scholar
• Tennyson, S., and C. Nguyen. 2001. “State Curriculum Mandates and Student Knowledge of Personal Finance.” Journal of Consumer Affairs 35 (Winter): 241–262.
   Web of Science ®Google Scholar
• Van Rooij, M., A. Lusardi, and R. Alessie. 2011. “Financial Literacy and Stock Market Participation.” Journal of Financial Economics 101 (2): 449–472.
   Web of Science ®Google Scholar
• Van Rooij, M. C. J., A. Lusardi, and R. J. M. Alessie. 2012. “Financial Literacy, Retirement Planning and Household Wealth.” The Economic Journal 122 (560): 449–478.
   Web of Science ®Google Scholar
• Walstad, W. B. 2013. “Economic Understanding in US High School Courses.” The American Economic Review 103 (3): 659–663.
   Web of Science ®Google Scholar
• Walstad, W.B., K. Rebeck, and R.A. MacDonald. 2010. “The Effects Of Financial Education on The Financial Knowledge Of High School Students.” Journal of Consumer Affairs 44 (2): 336-357.
   Web of Science ®Google Scholar
• Way, W. L., and K. C. Holden. 2009. “2009 Outstanding AFCPE Conference Paper Teachers’ Background and Capacity to Teach Personal Finance: Results of a National Study.” Journal of Financial Counseling and Planning 20 (2): 64.
   Google Scholar
• Willis, L. E. 2008. “Against Financial Literacy Education.” Iowa Law Review 94: 08–10.
   Web of Science ®Google Scholar
• Willis, L. E. 2011. “The Financial Education Fallacy.” American Economic Review 101 (3): 429–434.
   Web of Science ®Google Scholar
• Wu, M. 2005. “The Role of Plausible Values in Large Scale Surveys.” Studies in Educational Evaluation 31: 114–128.
   Google Scholar
• Xu, L., and B. Zia 2012. Financial Literacy around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward. World Bank Policy Research Working Paper, 6107.
   Google Scholar