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Sheraton Uptown, Albuquerque, NM, USA
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Sunday, April 23 • 8:00am - 9:30am
C1B-Impact of Financial Education Mandates on Younger Consumers’ Use of Alternative Financial Services

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Financial literacy in the US remains shockingly low: two-thirds of Americans are not able to answer more than three out of five questions about interest rates, inflation, risk diversification, mortgages, and bond pricing. One policy response has been to mandate financial education in schools; however, it is not clear if financial education improves financial capability. This study examined if financial education impacts the use of alternative financial services (AFS) with data from the National Financial Capability Study (2012) and Urban, Schmeiser and Collins (2015). Probability and count data models with state fixed effects were employed to examine AFS use among consumers mandated to take financial education relative to consumers who were not. This study found that mandated consumers were less likely to use any AFS. In particular, financial education mandates are significantly associated with reduced likelihood and frequencies of using payday loans and rent-to-own transactions.

Speakers & Presenters
avatar for Melody Harvey

Melody Harvey

PhD Candidate, Pardee RAND Graduate School
Melody Harvey is a Ph.D. candidate at the Pardee RAND Graduate School and an assistant policy researcher at RAND Corporation. Her research focuses on effects of social and consumer policies on economically vulnerable populations in the United States. Within the context of ACCI, h... Read More →


Sunday April 23, 2017 8:00am - 9:30am
Roxy

Attendees (2)