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E4c Impact of U.S. State Mandated Financial Education on Banking Decisions
Short Description
This study examines the impact of state-mandated high school financial education on banking decisions using FDIC survey data (2009-2023). While unbanked households decreased steadily from 8.2% to 4.2% (2011-2023), decline has slowed, with 5.6 million households still unbanked. Establishing a causal link between financial education and inclusion will be insightful, as prior research only shows correlation. This research employs a two-way fixed effects difference-in-differences model, exploiting variation in state mandates to analyze their effect on individuals’ likelihood of being banked and on future banking interest among those unbanked. Findings reveal that exposure to personal finance coursework significantly reduces the likelihood of being unbanked and decreases the likelihood of being uninterested in opening a bank account among the unbanked population. These results underscore the importance of mandated high school financial education for future financial decision-making and promoting financial inclusion.
Type of presentation
Accepted Oral Presentation