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D4b Designing Financial Futures: Evidence from a Randomized Controlled Trial on Young Adults
Short Description
This study examines the effectiveness of behavioural interventions in strengthening financial capability among young adults, focusing on self-efficacy, behavioural intention, and perceived behavioural control. A randomized controlled trial (N = 482) compared four intervention formats—goal setting, video-based learning, ChatGPT-assisted financial planning, and behavioural education—with a control group. Results demonstrate that goal-setting and behavioural education consistently improved all three determinants of financial capability, while video and AI-based interventions produced weaker and less consistent effects. These findings underscore the importance of intervention design: structured and experiential approaches foster greater agency and sustained change than passive or semi-guided formats. The study advances understanding of the psychological mechanisms underlying responsible financial behaviour by showing how action-oriented interventions translate abstract intentions into concrete behavioural strategies. From a policy perspective, the results highlight the need to move beyond knowledge-based financial education toward approaches that actively engage participants and reinforce behaviour over time. Integrating behavioural methods into financial literacy programs, particularly for young people, can reduce inequalities in capability and promote long-term financial resilience.
Type of presentation
Accepted Oral Presentation