The Role of Undergraduate Personal Finance Education in Financial Literacy, Financial Attitudes and Financial Behaviours
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Abstract
Among the range of policy options available to improve personal financial decision making are personal finance financial education interventions. Notwithstanding calls to expand delivery of such courses at university level, there is relatively limited evidence of their effectiveness. We provide such evidence through assessment of objective and subjective financial literacy measures, financial behaviours and financial attitudes for a sample of students completing a course relative to a control group of their peers. We isolate a positive role for course delivery and estimate a better outcome for female students. We do not find that those enrolling in the elective course do so with higher levels of financial literacy, or with better financial attitudes and behaviours. Finally, evidence does not support the view that overconfidence, due to an illusion of knowledge, is associated with completion of the course.