The Impact of Financial Education on the Financial Literacy of American High-Schoolers: An Analysis

Abstract

In this paper, Manuel evaluates the relationship between financial education and financial literacy in an attempt to predict the efficacy of recent changes to Minnesota's educational policy. Using economic theories of diminishing marginal returns and behavioral economics, she theorizes the different potential outcomes of financial education courses on the financial literacy of American high schoolers. She then turns to the existing key literature on this relationship, evaluating the quality and accuracy of their research, before determining that the existing data is inconclusive and further research will need to be conducted for a definitive conclusion.