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  3. American Economic Journal: Economic Policy
  4. May 2016
  5. Assessing Financial Education: Evidence from Boot Camp

Assessing Financial Education: Evidence from Boot Camp

  • William Skimmyhorn
American Economic Journal: Economic Policy
vol. 8, no. 2, May 2016
(pp. 322-43)
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Abstract

This study estimates the effects of Personal Financial Management Course attendance and enrollment assistance using a natural experiment in the US Army. New enlistees' course attendance reduces the probability of having credit account balances, average balances, delinquencies, and adverse legal actions in the first year after the course, but it has no effects on accounts in the second year or credit scores in either year. The course and its enrollment assistance substantially increase retirement savings rates and average monthly contributions, with effects that persist through at least two years. The course has no significant effects on military labor market outcomes. (JEL D14, I21, J45)

Citation

Skimmyhorn, William. 2016. "Assessing Financial Education: Evidence from Boot Camp." American Economic Journal: Economic Policy, 8 (2): 322-43. DOI: 10.1257/pol.20140283

Additional Materials

JEL Classification

  • D14 Household Saving; Personal Finance
  • I21 Analysis of Education
  • J45 Public Sector Labor Markets
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