Assessing Financial Education: Evidence from Boot Camp
- (pp. 322-43)
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.20140283Additional Materials
JEL Classification
- D14 Household Saving; Personal Finance
- I21 Analysis of Education
- J45 Public Sector Labor Markets
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