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)
"Assessing Financial Education: Evidence from Boot Camp."
American Economic Journal: Economic Policy,
Household Saving; Personal Finance
Analysis of Education
Public Sector Labor Markets