Does State-Mandated Financial Education Affect High-Cost Borrowing?
Author: Melody Harvey
Topic: Credit & Debt, Financial literacy
Publisher: FINRA Investor Education Foundation
Location: United States
Format: Brief
Content Type: Research
Publication Date: April 25, 2019

Using pooled data from the 2012 and 2015 waves of the National Financial Capability Study (NFCS), this research finds that young adults who were required to take personal finance courses in high school were significantly less likely to borrow payday loans than their peers who were not. These effects do not significantly differ by race/ethnicity or gender, suggesting that financial education may be useful regardless of demographics.

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