Does State-Mandated Financial Education Affect High-Cost Borrowing?

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.



Financial Capability in the United States 2016

Financial Capability in the United States. National Survey – Executive Summary

Financial Capability in the United States 2016

Financial Capability in the United States 2013

The Workplace as a Platform for Financial Stability: A Profile of Working Bridges