NOVAFRICA Working Paper: Does Financial Education Impact School Attainment? Experimental Evidence from Brazil

A new working paper has been added to the NOVAFRICA Working Paper Series. Written by Daniele Chiavenato, Ricardo A. Madeira and Victor Vaccaro, this paper analyses how adding integrating financial education into the math curriculum can enhance student intrinsic motivation and improve their achievement.

Title:

Does Financial Education Impact School Attainment? Experimental Evidence from Brazil

Daniele Chiavenato

Nova School of Business and Economics and NOVAFRICA

Ricardo A. Madeira

University of Sao Paulo

Victor Vaccaro

Insper Institute of Education and Research

Abstract:

Can an applied mathematics curriculum enhance student intrinsic motivation and improve math achievement? We tackle this question through a randomized control trial of a program that integrates financial education into the mathematics curriculum in Brazil. Spanning 190 public schools and over 15,000 students, our study reveals that the program significantly boosts students’ interest in mathematics and enhances financial literacy and math performance, particularly among students from poorer socioeconomic backgrounds. Initially, the program strengthens these students’ internal locus of control and broad interest in mathematics during the first year. By the second year’s conclusion, it positively impacts their financial literacy, math proficiency, and specific socio-emotional skills crucial for the labor
market. However, we do not observe significant changes in self-reported financial behaviors or attitudes as measured by a financial autonomy index.

You can read more about this Working Paper here.

And here you can see all the NOVAFRICA Working Paper series.