Teaching teenagers in finance: Does it work?

Melanie Lührmann, Marta Serra-Garcia, Joachim Winter

Research output: Contribution to journalArticlepeer-review


Many initiatives worldwide aim at improving financial literacy through targeted education programs, yet there is little evidence regarding their effectiveness. We examine the impact of a short financial education program on teenagers in German high schools. Our findings reveal that the training program significantly increases teenagers’ interest in financial matters and their financial knowledge, especially their ability to properly assess the riskiness of assets. Behaviorally, we observe a decrease in the prevalence of self-reported impulse purchases, but at the same time find no evidence of a significant increase in savings.
Original languageEnglish
Pages (from-to)160-174
Number of pages15
JournalJournal of Banking and Finance
Early online date19 Dec 2014
Publication statusPublished - May 2015


  • Financial Literacy
  • Economic Education
  • Financial decision-making

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