The Impact of Financial Education on Adolescents' Intertemporal Choices

Melanie Luhrmann, Marta Serra-Garcia, Joachim Winter

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We study the impact of financial education on intertemporal choice in adolescence. The educational program was randomly assigned among high-school students and choices were measured using an incentivized experiment. Students who participated in the program make more time-consistent choices; are more likely to allocate payments to a single payment date, as opposed to spreading payment across two dates; and display increased consistency of choice with the law of demand. These findings suggest that financial education increases the quality of
intertemporal decision-making and decreases narrow bracketing.
Original languageEnglish
Pages (from-to)309-332
Number of pages24
JournalAmerican Economic Journal: Economic Policy
Issue number3
Publication statusPublished - Aug 2018


  • Intertemporal Choice, Financial Education, Experiment

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