The Impact of Financial Education on Adolescents' Intertemporal Choices. / Luhrmann, Melanie; Serra-Garcia, Marta; Winter, Joachim.

In: American Economic Journal: Economic Policy, Vol. 10, No. 3, 08.2018, p. 309-332.

Research output: Contribution to journalArticlepeer-review




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
This open access research output is licenced under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

ID: 29149182