Financial Education and the Debt Behavior of the Young

@article{Brown2013FinancialEA,
  title={Financial Education and the Debt Behavior of the Young},
  author={M. Brown and John Grigsby and W. V. D. Klaauw and Jaya Wen and Basit Zafar},
  journal={Review of Financial Studies},
  year={2013},
  volume={29},
  pages={2490-2522}
}
  • M. Brown, John Grigsby, +2 authors Basit Zafar
  • Published 2013
  • Economics
  • Review of Financial Studies
  • Young Americans are heavily reliant on debt and have clear financial literacy shortcomings. In this paper, we study the effects of exposure to financial training on debt outcomes in early adulthood among a large and representative sample of young Americans. Variation in exposure to financial training comes from statewide changes in high school graduation requirements. Using a flexible event study approach, we find that both mathematics and financial education, by and large, decrease reliance on… CONTINUE READING
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