The effectiveness of school-based financial education on financial literacy

​Through a pre- and post-test experimental design, this study examined the effectiveness of a short-duration school-based financial education program on the development of students’ financial literacy, where financial literacy is measured by both financial knowledge and financial confidence. Based on the analyses of 144 college students who were randomly assigned to the treatment or control group, this study concluded that short-duration school-based financial education program is effective in improving students’ financial knowledge but not financial confidence, regardless of students’ gender, age, race, and major. This study not only provides empirical support for the importance and necessity to provide short-duration school-based financial education programs to college students but provides implications for financial educators and policymakers to develop effective financial education programs.