Financial literacy programs improve financial behavior.

Is it true that financial literacy programs improve financial behavior?

Partly. Evidence is mixed and mostly indirect: one meta-analysis reports only a weak collective impact of financial education on behavior, and a review finds knowledge gains but unclear behavioral effects, while a few studies report positive associations between literacy and financial behavior in specific countries.

Verdict: CONTESTED PARTIAL · 4 sources for, 3 against · Last checked 17 Oct 2026

The private library was unavailable for some searches in this check. Missing library results are not evidence against the claim.

The Role of Financial Literacy in Investor Behavior. (2026). doi.org. https://doi.org/10.4018/979-8-3373-8302-6.ch008

Mitchell, O. S. & Lusardi, A. (2011). Financial Literacy. books.google.com. http://books.google.com/books?id=wH5DCC4JdwMC&dq=Financial+literacy+programs+improve+financial+behavior.&hl=&as_pt=BOOKS&source=gbs_api

Lahiri, S. & Biswas, S. (2022). Does financial literacy improve financial behavior in emerging economies? Evidence from India. doi.org. https://doi.org/10.1108/mf-09-2021-0440

Lusardi, A. (2008). Household Saving Behavior: The Role of Financial Literacy, Information, and Financial Education Programs. doi.org. https://doi.org/10.2139/ssrn.1094102

The impact of digital financial literacy on financial behavior: customers’ perspective. (2024). doi.org. https://doi.org/10.1108/cr-11-2023-0297

Aisa, A., Wim, G., Henriëtte, M. v. d. B., & Arie, W. (2018). A Review of Financial-Literacy Education Programs for Children and Adolescents. eric.ed.gov. https://doi.org/10.1177/2047173417719555

J., H. B. (2015). Enhancing Links between Research and Practice to Improve Consumer Financial Education and Well-Being. eric.ed.gov. https://eric.ed.gov/?id=EJ1074652