Required or voluntary financial education and saving behaviors.

The authors of this study investigate the likely influence of required or voluntary financial education on the saving behaviors of U.S. adults. They compare the results for three groups defined by different life experiences with financial education (required, voluntary, and none). Probit models estimate the effects of financial education on four saving behaviors: having a savings account; having an emergency fund; saving for investing; and saving for retirement. The results show similar positive outcomes for required and voluntary financial education on each saving behavior. No difference based on self-selection into financial education is evident. The findings also indicate that multiple exposures to financial education in different venues (high school, college, or employment) increase the apparent effects on saving behaviors compared with a single exposure. [ABSTRACT FROM AUTHOR]