Technical Notes

Evaluation of the Finanzas en mi Colegio Pilot Program: Outcomes Report

AUTHOR(s): Frisancho, Veronica
PUBLISHED: September 2017
DOWNLOAD FILE IN: English Spanish


This paper explores the potential of financial education programs for kids. We conducted a randomized controlled trial to evaluate the impact of a large-scale pilot program carried out in 150 public high schools, in six regions in Peru. Although the treatment was only moderately intensive, the pilot program was extremely effective: students’ financial literacy improved by 0.14 standard deviations and teachers’ financial literacy improved by 0.30 standard deviations. In addition, students’ self-control improved significantly, leading to better buying habits, greater financial autonomy, and fewer expenditures on unnecessary items. The program’s impact was particularly noticeable in teachers’ saving habits. The share of teachers who save informally increased by 9 percentage points, while the share of those who save formally rose by 14 percentage points. The intervention was also relatively inexpensive, with a cost of only US$6.60 per student.

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