What do students gain from banks in schools? A field study

This field study estimates the short-run effects of banks in schools on students’ financial behaviors, attitudes, and knowledge. The presence of in-school banking programs increased the rate that students owned bank accounts, improved students’ perceptions of banks, and increased indicators of finan...

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Bibliographic Details
Published in:Review of economics of the household 2023-06, Vol.21 (2), p.567-590
Main Authors: Collins, J. Michael, L’Esperance, Madelaine
Format: Article
Language:English
Subjects:
Attitudes
Bank accounts
Banking
Banking industry
Branch banking
Children & youth
Cost control
Deposit insurance
Economic analysis
Economics
Economics and Finance
Field study
Financial institutions
Financial literacy
Financial services
Households
Labor Economics
Microeconomics
Parent-child relations
Parents & parenting
Perceptions
Population Economics
School districts
Schools
Social Sciences
Socialization
Student attitudes
Students
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Summary:This field study estimates the short-run effects of banks in schools on students’ financial behaviors, attitudes, and knowledge. The presence of in-school banking programs increased the rate that students owned bank accounts, improved students’ perceptions of banks, and increased indicators of financial socialization. Using the random assignment of banks at the school level as an instrument, being banked improved students’ attitudes about banking services and increased the rate that students engaged with their parents on financial issues. Banks in schools do not appear to influence student financial literacy or savings levels, however. Exposure to banking at school primarily serves as a mechanism to increase students’ awareness of financial services, and leads to more parent-child interactions related to financial issues.
ISSN:1569-5239
1573-7152
DOI:10.1007/s11150-022-09611-z