Learn about the positive effects of financial education in this talk with Dr. Carly Urban

dr. Carly Urban loves to tackle the big questions related to financial education, including how it’s taught in high schools across the country and how to measure its effectiveness. This podcast was recorded in 2020.

If you’d like an update on her research, Carly will be taking part in two conversations next week:

dr. Urban was one of the authors in this pivotal study that tested the effectiveness of financial education in 76 randomized experiments and was recently highlighted by NEFE and FINRA.


0:00~1:16 Introduction 1:16~4:19 Analysis of the causal effect of financial education 4:19~6:42 Discussion of interesting previous studies on the effects of financial education 6:42~8:28 Why this study outweighs the results of the previous studies 8:28~11:32 Considering the opportunity costs and return on investment of providing financial education classes 11:32~13:01 Measuring the return on financial literacy education 13 :01~13:46 Examining the Outcomes of Improved Financial Behavior 13:46~14:05 A Word from NGPF 14:05~16:18 How COVID-19 Can Affect Financial Education Advocacy 16:18~17:30 The Potential Impact “Financial Education in High Schools America” May Have 17:30~23:26 Key Survey Findings 23:26~26:25 How Embedded Courses Don’t Always Teach Personal Finance 26:25~28:33 Gold Standard School Findings 28:33~32:55 Interesting patterns among schools for gold standard arden 32:55~36:22 How the research data is shared and the future implications of this research 36:22~37:1 5. Conclusion



“When I’ve been looking at financial education for so long, I feel like the one thing I always hear about why something is in a school is because of one person. Literally, one teacher or one administrator, someone got in trouble [for example] with credit cards early in life and that’s the big predictor [to if personal finance becomes a graduation requirement]† I wish I had a variable for that, but it seems like a human effect.”

“Financial education is quote-on-quote “work”. I always say I hated that original study because it seemed like financial education was a microwave, like it worked or not. Focusing on what is true and why and for whom is something we should definitely do more in the future.”

About the Authors

Tim Ranzetta

Tim’s savings habits started at 7 a.m. when a neighbor with a broken hip gave him a dog walking job. Her recovery, which lasted nearly a year, led to Tim getting to know the bank clerks quite well (and building a savings account balance of over $300!). His recent entrepreneurial adventures include driving a chipper, analyzing compensation packages for Fortune 500 companies, and helping families make better college funding decisions. After volunteering in 2010 to establish a personal finance program and teach at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him. to start a new nonprofit, Next Gen Personal Finance. †

Ren Makino

Ren has been working part-time at NGPF since 2014, where he did an internship through high school and college. With his knowledge growing alongside NGPF, he joined the team after graduating in 2020 to work full-time with a focus on teacher onboarding. He is also the editor of the NGPF podcast and makes it accessible to educators on iTunes, Stitcher, and Google Play Music. In his spare time, he enjoys trying coffee from different roasters around the world and trying out new brewing methods, although personal finance gurus tend to warn against buying a cup of joe.

This post Podcast: Carly Urban – research into positive impact of financial ed

was original published at “https://www.ngpf.org/blog/podcasts/ngpf-podcast-carly-urban-on-her-recent-research-showing-positive-impact-of-financial-education/”