Carpena, FenellaCole, ShawnShapiro, JeremyZia, Bilal2015-09-232015-09-232015-09https://hdl.handle.net/10986/22669This paper uses a large scale field experiment in India to study attitudinal, behavioral, and cognitive constraints that stymie the link between financial education and financial outcomes. The study complements financial education with (i) participant classroom motivation with pay for performance on a knowledge test, (ii) intensity of treatment with personalized financial counseling, and (iii) behavioral nudges with financial goal setting. The analysis finds no impact of pay for performance but significant effects of both counseling and goal setting on real financial outcomes. These results identify important complements to financial education that can bridge the gap between financial knowledge and financial behavior change.en-USCC BY 3.0 IGOFINANCIAL EDUCATION IN SCHOOLSDEPOSITFINANCIAL SERVICESBORROWERDURABLE GOODSCREDIT CARDSATM CARDSACCOUNTINGCHECKSFINANCIAL DECISIONSDEPOSITSBEHAVIORAL EFFECTBEHAVIORAL ECONOMICSEDUCATION PROGRAMCALCULATIONGOAL SETTINGFINANCIAL MANAGEMENTINCOMEINTERESTLIFE INSURANCEFINANCIAL MATTERSCONTRIBUTIONFINANCIAL LITERACYSAVINGS BEHAVIORSAVINGS ACCOUNTSINTEREST RATERESOURCE MANAGEMENTSPENDINGDISCOUNT RATEPURCHASESFINANCIAL EDUCATION COURSESINFORMATIONBANK ACCOUNTCOMPUTATIONAL SKILLSHEALTH INSURANCEREPAYMENTSCALCULATIONSFINANCIAL GOAL SETTINGWELFARELOANFINANCIAL GOALSKNOWLEDGE TESTDIRECT DEPOSITCLASSROOM SESSIONSFINANCIAL BEHAVIORFINANCIAL EDUCATION WORKSHOPTRAINING PROGRAMSCREDIT CARDBUDGETINGSAVINGS PROGRAMSAVINGRENTSBUDGETLITERACYKNOWLEDGEFINANCIAL CONCEPTSSAVINGSMATHEMATICSBANKING PRODUCTSSAVINGS GOALCONSUMER DEBTTRAININGLOW- INCOMEFINANCIAL COUNSELORRESERVE BANKMONEYTAKE-UP RATESFINANCIAL ADVICEPROBABILITYFINANCESSAVING BEHAVIORINTEREST RATESSECONDARY SCHOOLMARKETINGDEBTFINANCIAL LITERACY TRAININGHOUSEHOLD INCOMEFINANCIAL PRODUCTSFINANCIAL HABITSFINANCIAL TRAININGPOSITIVE FINANCIAL OUTCOMESLOANSFINANCIAL GOALFINANCIAL SYSTEMINSURANCE POLICYFINANCELOAN TERMSSAVINGS ACCOUNTFINANCIAL COUNSELORSFINANCIAL LEARNINGCOMPUTATIONAL SKILLCONSUMERMONETARY INCENTIVESEXPENSESFINANCIAL EDUCATION PROGRAMSBEST PRACTICESCONSUMER RESEARCHFINANCIAL CRISISFINANCIAL EDUCATION PROGRAMBANKCREDITBUDGETSDEMANDFINANCIAL DECISIONKNOWLEDGE TESTSWORKSHOPFINANCIAL EDUCATIONREPAYMENTCONSUMERSPAMPHLETSLOW-INCOMEMONTHLY INCOMECURRICULUMMONETARY INCENTIVEBUSINESS SCHOOLHOUSEHOLD SAVINGSDISCOUNT RATESINSURANCEFINANCIAL OUTCOMESPAYMENT AMOUNTEDUCATION PROGRAMSPURCHASEEDUCATIONCOLLEGE FRESHMENMINIMUM PAYMENTATMTRAINING PROGRAMFINANCIAL ACTIONSDEBT REPAYMENTSHOUSEHOLD BORROWINGPERSONAL SAVINGSSTUDENTSINVESTMENTSBORROWINGDEBT REPAYMENTFINANCIAL KNOWLEDGEFINANCIAL CONSEQUENCESRISK AVERSIONINHERITANCECREDIT CARD PAYMENTHIGH SCHOOL STUDENTSFINANCIAL SECTORVALUE OF MONEYFINANCIAL EDUCATION COURSERESEARCH ASSISTANCEFINANCIAL INCENTIVESINDIVIDUAL COUNSELINGEMPLOYEE SAVINGWorking PaperWorld Bank10.1596/1813-9450-7413