We show that receiving an allowance (pocket money) between age 8 and 12 increases financial confidence in adulthood. We measure the level of confidence using the self-reported financial knowledge. We carry out the analysis by using a Dutch survey conducted in 2015. We estimate causal effects by controlling for parental attitudes and using a “within family” fixed effect.
“’Four Bright Coins Shining at Me’”. Financial Education in Childhood, Financial Confidence in Adulthood”
FORNERO, Elsa Maria;ROSSI, Mariacristina;
2016-01-01
Abstract
We show that receiving an allowance (pocket money) between age 8 and 12 increases financial confidence in adulthood. We measure the level of confidence using the self-reported financial knowledge. We carry out the analysis by using a Dutch survey conducted in 2015. We estimate causal effects by controlling for parental attitudes and using a “within family” fixed effect.
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