TY - BOOK ID - 137133980 TI - The ABCs of Financial Education : Experimental Evidence on Attitudes, Behavior, and Cognitive Biases AU - Carpena, Fenella AU - Cole, Shawn AU - Shapiro, Jeremy AU - Zia, Bilal PY - 2015 PB - Washington, D.C., The World Bank, DB - UniCat KW - Education KW - Finance and Financial Sector Development UR - https://www.unicat.be/uniCat?func=search&query=sysid:137133980 AB - This 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. ER -