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Research ArticleArticles

High School Curriculum and Financial Outcomes: The Impact of Mandated Personal Finance and Mathematics Courses

Shawn Cole, Anna Paulson and Gauri Kartini Shastry
Journal of Human Resources, August 2016, 51 (3) 656-698; DOI: https://doi.org/10.3368/jhr.51.3.0113-5410R1
Shawn Cole
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Anna Paulson
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Gauri Kartini Shastry
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Abstract

Financial literacy and cognitive capabilities are convincingly linked to the quality of financial decision-making. Yet, there is little evidence that education intended to improve financial decision-making is successful. Using plausibly exogenous variation in exposure to state-mandated personal finance and mathematics high school courses, affecting millions of students, this paper answers the question “Can high school graduation requirements impact financial outcomes?” The answer is yes, although not via traditional personal finance courses, which we find have no effect on financial outcomes. Instead, we find additional mathematics training leads to greater financial market participation, investment income, and better credit management, including fewer foreclosures.

  • Received January 2013.
  • Accepted March 2015.
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Journal of Human Resources: 51 (3)
Journal of Human Resources
Vol. 51, Issue 3
1 Aug 2016
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High School Curriculum and Financial Outcomes: The Impact of Mandated Personal Finance and Mathematics Courses
Shawn Cole, Anna Paulson, Gauri Kartini Shastry
Journal of Human Resources Aug 2016, 51 (3) 656-698; DOI: 10.3368/jhr.51.3.0113-5410R1

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High School Curriculum and Financial Outcomes: The Impact of Mandated Personal Finance and Mathematics Courses
Shawn Cole, Anna Paulson, Gauri Kartini Shastry
Journal of Human Resources Aug 2016, 51 (3) 656-698; DOI: 10.3368/jhr.51.3.0113-5410R1
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  • Article
    • Abstract
    • I. Introduction
    • II. Context and Data
    • III. Empirical Strategy
    • IV. Impacts of the Personal Finance Mandates
    • V. Impacts of Increased Math Courses
    • VI. Discussion
    • VII. Conclusion
    • Footnotes
    • References
  • Figures & Data
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  • Financial Education and Financial Attitudes: Evidence From a High School Experiment
  • Combining Financial Education With Mathematics Coursework: Findings From a Pilot Study
  • The Impact of Financial-Aid Format on Students' Collegiate Financing Decisions
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