“’Four Bright Coins Shining at Me’”. Financial Education in Childhood, Financial Confidence in Adulthood”

by Elsa Fornero, Mariacristina Rossi, Dario Sansone; CeRP WP 162/16


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.

Published: July 2016