Financial Education Program Evaluation: The Situation in Vietnam
Keywords:
financial education, evaluation, financial inclusion, VietnamAbstract
Financial education is an important instrument for the government to promote financial inclusion so that all citizens, especially people in the disadvantaged groups, are not left behind in approaching and using financial products and services. This paper seeks to give a preliminary assessment to answer two research questions: (1) How were financial education programs evaluated; and (2) Do financial education programs in Vietnam help improve financial literacy and financial products and service usage. This paper also presents evaluation frameworks and discusses the problems in financial education evaluation based on the findings. The author proposes policy recommendations to improve the evaluation of financial education programs.
References
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Berg, G., & Zia, B. (2017). Harnessing Emotional Connections to Improve Financial Decisions: Evaluating the Impact of Financial Education in Mainstream Media. Journal of the European Economic Association, 15(5), 1025–1055. https://doi.org/10.1093/jeea/jvw021
Brown, M., Grigsby, J., van der Klaauw, W., Wen, J., & Zafar, B. (2016). Financial Education and the Debt Behavior of the Young. The Review of Financial Studies, 29(9), 2490–2522. https://doi.org/10.1093/rfs/hhw006
Bruhn, M., Lara Ibarra, G., & McKenzie, D. (2014). The minimal impact of a large-scale financial education programme in Mexico City. Journal of Development Economics, 108, 184–189. https://doi.org/10.1016/j.jdeveco.2014.02.009
Doi, Y., McKenzie, D., & Zia, B. (2014). Who you train matters: Identifying combined effects of financial education on migrant households. Journal of Development Economics, 109, 39–55. https://doi.org/10.1016/j.jdeveco.2014.03.009
Fan, L., & Chatterjee, S. (2018). Application of situational stimuli for examining the effectiveness of financial education: A behavioral finance perspective. Journal of Behavioral and Experimental Finance, 17, 68–75. https://doi.org/10.1016/j.jbef.2017.12.009
Fox, J., Bartholomae, S., & Lee, J. (2005). Building the Case for Financial Education. Journal of Consumer Affairs, 39, 195–214. https://doi.org/10.1111/j.1745-6606.2005.00009.x
Hathaway, I., & Khatiwada, S. (2008). Do Financial Education Programmes Work? FRB of Cleveland Working Paper. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1118485
Hilgert, M., Hogarth, J., & Beverly, S. (2003). Household Financial Management: The Connection Between Knowledge and Behavior. Federal Reserve Bulletin, 89, 309–322.
Holzmann, R., Mulaj, F., & Perrotti, V. (2013). Financial Capability in Low- and Middle Income Countries: Measurement and Evaluation. https://doi.org/10.13140/RG.2.2.15046.88644
Jacobs, F. H. (2003). Child and Family Programme Evaluation: Learning to Enjoy Complexity. Applied Developmental Science, 7(2), 62–75. https://doi.org/10.1207/S1532480XADS0702_3
Lopus, J. S., Amidjono, D. S., & Grimes, P. W. (2019). Improving financial literacy of the poor and vulnerable in Indonesia: An empirical analysis. International Review of Economics Education, 32, 100168. https://doi.org/10.1016/j.iree.2019.100168
Lusardi, A., Michaud, P.-C., & Mitchell, O. S. (2019). Assessing the impact of financial education programmes: A quantitative model. Economics of Education Review. https://doi.org/10.1016/j.econedurev.2019.05.006
Lyons, A., Palmer, L., Jayaratne, K. S., & Scherpf, E. (2006). Are We Making the Grade? A National Overview of Financial Education and Programme Evaluation. Journal of Consumer Affairs, 40(2), 208–235. https://doi.org/10.1111/j.1745-6606.2006.00056.x
Lyons, A., Rachlis, M., & Scherpf, E. (2007). What’s in a Score? Differences in Consumers’ Credit Knowledge Using OLS and Quantile Regression. Journal of Consumer Affairs, 41, 223–249. https://doi.org/10.1111/j.1745-6606.2007.00079.x
Mandell, L., & Klein, L. (2009). The Impact of Financial Literacy Education on Subsequent Financial Behavior. Journal of Financial Counseling and Planning, 20.
OECD (2013). Evaluating financial education programmes: Survey, evidence, policy instruments and guidance, OECD
Sherraden, M., Johnson, E., Guo, B., & Elliott, W. (2011). Financial Capability in Children: Effects of Participation in a School-Based Financial Education and Savings Programme. Journal of Family & Economic Issues, 32, 385–399. https://doi.org/10.1007/s10834-010-9220-5
Steinert, J. I., Cluver, L. D., Meinck, F., Doubt, J., & Vollmer, S. (2018). Household economic strengthening through financial and psychosocial programming: Evidence from a field experiment in South Africa. Journal of Development Economics, 134, 443–466. https://doi.org/10.1016/j.jdeveco.2018.06.016
Taylor, S., & Wagland, S. (2013). The Solution to the Financial Literacy Problem: What is the Answer? Australasian Accounting, Business and Finance Journal, 7, 69–90. https://doi.org/10.14453/aabfj.v7i3.5
Berg, G., & Zia, B. (2017). Harnessing Emotional Connections to Improve Financial Decisions: Evaluating the Impact of Financial Education in Mainstream Media. Journal of the European Economic Association, 15(5), 1025–1055. https://doi.org/10.1093/jeea/jvw021
Brown, M., Grigsby, J., van der Klaauw, W., Wen, J., & Zafar, B. (2016). Financial Education and the Debt Behavior of the Young. The Review of Financial Studies, 29(9), 2490–2522. https://doi.org/10.1093/rfs/hhw006
Bruhn, M., Lara Ibarra, G., & McKenzie, D. (2014). The minimal impact of a large-scale financial education programme in Mexico City. Journal of Development Economics, 108, 184–189. https://doi.org/10.1016/j.jdeveco.2014.02.009
Doi, Y., McKenzie, D., & Zia, B. (2014). Who you train matters: Identifying combined effects of financial education on migrant households. Journal of Development Economics, 109, 39–55. https://doi.org/10.1016/j.jdeveco.2014.03.009
Fan, L., & Chatterjee, S. (2018). Application of situational stimuli for examining the effectiveness of financial education: A behavioral finance perspective. Journal of Behavioral and Experimental Finance, 17, 68–75. https://doi.org/10.1016/j.jbef.2017.12.009
Fox, J., Bartholomae, S., & Lee, J. (2005). Building the Case for Financial Education. Journal of Consumer Affairs, 39, 195–214. https://doi.org/10.1111/j.1745-6606.2005.00009.x
Hathaway, I., & Khatiwada, S. (2008). Do Financial Education Programmes Work? FRB of Cleveland Working Paper. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1118485
Hilgert, M., Hogarth, J., & Beverly, S. (2003). Household Financial Management: The Connection Between Knowledge and Behavior. Federal Reserve Bulletin, 89, 309–322.
Holzmann, R., Mulaj, F., & Perrotti, V. (2013). Financial Capability in Low- and Middle Income Countries: Measurement and Evaluation. https://doi.org/10.13140/RG.2.2.15046.88644
Jacobs, F. H. (2003). Child and Family Programme Evaluation: Learning to Enjoy Complexity. Applied Developmental Science, 7(2), 62–75. https://doi.org/10.1207/S1532480XADS0702_3
Lopus, J. S., Amidjono, D. S., & Grimes, P. W. (2019). Improving financial literacy of the poor and vulnerable in Indonesia: An empirical analysis. International Review of Economics Education, 32, 100168. https://doi.org/10.1016/j.iree.2019.100168
Lusardi, A., Michaud, P.-C., & Mitchell, O. S. (2019). Assessing the impact of financial education programmes: A quantitative model. Economics of Education Review. https://doi.org/10.1016/j.econedurev.2019.05.006
Lyons, A., Palmer, L., Jayaratne, K. S., & Scherpf, E. (2006). Are We Making the Grade? A National Overview of Financial Education and Programme Evaluation. Journal of Consumer Affairs, 40(2), 208–235. https://doi.org/10.1111/j.1745-6606.2006.00056.x
Lyons, A., Rachlis, M., & Scherpf, E. (2007). What’s in a Score? Differences in Consumers’ Credit Knowledge Using OLS and Quantile Regression. Journal of Consumer Affairs, 41, 223–249. https://doi.org/10.1111/j.1745-6606.2007.00079.x
Mandell, L., & Klein, L. (2009). The Impact of Financial Literacy Education on Subsequent Financial Behavior. Journal of Financial Counseling and Planning, 20.
OECD (2013). Evaluating financial education programmes: Survey, evidence, policy instruments and guidance, OECD
Sherraden, M., Johnson, E., Guo, B., & Elliott, W. (2011). Financial Capability in Children: Effects of Participation in a School-Based Financial Education and Savings Programme. Journal of Family & Economic Issues, 32, 385–399. https://doi.org/10.1007/s10834-010-9220-5
Steinert, J. I., Cluver, L. D., Meinck, F., Doubt, J., & Vollmer, S. (2018). Household economic strengthening through financial and psychosocial programming: Evidence from a field experiment in South Africa. Journal of Development Economics, 134, 443–466. https://doi.org/10.1016/j.jdeveco.2018.06.016
Taylor, S., & Wagland, S. (2013). The Solution to the Financial Literacy Problem: What is the Answer? Australasian Accounting, Business and Finance Journal, 7, 69–90. https://doi.org/10.14453/aabfj.v7i3.5
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Published
2021-03-30
How to Cite
Nguyen, T. . D. (2021). Financial Education Program Evaluation: The Situation in Vietnam. Local Administration Journal, 14(1), 1–18. Retrieved from https://so04.tci-thaijo.org/index.php/colakkujournals/article/view/248726
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