To educate consumers about responsible use of financial products, many governments, non-profit organizations and financial institutions have started to provide financial literacy courses. However, participation rates for non-compulsory financial education programs are typically extremely low.
Researchers from the World Bank conducted randomized experiments around a large-scale financial literacy course in Mexico City to understand the reasons for low take-up among a general population, and to measure the impact of this financial education course. The free, 4-hour financial literacy course was offered by a major financial institution and covered savings, retirement, and credit use. Motivated by different theoretical and logistics reasons why individuals may not attend training, researchers randomized the treatment group into different subgroups, which received incentives designed to provide evidence on some key barriers to take-up. These incentives included monetary payments for attendance equivalent to $36 or $72 USD, a one-month deferred payment of $36 USD, free cost transportation to the training location, and a video CD with positive testimonials about the training.
A follow-up survey conducted on clients of financial institutions six months after the course was used to measure the impacts of the training on financial knowledge, behaviors and outcomes, all relating to topics covered in the course.
The baseline dataset documented here is administrative data received from a screener that was used to get people to enroll in the financial course. The follow-up dataset contains data from the follow-up questionnaire.