Financial literacy and confidence - an information provision experiment

Last registered on November 16, 2023


Trial Information

General Information

Financial literacy and confidence - an information provision experiment
Initial registration date
November 03, 2023

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
November 15, 2023, 12:56 PM EST

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Last updated
November 16, 2023, 3:35 AM EST

Last updated is the most recent time when changes to the trial's registration were published.



Primary Investigator

Friedrich Schiller University Jena

Other Primary Investigator(s)

PI Affiliation
Friedrich Schiller University Jena

Additional Trial Information

Start date
End date
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Research on financial literacy shows that women and older people have significantly lower levels of financial literacy. This has implications for investment and savings decisions, especially in light of an increasingly complex financial system and the growing need for individual retirement planning. Confidence can be a driving force in answering financial literacy questions and in financial decision making. For example, older individuals continue to show high levels of confidence in financial decision making, despite declining financial literacy scores at older ages (Finke et al. 2017). In addition, women have less confidence in their own abilities with regard to financial matters (Lusardi and Mitchell 2014). We would like to make the following contributions to the literature: We want to address the question of whether certain information about gender or age differences in mathematical competencies in everyday life has an impact on their confidence in answering financial literacy questions. Furthermore, we want to investigate how this information then affects the hypothetical investment or savings decisions of the respective groups. We also want to analyze how this information affects preferences for policies aimed at reducing these disparities. Through our study, we aim to provide a nuanced picture of financial literacy and resulting hypothetical investment and savings decisions in the context of individual confidence in their own decisions.
External Link(s)

Registration Citation

Peter, Julia and Jana Schuetz. 2023. "Financial literacy and confidence - an information provision experiment." AEA RCT Registry. November 16.
Experimental Details


Intervention Start Date
Intervention End Date

Primary Outcomes

Primary Outcomes (end points)
In our survey, we have the following sets of outcome variables:
1) Confidence in their own financial literacy and financial literacy performance
2) Hypothetical investment and savings decisions
3) Demand for information and education
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
We provide information about everyday mathematical skills in Germany to all three groups in the following way.
1) T1 - Age: In Germany, younger adults have higher everyday mathematical skills than older adults.
2) T2 - Gender: In Germany, men have higher everyday mathematical skills than women.
3) C - Active control: In an international comparison, adults in Germany have average everyday skills.
Experimental Design Details
Randomization Method
Randomization done by a computer
Randomization Unit
Was the treatment clustered?

Experiment Characteristics

Sample size: planned number of clusters
Sample size: planned number of observations
2500 individuals
Sample size (or number of clusters) by treatment arms
Approximately 833 individuals per experimental group
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)

Institutional Review Boards (IRBs)

IRB Name
IRB of the Faculty of Business and Economics at the Friedrich Schiller University Jena
IRB Approval Date
IRB Approval Number
Analysis Plan

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Post Trial Information

Study Withdrawal

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Is the intervention completed?
Intervention Completion Date
November 14, 2023, 12:00 +00:00
Data Collection Complete
Data Collection Completion Date
November 14, 2023, 12:00 +00:00
Final Sample Size: Number of Clusters (Unit of Randomization)
Was attrition correlated with treatment status?
Final Sample Size: Total Number of Observations
Final Sample Size (or Number of Clusters) by Treatment Arms
Data Publication

Data Publication

Is public data available?

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials