Effectiveness of Financial Literacy Interventions through a Training-of-Trainers (ToT) Model

Last registered on January 28, 2026
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Pre-Trial

Trial Information

General Information

Title
Effectiveness of Financial Literacy Interventions through a Training-of-Trainers (ToT) Model
RCT ID
AEARCTR-0017722
Initial registration date
January 24, 2026

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
January 28, 2026, 7:37 AM EST

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

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Primary Investigator

Name
Aniket Bhushan
Affiliation
Indian Institute of Management Visakhapatnam
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Other Primary Investigator(s)

PI Name
Vijaya Bhaskar Marisetty
PI Affiliation
Indian Institute of Management Visakhapatnam
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Additional Trial Information

Status
In development
Start date
2025-12-13
End date
2026-03-31
Keywords
Education, Finance & Microfinance
Additional Keywords
Financial literacy, Training-of-Trainers, Higher education, Randomized controlled trial
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
This study evaluates the effectiveness of a Training-of-Trainers (ToT) model for delivering standardized financial literacy education to undergraduate students on a scale. The primary objective is to causally estimate the impact of receiving structured financial literacy training prior to a standardized financial aptitude examination on students’ financial knowledge outcomes.

The study addresses a key policy challenge in India, where low participation in formal financial markets is partly attributable to limited financial literacy. By examining a scalable instructional approach implemented through trained college faculty, the study assesses whether structured financial education can enhance financial knowledge and improve financial decision-making capacity among young adults.

Primary outcomes are measured using student performance on the SEBI Investor Awareness Test (SIAT), administered under standardized and supervised conditions. Secondary outcomes include measures of financial knowledge and financial decision-making collected through a baseline survey adapted from OECD financial literacy instruments. The study generates causal evidence on the effectiveness of a ToT-based delivery model in a public higher-education setting and may be extended to examine medium- and long-term impacts on participants’ financial behaviors and the diffusion of financial advice within their social networks.
External Link(s)

Registration Citation

Citation
Bhushan, Aniket and Vijaya Bhaskar Marisetty. 2026. "Effectiveness of Financial Literacy Interventions through a Training-of-Trainers (ToT) Model." AEA RCT Registry. January 28. https://doi.org/10.1257/rct.17722-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Participants in treatment districts receive standardized financial literacy training delivered through a Training-of-Trainers (ToT) model. College faculty members are first trained centrally using a uniform curriculum and delivery protocol and subsequently deliver a structured 4–6 hour financial literacy module to undergraduate students.
The training covers core topics including personal finance, budgeting, savings, investment fundamentals, risk management, fraud awareness, and investor protection. Training is delivered prior to the administration of the standardized financial aptitude examination. Control districts receive the same training after the examination.
Intervention Start Date
2026-01-18
Intervention End Date
2026-03-20

Primary Outcomes

Primary Outcomes (end points)
SIAT Examination Score
Primary Outcomes (explanation)
Student performance on the SEBI Investor Awareness Test, used to assess the impact of receiving structured financial literacy training prior to the examination.

Secondary Outcomes

Secondary Outcomes (end points)
• Financial knowledge score measured using a 25-item multiple-choice test
• Financial literacy and financial decision-making indicators measured using an OECD-based survey instrument
• Medium- and long-term impacts on participants’ financial behaviors and the diffusion of financial advice within their social networks (subject to follow-up data collection)
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
The study employs a cluster randomized controlled trial design with randomization at the district level.
• Unit of randomization: District
• Number of clusters: 26 districts in Andhra Pradesh
• Treatment group: 13 districts receiving financial literacy training prior to the SIAT examination
• Control group: 13 districts receiving the same training after the examination (waitlist control)
• Primary outcome measure: SIAT examination score
Random assignment at the district level minimizes contamination across institutions and ensures internal validity.
Experimental Design Details
Not available
Randomization Method
randomization done in office by a computer
Randomization Unit
District
Was the treatment clustered?
Yes

Experiment Characteristics

Sample size: planned number of clusters
26 districts
Sample size: planned number of observations
52 trainers
Sample size (or number of clusters) by treatment arms
Approximately 20,800 students
(Approximately 400 students per trainer)
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
The study is powered to detect standardized mean differences in SIAT examination scores between treatment and control groups. Assuming randomization at the district level (26 clusters), an average of approximately 800 students per district, intra-cluster correlation consistent with prior education field experiments, and a two-sided test at the 5% significance level with 80% power, the minimum detectable effect size for the primary outcome is approximately 0.15–0.20 standard deviations at the student level. Power calculations account for clustering at the district level and unequal cluster sizes.
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
Research Ethics Committee, Indian Institute of Management Visakhapatnam
IRB Approval Date
2026-01-12
IRB Approval Number
IIMV/REC/2025/06
Analysis Plan