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Evaluating the Efficacy of Financial Education Programs in school: Case of Armenia
Last registered on July 19, 2019


Trial Information
General Information
Evaluating the Efficacy of Financial Education Programs in school: Case of Armenia
Initial registration date
July 18, 2019
Last updated
July 19, 2019 12:02 PM EDT

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Primary Investigator
Central Bank of Armenia
Other Primary Investigator(s)
PI Affiliation
Central Bank of Armenia
Additional Trial Information
In development
Start date
End date
Secondary IDs
From September 2018, financial education was integrated into 4 subjects Mathematics, Me and the World, Algebra and Social Science in 350 schools of Armenia. For the next 3 consecutive years this program will be implemented in the rest of 1050 schools in tranches. Little is known about the effectiveness of financial education in schools, and to fill this gap we ran a randomized control trial to assess the effectiveness of integration of financial education in school curriculum. Specifically our research analyses the impact of this program on financial knowledge, skills and attitude.

The evaluation was conducted over the course of four school year, from September 2019 to September 2022, by Central Bank of Armenia. Our experimental sample consists of the students from 2nd grade to 11th grade in 100 schools. In our analysis we used a phase-in design and randomly assigned the time which the schools are going to get the treatment.
External Link(s)
Registration Citation
Hovanessian, Naneh and Vahe Movsisyan. 2019. "Evaluating the Efficacy of Financial Education Programs in school: Case of Armenia." AEA RCT Registry. July 19.
Former Citation
Hovanessian, Naneh, Naneh Hovanessian and Vahe Movsisyan. 2019. "Evaluating the Efficacy of Financial Education Programs in school: Case of Armenia." AEA RCT Registry. July 19.
Experimental Details
In the new curriculum financial education topics were integrated into 4 subjects for all primary, secondary and
high schools: Mathematics, Me and the World, Algebra and Social Science. The topics included consists of
Intervention Start Date
Intervention End Date
Primary Outcomes
Primary Outcomes (end points)
Financial knowledge, financial skills and financial attitude, trust
Primary Outcomes (explanation)
Financial knowledge: Index based on questions about their financial knowledge on inflation, interest rates, money, value of the money and etc.
financial skill: Index based on questions about their skills on calculating the interest rates, inflation etc.
financial attitude: Index based on questions about their attitude on savings, loans value of money and etc.
trust: The level of trust of financial system (1-5)
Secondary Outcomes
Secondary Outcomes (end points)
Secondary Outcomes (explanation)
Experimental Design
Experimental Design
There are 1421 schools in Armenia. From which, in 2018, 349 schools from 10 regions and Yerevan were selected to be a part of the program. In the following 3 years the rest of the schools will also implement the program in 3 tranches (For 3 consecutive years, each year approximately 350 schools will join the programs so at the end of 2021, all 1421 schools will have financial education topics incorporated in their subjects). We assign the cities and villages to be treated in the 3 following years (2019, 2020, and 2021), (the cities and villages that were treated on 2018 were also selected randomly). After having the year that every school will be treated, we decide the samples that we are going to survey for our evaluation. From September 2019, each year (every September) we will have a survey from 100 schools (same schools each year) that are randomly chosen from 4 treatment groups (2018-2021). So from each year’s treatment we will have 25 schools. The list of the schools are also randomly chosen.
The survey should be repeated each year until 2022 when all schools were trained to have a final evaluation. In our evaluation method we will compare these four treatment groups and will see how the students differ on their financial knowledge, skills and attitudes in the groups that had the training for only one year, two years, three years, and four years..
Experimental Design Details
Not available
Randomization Method
In office by a computer.
Randomization Unit
Cities and villages at first to see in which year they are getting the treatment, and then randomly choose 25 schools from each group (each phase-in year)
Was the treatment clustered?
Experiment Characteristics
Sample size: planned number of clusters
100 Schools
Sample size: planned number of observations
40,000 pupils
Sample size (or number of clusters) by treatment arms
25 schools treatment year 2018
25 schools treatment year 2019
25 schools treatment year 2020
25 schools treatment year 2021
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
IRB Name
IRB Approval Date
IRB Approval Number