Primary Outcomes (explanation)
For the outcome variable of financial literacy, we will follow a methodology close to the approach of Atkinson & Messy (2011), Maldonado et al. (2019) and OECD (2013) to both elaborate the questions and the score of the outcome variable. Answers that show good financial literacy in terms of financial knowledge, attitude and behavior will get a score of 1 (in some questions more than one option could be interpreted as good financial literacy), and 0 if related to a low financial literacy degree. In the end, to estimate the outcome variable, the score will be summed as a ratio of the total questions answered.
Part of the questions for myopic behavior were inspired in Jacobs & Matthews (2012), while others were new to reflect other components of myopia. The myopic score was estimated in a similar way to the financial literacy one, with answers indicating a high myopic behavior getting a score of 1.
The outcome variable related to the knowledge of the basic course material will be evaluated by a simple multiple-choice test with only one right answer in each question, with the total score being normalized to one.
Atkinson, A., & Messy, F. A. (2011). Assessing financial literacy in 12 countries: an OECD/INFE international pilot exercise. Journal of Pension Economics & Finance, 10(4), 657-665.
Jacobs, A. M., & Matthews, J. S. (2012). Why do citizens discount the future? Public opinion and the timing of policy consequences. British Journal of Political Science, 903-935.
Maldonado, J. E., De Witte, K., & Declercq, K. (2019). The effects of parental involvement in homework. Two randomised controlled trials in financial education. FEB Research Report Department of Economics DPS19. 14.
OECD (2013), PISA 2012 Assessment and Analytical Framework: Mathematics, Reading, Science, Problem Solving and Financial Literacy, OECD Publishing.