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Fostering financial literacy and behavior: Experimental evidence on financial education among small scale retailers in rural Uganda
Last registered on August 16, 2017

Pre-Trial

Trial Information
General Information
Title
Fostering financial literacy and behavior: Experimental evidence on financial education among small scale retailers in rural Uganda
RCT ID
AEARCTR-0000906
Initial registration date
October 10, 2015
Last updated
August 16, 2017 5:30 AM EDT
Location(s)
Region
Primary Investigator
Affiliation
DIW Berlin
Other Primary Investigator(s)
PI Affiliation
DIW Berlin
Additional Trial Information
Status
Completed
Start date
2015-10-01
End date
2017-06-30
Secondary IDs
Abstract
Financial education interventions have become widespread in recent years and seek to strengthen the financial knowledge and behavior of consumers and small-scale entrepreneurs. However, recent systematic reviews of the literature (Fernandes et al. 2014; Miller et al. 2015) question the effectiveness of such programs to target individual financial behavior. Recent experiments go beyond estimations of average treatment effects of a single program, but complement these findings with evidence on orthogonal treatments designed to study the causal mechanism behind these interventions. However, the role of differential pedagogical approaches and design is a surprisingly underresearched issue in the financial education literature. This cluster-randomized field experiment evaluates the comparative effectiveness of two financial literacy trainings offered to small-scale retailers in the Rwenzori-region in western Uganda. The two treatments experimentally vary the use of visuals, narratives and participant involvement. Thus, we are able to study the relative importance of the pedagogical design in financial education interventions and shed light on the causal mechanism underlying the observed behavioral changes expected from these kinds of interventions.
External Link(s)
Registration Citation
Citation
Kaiser, Tim and Lukas Menkhoff. 2017. "Fostering financial literacy and behavior: Experimental evidence on financial education among small scale retailers in rural Uganda." AEA RCT Registry. August 16. https://doi.org/10.1257/rct.906-5.0.
Former Citation
Kaiser, Tim, Tim Kaiser and Lukas Menkhoff. 2017. "Fostering financial literacy and behavior: Experimental evidence on financial education among small scale retailers in rural Uganda." AEA RCT Registry. August 16. http://www.socialscienceregistry.org/trials/906/history/20471.
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Experimental Details
Interventions
Intervention(s)
Two different financial education modules (designed by GiZ and the Bank of Uganda) which differ the use of visuals, narratives and participant involvement. Thus, one intervention represents a "standard" approach in the delivery of these - mainly lecture based - trainings while the other intervention introduces pedagogical innovations.
Intervention Start Date
2015-10-02
Intervention End Date
2015-12-13
Primary Outcomes
Primary Outcomes (end points)
Financial literacy and attittudes, Financial behavior (saving, borrowing, record keeping, insurance, etc.), consumption, take-up of new income-generating activities
Primary Outcomes (explanation)
Financial literacy measured through multiple choice test and scores generated using a 2PLM-IRT-Model
Secondary Outcomes
Secondary Outcomes (end points)
Secondary Outcomes (explanation)
Experimental Design
Experimental Design
Cluster-RCT at the market-level with up to two follow ups after baseline.
Experimental Design Details
Randomization Method
Unconditional randomization of clusters into treatments A and B and control via Stata.
Randomization Unit
Regular and permanent markets (agricultural, clothing etc.) in the Rwenzori region.
Was the treatment clustered?
Yes
Experiment Characteristics
Sample size: planned number of clusters
83 markets
Sample size: planned number of observations
around 1300 market vendors
Sample size (or number of clusters) by treatment arms
28 markets
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Cohens` d between 0.15 and 0.25 (financial behavior) (ICC unknown as of today)
IRB
INSTITUTIONAL REVIEW BOARDS (IRBs)
IRB Name
IRB Approval Date
IRB Approval Number
Post-Trial
Post Trial Information
Study Withdrawal
Intervention
Is the intervention completed?
Yes
Intervention Completion Date
December 19, 2015, 12:00 AM +00:00
Is data collection complete?
Yes
Data Collection Completion Date
February 28, 2017, 12:00 AM +00:00
Final Sample Size: Number of Clusters (Unit of Randomization)
83
Was attrition correlated with treatment status?
Yes
Final Sample Size: Total Number of Observations
1,291
Final Sample Size (or Number of Clusters) by Treatment Arms
28 markets (456 individuals) in control group, 27 markets (414 individuals) in treatment A, 28 markets (421 individuals) in treatment B
Data Publication
Data Publication
Is public data available?
No
Program Files
Program Files
No
Reports, Papers & Other Materials
Relevant Paper(s)
REPORTS & OTHER MATERIALS