How Financial Literacy Affects Household Wealth Accumulation
利用新家庭数据集和工具变量法，分离金融素养与教育对财富积累的因果效应，发现金融素养影响显著，且教育效应需与金融素养交互才为正。
This study isolates the causal effects of financial literacy and schooling on wealth accumulation using a new household dataset and an instrumental variables (IV) approach. Financial literacy and schooling attainment are both strongly positively associated with wealth outcomes in linear regression models, whereas the IV estimates reveal even more potent effects of financial literacy. They also indicate that the schooling effect only becomes positive when interacted with financial literacy. Estimated impacts are substantial enough to imply that investments in financial literacy could have large wealth payoffs.