Assessing Financial Education: Evidence from Boot Camp
利用美国陆军新兵的自然实验，发现个人理财课程参与能减少短期债务问题并提高退休储蓄，但对信用评分和军事劳动力市场无显著影响。
This study estimates the effects of Personal Financial Management Course attendance and enrollment assistance using a natural experiment in the US Army. New enlistees' course attendance reduces the probability of having credit account balances, average balances, delinquencies, and adverse legal actions in the first year after the course, but it has no effects on accounts in the second year or credit scores in either year. The course and its enrollment assistance substantially increase retirement savings rates and average monthly contributions, with effects that persist through at least two years. The course has no significant effects on military labor market outcomes.