A study in Peru found an unexpected effect of school financial literacy lessons: the knowledge teenagers gained improved the economic behavior of their parents.
The program reached 20,000 students in grades 9–11 and more than 10,000 parents in six districts across the country. The schoolchildren learned the basics of budgeting, choosing financial services and spending wisely. As a result, parents of the students were 26% less likely to fall behind on payments, and their credit scores rose by an average of 5%. The figures were even higher in families with daughters. At the same time, the improvements were especially noticeable in low-income families.
In effect, the study challenged the familiar model of knowledge flowing from the top down and showed that educating children can quickly and effectively change adult habits. For countries and regions where adults do not have the time or resources to study themselves, this opens a real path to economic growth and financial stability.
