The Long-Term Effectiveness of Financial Education Classroom Workshops in Rural Areas the Case of Armenia
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This case study features Armenia’s experience with classroom-based financial education workshops and the Central Bank of Armenia’s (CBA) efforts to measure the effectiveness of these workshops on financial inclusion and financial behavior.Using difference-indifference (DID) regression analysis, the CBA measured the impact of two-day financial education workshops in 100 villages randomly selected from across six regions.
The results indicate a positive and significant impact on financial knowledge, skills and attitude in the short term (immediately after the workshops). Another survey was conducted six months after the workshops to examine the possible long-term impact on financial knowledge and skills, behavior and financial inclusion. The results of the long-term evaluation results suggest that the positive and significant short-term results of classroom workshops gradually faded. The effect on participants’ financial knowledge, skills and resilience, saving and borrowing preferences, and financial inclusion were positive, but there was only a negligible effect on participants’ trust in the financial system and financial behavior (saving and borrowing). Additional efforts and refinements are needed to ensure the workshop is effective over the long term.
|Document Type||Case Study|
|Year of Publication||2020|
|Number of Pages||20|
|Region / Country||Global / Armenia|
|Primary Language||English (en)|