Does financial education in high school affect retirement savings in adulthood? by Melody Harvey, Carly Urban published by TIAA Institute (2/2022).
Research suggests financial literacy levels, particularly among the young, are extremely low and those with higher levels of financial literacy are more likely to participate in the stock market, plan for retirement, and possess the financial sophistication that leads to higher interest in savings accounts. Since starting to save for retirement earlier has the potential to generate long-term gains, does financial literacy education during formative teenage years increase long-run retirement savings? To address this question, this paper tests whether required high school financial education improves retirement savings for adults ages 25–40.
