A Behaviorally Informed Financial Education Program for the Financially Vulnerable: Design and Effectiveness

Authors Ernst-Jan de Bruijn, Gerrit Antonides, Tamara Madern
Published in Frontiers in Psychology
Publication date 2022
Research groups Debt and Debt Collection
Type Article


Financially vulnerable consumers are often associated with suboptimal financial behaviors. Evaluated financial education programs so far show difficulties to effectively reach this target population. In our attempt to solve this problem, we built a behaviorally informed financial education program incorporating insights from both motivational and behavioral change theories. In a quasi-experimental field study among Dutch financially vulnerable people, we compared this program with both a control group and a traditional program group. In comparison with the control group, we found robust positive effects of the behaviorally informed program on financial skills and knowledge and self-reported financial behavior, but not on other outcomes. Additionally, we did not find evidence that the behaviorally informed program performed better than the traditional program. Finally, we discuss the findings and limitations of this study in light of the financial education literature and provide implications for policymaking and directions for future research.

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On this publication contributed

  • Tamara Madern | Professor | Debt and Debt Collection
    Tamara Madern
    • Professor
    • Research group: Debt and Debt Collection

Language English
Published in Frontiers in Psychology
Key words financial literacy and education, financial behavior, financially vulnerable people, behavioral insights, quasi-experimental field study, financial education, financial literac

Debt and Debt Collection