Financial Education and Access to Savings Accounts: Complements or Substitutes? Evidence from Ugandan Youth Clubs
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Evidence on the effectiveness of financial education and formal savings
account access is lacking, particularly for youth. We randomly assign 250
youth clubs to receive either financial education, access to a cheap group
account, or both. The financial education treatments increase financial
literacy; the account-only treatment does not. Administrative data shows
the education plus account treatment increases bank savings relative to
account-only. But survey-measured total savings shows roughly equal
increases across all treatment arms. Earned income also increases in all
treatment arms. We find little evidence that education and account access
are strong complements, and some evidence they are substitutes.