Can financial literacy education reduce the use of Medicaid and SNAP?

Authors

  • Abdullah Al-Bahrani Department of Economics and Finance, Northern Kentucky University
  • Darshak Patel Department of Economics, University of Kentucky
  • Jamie Weathers Department of Finance and Commercial Law, Western Michigan University

DOI:

https://doi.org/10.61190/fsr.v28i4.3434

Abstract

In recent decades, we have seen an increase in both the complexity of financial markets and the expectations of individual responsibility for people’s financial decision-making. Policies supporting financial literacy education are promoted as a way to decrease reliance on social safety nets. The assumption is that low levels of financial literacy translate to lower economic outcomes and, thus, increased dependence on social programs. We use the 2018 National Financial Capabilities Study to investigate the possible relationship between high school mandated financial literacy education and social program participation and find no evidence of such a relationship.

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Published

2020-12-30

How to Cite

Al-Bahrani, A., Patel, D., & Weathers, J. (2020). Can financial literacy education reduce the use of Medicaid and SNAP?. Financial Services Review, 28(4), 303–314. https://doi.org/10.61190/fsr.v28i4.3434

Issue

Vol. 28 No. 4 (2020): Winter 2020

Section

New Original Submission

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Copyright (c) 2020 Academy of Financial Services

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