The impact of education on savings and financial behavior

The impact of education on savings and financial behavior


This paper estimates the effect of years of education on savings, financial market participation, and choices between different financial instruments for men and women. Using data from the Turkey’s Saving Tendencies Survey from 2018-2020, we exploit the school reform in Turkey that extended compulsory schooling from 5 to 8 years as a source of exogenous variation in schooling.

While we find no evidence of an effect of schooling on men, there are significant effects on women. Among women, both the propensity to save and the amount of monthly savings increase. Moreover, women become more likely to participate in the formal financial system.

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Financial Systems Gender Gap Savings


Abdurrahman B. Aydemir

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