Quotation Angel, Stefan. 2018. Smart tools? A randomized controlled trial on the impact of three different media tools on personal finance. Journal of Behavioral and Experimental Economics. 74 104 - 111.




By using a randomized controlled trial we test the impact of three treatments on financial literacy (knowledge, attitudes, reported behavior) among adolescents in Austria. Treatments comprise a documentary movie on debt, an internet exercise and a budgeting smartphone app. It is investigated if particularly the latter two instruments could serve as standalone alternatives (nudges) to conventional teaching interventions. Users of the budgeting app report to check their current account balance significantly more often than the control group. The web exercise, however, neither raises interest in personal finance issues nor significantly increases basic financial knowledge. The documentary movie did not affect attitudes towards saving or private credits. Even if it is only about raising awareness and interest in financial matters among adolescents, the ICT applications tested in this study thus do not lend strong support to policies solely relying on digital “stand-alone” solutions of similar design.


Press 'enter' for creating the tag

Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Journal of Behavioral and Experimental Economics
Citation Index SSCI
WU-Journal-Rating new FIN-A, STRAT-B, VW-D, WH-B
Language English
Title Smart tools? A randomized controlled trial on the impact of three different media tools on personal finance
Volume 74
Year 2018
Page from 104
Page to 111
Reviewed? Y
DOI http://dx.doi.org/10.1016/j.socec.2018.04.002
Open Access N


An experimental evaluation of program effects on the financial literacy and financial capabilities of teenagers.
Angel, Stefan (Former researcher)
Institute for Social Policy IN (Details)
Research areas (ÖSTAT Classification 'Statistik Austria')
5334 Political economic policy (Details)
Google Scholar: Search