In this study, we investigate the causal effect of financial literacy education on a composite financial health score constructed from 17 self-reported financial health and distress metrics ranging from spending habits to confidence in ability to repay debt to day-to-day financial skill. Leveraging data from the 2021 National Financial Capability Study, we find a significant and positive average treatment effect of financial literacy education on financial health. To test the robustness of this effect, we utilize a variety of causal estimators (Generalized Lin's estimator, 1:1 propensity matching, IPW, and AIPW) and conduct sensitivity analysis using alternate health outcome scoring and varying caliper strengths. Our results are robust to these changes. The robust positive effect of financial literacy education on financial health found here motivates financial education for all individuals and holds implications for policymakers seeking to address the worsening debt problem in the U.S, though the relatively small magnitude of effect demands further research by experts in the domain of financial health.

翻译：本研究探究金融素养教育对综合财务健康评分的因果效应，该评分由17项自我报告的财务健康与财务困境指标构成，涵盖从消费习惯、偿债能力信心到日常财务技能等维度。基于2021年全美财务能力调查数据，我们发现金融素养教育对财务健康具有显著且正向的平均处理效应。为检验这一效应的稳健性，我们采用了多种因果估计方法（广义林估计量、1:1倾向得分匹配、逆概率加权和增强逆概率加权），并通过替代健康结果评分及调整卡钳宽度进行敏感性分析。研究结果表明，该效应在不同设定下均保持稳健。本研究发现金融素养教育对财务健康的稳健正向效应，为面向全体人群开展金融教育提供了动力，并对政策制定者应对美国日益恶化的债务问题具有启示意义，但效应相对较小的幅度有待财务健康领域专家进一步研究。