The impact of financial education in schools on the financial literacy of Brazilian students

This study investigates the impact of school-based financial education on the financial literacy levels of Brazilian students, using data from PISA 2022. An empirical approach combining different methodological strategies was adopted: (i) estimation via Propensity Score Matching (PSM) to compare students with and without access to financial education at school; (ii) the use of quantile regression to capture heterogeneous effects across the proficiency distribution; and (iii) disaggregation of school-based financial education effects into four specific topics: credit and debt, investments, financial planning, and economic concepts. The results indicate that financial education has a positive and statistically significant impact, increasing students’ Plausible Value of Financial Literacy (PVFL) by an average of 45.57 points, as estimated through PSM. Disaggregated analysis shows that topics related to financial planning and credit and debt generate the largest gains in financial literacy. Finally, quantile regression revealed that the effects of financial education are positive across the entire proficiency distribution, with greater intensity among higher-performing students, although they are also relevant for lower-performing students.