NGPF Podcast: Carly Urban on her recent research showing positive impact of financial education

May 01, 2020
Podcasts, Research



  • 0:00~1:16 Introduction
  • 1:16~4:19 Analysis of the causal effect of financial education
  • 4:19~6:42 Discussion of interesting past studies regarding the effects of financial education
  • 6:42~8:28 Why this study outweighs the results from the earlier studies
  • 8:28~11:32 Considering the opportunity cost and return on investment from offering financial education classes
  • 11:32~13:01 Measuring the return of teaching financial literacy
  • 13:01~13:46 Examining the outcomes of improved financial behavior
  • 13:46~14:05 A word from NGPF
  • 14:05~16:18 How COVID-19 might affect financial education advocacy 
  • 16:18~17:30 The potential impact “Financial Educations in High Schools America” might have
  • 17:30~23:26 Key findings from the study
  • 23:26~26:25 How embedded courses don’t always teach personal finance
  • 26:25~28:33 Findings from gold standard schools
  • 28:33~32:55 Interesting patterns among gold standards schools
  • 32:55~36:22 How the research data will be shared and the future implications of this study
  • 36:22~37:15 Conclusion



  • “Looking at financial education for this long, I feel like the one thing that I always hear as to why something is in a school is because of one person. Literally, one teacher or one administrator, somebody got into trouble [for example] with credit cards early in their lives and that’s the big predictor [to if personal finance becomes a graduation requirement]. I wish I had a variable for that but it seems like a human effect.” 

  • “Financial education is quote-on-quote “working.” I always say that I hated that original study because it made it seem like financial education was a microwave, like it was either working or it wasn’t. Focusing on what is where and why and for whom is something we definitely need to do more of in the future.”

About the Authors

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

Ren Makino

Ren has been working part-time at NGPF since 2014, interning through high school and college. With his knowledge growing alongside NGPF, after graduating from college in 2020, he joined the team to work full time with a focus on teacher onboarding. He is also the editor of the NGPF podcast and makes sure it is accessible to teachers on iTunes, Stitcher, and Google Play Music. During his free time, he likes to try out coffees from different roasters across the world and try out new brewing methods, even though personal finance gurus tend to caution against buying a cup of joe.