Financial literacy calls the roll — The effectiveness of a financial education program in Italian schools

This paper evaluates the effectiveness of “Financial Education in School”, a comprehensive financial education program implemented by the Bank of Italy across primary and secondary schools nationwide. The initiative combines teacher training, tailored educational materials, and interactive classroom activities to embed financial literacy into the curriculum. Drawing on two randomized controlled trials with more than 1500 students in grades 5 and 8, we report three main findings. First, teacher-led instruction significantly improves financial knowledge, with large effect sizes of 0.54 and 0.66 standard deviations for grade 5 and grade 8, respectively. Second, distributing self-study booklets without guided lessons has no average effect, except among socioeconomically advantaged students. Third, while overall impacts on financial attitudes are limited, teacher-led instruction fosters greater willingness to delay immediate rewards (patience) among younger pupils and supports disadvantaged students in developing more future-oriented saving preferences. Overall, the results highlight the central role of schools and teachers in delivering effective and equitable financial education.