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Indebtedness

Can mainstream media help improve financial decisions?

Gunhild Berg's picture



Financial education is important, yet there is a considerable knowledge gap in determining how best to deliver it. Recently, the literature on careful evaluations of financial education has started to move away from classroom based interventions to more innovative delivery mechanisms such as videos, DVDs, and mainstream media. The advantage of entertainment media – television and radio – is that it offers a broad outreach since nearly every household nowadays has a TV and also a captive audience that establishes emotional connections with the show and closely follows the behavior of their favorite actors. Given that entertainment media has been shown to be successful at improving social behavior in the health and education fields, an interesting research question is whether it can also be used for positively influencing financial knowledge and behavior.