We study the effects of education on the financial outcomes of young people using Kenya’s introduction of free primary education (FPE) in 2003 as an exogenous shock to schooling. Our identification strategy compares changes across cohorts and across regions with differing levels of pre-FPE enrollment. We find that FPE is associated with increases in educational attainment and increased use of formal financial services. We also find increases in financial capability, employment rates, and incomes. Our results are robust to controls for supply-side changes in financial access, providing new evidence that a large-scale government intervention can generate significant demand-driven improvements in financial outcomes.

中文翻译：

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教育对财务结果的影响：来自肯尼亚的证据

我们利用肯尼亚在 2003 年引入免费初等教育 (FPE) 作为对学校教育的外生冲击来研究教育对年轻人财务成果的影响。我们的识别策略比较了具有不同 FPE 前入学水平的队列和区域之间的变化。我们发现 FPE 与教育程度的提高和正规金融服务使用的增加有关。我们还发现财务能力、就业率和收入都有所增加。我们的结果对于控制金融准入的供给侧变化是稳健的，提供了新的证据，证明大规模的政府干预可以产生显着的需求驱动的金融结果改善。