The Effects of Youth Bank Accounts on Later-in-life
Financial Capability and Economic Self-Sufficiency
Carly Urban, Ph.D.J. Michael Collins, Ph.D.
B-S-J-G (China)
Belgium (Flemish)
Canadian provinces
RussiaNetherlands
Australia
United StatesPoland
Italy
Spain
LithuaniaSlovak Republic
Chile
Peru
Brazil
380
400
420
440
460
480
500
520
540
560
580
PISA: Mean performance in financial literacy, 2015
Mean Mean Mean Mean scorescorescorescore
0
10
20
30
40
50
60
70
80
90
100
Chile
Poland
Russia
Italy
Lithuania
Slovak Republic
B-S-J-G (China)
Spain
United States
OECD average-10
Belgium (Flemish)
Canadian provinces
Australia
Netherlands
%
PISA 2015: Students reporting holding PISA 2015: Students reporting holding PISA 2015: Students reporting holding PISA 2015: Students reporting holding a bank accounta bank accounta bank accounta bank account
-20
0
20
40
60
80
100
Slovak Republic
Russia
Lithuania
Poland
B-S-J-G (China)
Chile
United States
OECD average-10
Italy
Belgium (Flemish)
Australia
Spain
Canadian provinces
Netherlands
Score-point difference
Before accounting for socio-economic status
Bank Accounts and Financial Literacy in PISA
-20
0
20
40
60
80
100
Slovak Republic
Russia
Lithuania
Poland
B-S-J-G (China)
Chile
United States
OECD average-10
Italy
Belgium (Flemish)
Australia
Spain
Canadian provinces
Netherlands
Score-point difference
After accounting for socio-economic status Before accounting for socio-economic status
Research Question:
What is the causal effect of youth bank accounts on
downstream financial and economic outcomes?
Access to Minor Accounts
Increase Credit Union
Membership by 2
percentage points
12%
14%
Access to Minor Accounts
Decrease the Likelihood <20
Year Olds are Unbanked by 6
percentage points
16%
10%
How Can Banks Help Inform Research?
• Collect more data.
• Make it available for researchers.