Nitelik ve nicelik: Zorunlu eğitim yasaların hanehalkının finansal davranışı üzerindeki sınırlı etkisi

The low level of household financial market participation is one of the important puzzles remaining to be solved in modern economics. Yet, we have still to understand its determinants. We exploit the exogenous variation induced by a change in compulsory schooling laws in Turkey to estimate the impact of compulsory schooling laws on household borrowing and saving decisions. Using Reduced From regressions, we find that the education reform increased the schooling level of household heads and had a positive impact on households' propensity to hold savings in bank accounts. However, we do not observe such a relationship in the remaining measures of saving and borrowing. These results point to a grave limitation of policies that only increase the years of schooling on financial market participation, and highlight the importance of the inclusion of financial training in early education curriculums.