The Effectiveness of Financial Capability and Asset Building Interventions in Improving Youth’s Educational Well-being: A Systematic Review

Abstract

Researchers globally are testing the potential of economic empowerment interventions such as financial guidance, education savings accounts, and asset transfer to promote educational well-being. Yet limited evidence exists of these interventions’ quality and effectiveness in improving educational well-being outcomes such as school enrollment and academic achievement. This systematic review evaluates these interventions’ methodological strengths and weaknesses, describes common intervention components and outcomes measured, and assesses intervention effectiveness. Overall, 15 studies from Sub-Saharan Africa, North and Central America, Southeast Asia, and Europe were included in this review (age: 5–19 years). Over half of the intervention studies scored at/above the median (high rigor). Notable strengths include using experimental study designs, articulation of theoretical framework, longer follow-up periods, transparency about dropout/attrition rates, and the conduct of parallel intervention replications across multiple schools. Methodological weaknesses included not stating quality control measures and not reporting measurement validity and reliability. Overall, most interventions effectively improved educational well-being. Interventions were most effective at improving academic attendance/participation, performance, and achievement, and less effective in educational enrollment. As education is a key modifiable determinant of well-being, interventionists have a great opportunity to develop and implement tailored economic empowerment interventions to promote educational well-being.