Results of experimental research were submitted to OECD


In 2019 R-Insights Research Company, in the scope of a contract with the Organisation for Economic Co-operation and Development (OECD), implemented a research project which aimed at evaluating the effectiveness of financial education seminars: the seminars were delivered by the Office of Financial System Mediator (FSM) of Armenia, the target group was high school students in Armenia. The research was implemented using randomized controlled trials with pre-test and post-test evaluation in control and treatment groups.

FSM organized the seminars in two formats: first, 45-minute seminars only, and second, tutorial videos on top of 45-minute seminars. Both seminars cover the topics of knowledge, attitudes, and behaviors related to the financial system, awareness of FSM, banking accounts and cards, deposits, loans, insurance. 

In 2019, R-Insights Research Company conducted an evaluation study in the scope of the mentioned project. The goal of the study is to evaluate the effectiveness of the financial education seminars implemented by Financial System Mediator (FSM) for high school students in Armenia. 

The evaluation was carried out based on experimental research design, i.e. using a randomized controlled trial (RCT), with pre-test and post-test evaluation in control and treatment groups. In addition, qualitative interviews and focus group discussions were implemented to collect comprehensive feedback from related stakeholders about the format and content of the seminars.

In the framework of experimental assessment, over 1700 students from about 30 schools were tested. The schools were assigned to two treatment groups and a control groups. RCT data was analyzed in accordance with the difference-in-difference (DID) analysis methodology. The qualitative part included focus group discussions with the school students and in-depth interviews with school teachers and FSM experts.

The research resulted in comprehensive evidence and suggestions for further development of the financial education seminars.   

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