This study investigates how attention, effort, gender, and the language of educational materials shape the effectiveness of financial education. We conducted a large-scale randomized controlled field experiment with a nationally representative sample of 4,389 adults, measuring financial literacy at three points over six months. The intervention was designed as a low-cost, self-contained program delivered in gendered (masculine, feminine, neutral) and placebo formats. Results show that financial education significantly improves financial literacy in the short term, with effects persisting for at least three months. Cognitive engagement, measured through attention and effort, emerged as a strong predictor of learning gains, especially among women. While gendered language had only a modest impact, gender differences were pronounced: women benefited more from the intervention, and their learning outcomes were strongly linked to attentiveness and effort, whereas men showed weaker or nonsignificant effects. These findings highlight the importance of considering gender-specific engagement patterns and cognitive processes in the design of financial education programs. The study provides robust experimental evidence from Poland, contributing to debates on the cost-effectiveness, inclusiveness, and scalability of financial literacy interventions.
Author(s): Piotr Bialowolski, Andrzej Cwynar, Dorota Weziak-Bialowolska
