TY  - RPRT
        AU  - Aydemir, Abdurrahman B.
AU  - Ersan, Yasar
        TI  - Does Education Improve Financial Outcomes? Evidence from Stock Market and Retirement Accounts in Türkiye
        PY  - 2025/May/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 17927
        UR  - https://www.iza.org/publications/dp17927
        AB  - We examine the causal effect of education on financial outcomes related to stock markets and retirement savings, leveraging a major compulsory school reform and a unique data set covering the universe of investors in Türkiye. The estimates show no effects on participation rates, portfolio composition, or return performance. Moreover, education does not appear to influence behavioral biases or heuristics in retirement plans. The reform leads to a 3% increase in pension savings for females, with no significant effect on males. Higher earnings and increased employment with employer-sponsored pension plans appear as potential mechanisms driving the wealth effect.
        KW  - Wealth
KW  - Retirement
KW  - Education
KW  - Investment Decisions
        ER  -