This study investigates whether state-mandated financial education enhances subjective financial well-being and financial literacy, focusing on long-term impacts such as debt reduction, wealth accumulation, and overall economic stability. While prior research has shown that financial literacy can improve specific financial behaviors, there is limited evidence on whether state-mandated programs lead to sustained improvements in financial outcomes. Using a staggered difference-in-differences approach, this study leverages variations in financial education mandates across states and over time to assess their causal impact on subjective financial well-being. Data is primarily drawn from the FINRA Investor Education Foundation’s National Financial Capability Study (NFCS), with the Understanding America Study (UAS) data used for robustness checks. This research aims to provide insights for policymakers, educators, and financial practitioners on the effectiveness of financial education policies in promoting economic stability. Findings could support expanded financial education initiatives and help develop targeted programs to enhance financial well-being across various populations.
