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Policy Brief 2006-PB-06 March 2006 Can Personal Financial Management Education Promote Asset Accumulation by the Poor? John P. Caskey Abstract: This paper asks whether personal financial management education is an effective mechanism for helping lower-income households accumulate financial assets and improve credit histories. The paper argues that the best existing studies of the effectiveness of financial literacy initiatives suggest that such initiatives might help lower-income households build savings and improve credit records, but the results are only suggestive due to the limitations of the studies. The paper concludes that a high research priority should be to gathering more robust evidence on whether teaching personal financial management skills to lower-income households can be an effective means to improve their financial situations. About th e Author: John P. Caskey is a professor of economics at Swarthmore College. He received his B.A. from Harvard University and his Ph.D. from Stanford University. For over a decade, his research has focused on the use of the financial services by lower-income U.S. households and on community development financial institutions. Professor Caskey has served as a visiting scholar at the Federal Reserve Bank of Philadelphia, the Federal Reserve Bank of Kansas City, the Universidade Nova de Lisboa (Portugal), and Yale University. He has also worked as a consultant for the Filene Research Institute, the Ford Foundation, Pew Charitable Trusts, and the World Bank. In addition to his academic work, Professor Caskey serves on the Board of Directors of the Chester Community Improvement Project, a non-profit low-income housing development agency, and the Franklin Mint Federal Credit Union. Keywords: personal financial management education, financial literacy, impact