The State of Evidence on the Impact of Economic Security Programs on Educational Outcomes

Background and Purpose: Globally, researchers are testing the potential of economic empowerment interventions to promote educational well-being. Yet limited evidence exists on these interventions’ quality and effectiveness in improving educational outcomes. The interest in financial assets in education research in both developed and developing economies is based on the hypothesis that the lack of such resources limits people’s access to education and stifles their ability to maximize their functioning in their educational programs. This systematic review evaluates these interventions’ methodological strengths and weaknesses, describes common intervention components and outcomes measured, and assesses intervention effectiveness.

Methods: A systematic search of seven databases was conducted through the following Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. Inclusion criteria included: (1) quantitatively evaluated FCAB-related interventions promoting educational well-being; (2) reported educational well-being outcomes, and (3) peer-reviewed articles. Studies were excluded if they: (1) were not published in English; (2) were qualitative studies, meta-analyses, systematic reviews, or feasibility studies; (3) were not published empirical studies (i.e., consisted of letters, editorials, conference abstracts, presentations, or study protocols); or (4) only included samples of teachers or parents. Overall, 2248 papers remained after duplicates were removed. After title and abstract screening, 44 articles were assessed for eligibility during the full review. Eventually, 15 studies met all of the inclusion criteria and were included in the study.

Results: Overall, most interventions effectively improved educational outcomes. Interventions were most effective at improving academic attendance/participation, performance, and achievement, and less effective at educational enrollment. All the intervention studies that evaluated their effects on participants’ educational plans, aspirations, and confidence in achieving them (n = 4/4) were effective. Most interventions that were evaluated using school attendance (n = 4/5) and school performance (n = 3/4) and academic achievement (n = 2/3) were effective. However, only half of the interventions that were evaluated using enrollment in an academic institution were effective (n = 3/6). Finally, the two interventions that were evaluated using academic participation were found to be effective. Although 60% of the interventions (n = 9/15) used more than one FACB strategy to promote educational well-being, the most common ones were savings accounts (n = 11/15), financial literacy (n = 7/15), and asset transfers (n = 5/15). A few interventions used livelihood support (n=3/15) and micro-credit loans (n=2/15). Only one study used a social empowerment strategy (i.e., delivered educational sessions on life skills, reproductive health, peer relationship building, and ongoing mentorship).

Conclusion and Implications: As education is a key modifiable determinant of well-being, interventionists have a great opportunity to develop and implement tailored economic empowerment interventions to promote educational well-being. Findings from this study could productively direct future research in ways that generate context-relevant evidence to guide FCAB-related programs and policies.