A randomised evaluation of a financial literacy programme for upper secondary school students in Uruguay

Fernando Borraz, Ana Caro, Maira Caño-Guiral, María José Roa

Research output: Contribution to journalArticlepeer-review


In 2012, the Central Bank of Uruguay initiated an Economic and Financial Education Programme, BCUeduca. Its objective is to contribute to an informed citizenry by offering workshops designed for teachers and students, journalists, families and workers from all over the country, trade union leaders, retired people, female prisoners and personnel from different state agencies, as well as people related to non-profit institutions. Topics include how to manage the family budget, understanding the financial system and understanding monetary policy. Focusing on BCUeduca’s financial education programme for upper secondary school students, the authors of this research note evaluate its impact using a randomised control trial (RCT). Based on an innovative playful and reflective approach involving simulation and role-play in a workshop format, this programme aims to provide information and impart knowledge about inflation and financial systems, thus facilitating participants’ responsible, conscious and competent decision-making in everyday life. The authors’ findings reveal a positive and significant impact on student’s financial literacy.

Original languageEnglish
Pages (from-to)885-896
Number of pages12
JournalInternational Review of Education
Issue number6
StatePublished - Dec 2022
Externally publishedYes


  • BCUeduca (Economic and Financial Education Programme of the Central Bank of Uruguay)
  • Experiential education
  • Financial literacy
  • JEL:A21 (pre-college)
  • JEL:D12 (consumer economics: empirical analysis)
  • JEL:I22 (educational finance, financial aid)
  • Youth


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