Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We study the effects of education on the financial outcomes of young people using Kenya’s introduction of free primary education (FPE) in 2003 as an exogenous shock to schooling. Our identification strategy compares changes across cohorts and across regions with differing levels of pre-FPE enrollment. We find that FPE is associated with increases in educational attainment and increased use of formal financial services. We also find increases in financial capability, employment rates, and incomes. Our results are robust to controls for supply-side changes in financial access, providing new evidence that a large-scale government intervention can generate significant demand-driven improvements in financial outcomes.