Financial literacy is defined as “knowledge and understanding of financial concepts and risks, and the skills, motivation and confidence to apply such knowledge and understanding in order to make effective decisions across a range of financial contexts, to improve the financial well-being of individuals and society, and to enable participation in economic life.” (OECD 2014). There is overwhelming evidence that financial illiteracy is still widespread (e.g., Bernheim, 1998; Lusardi & Mitchell, 2011; OECD, 2013). Therefore, financial literacy strategies and financial education initiatives have been developed in many countries (OECD, 2014). This response should not come as a surprise in view of the important negative consequences (see Lusardi & Mitchell, 2014 for an overview) associated with low levels of financial literacy. For instance, financial literacy results in higher levels of wealth accumulation (Van Rooij, Lusardi, & Alessie, 2012), greater preparedness for retirement (Lusardi & Mitchell, 2009, 2011; Van Rooij et al., 2012), better debt management (i.e. lower levels of debt and better loan conditions) (Campbell, 2006; Huston, 2012; Lusardi & Scheresberg, 2013; Lusardi & Tufano, 2009; Stango & Zinman, 2009), and more appropriate risk diversification in case of investment (Abreu & Mendes, 2010). Besides these benefits for individuals, financial literacy is also important for the society at large. Competition and innovation in markets is stimulated by the fact that financial literate consumers take well-informed decisions. In addition, their more rational and predictable financial behavior may lead to a more efficient financial sector and less costly financial regulation (OECD, 2012). Finally, faced with a financial crisis, financial literate people are better equipped to deal with income shocks. As a result, higher levels of financial literacy will contribute to financial stability (Klapper, Lusardi, & Panos, 2013). As financial literacy is highly correlated with socio-economic status, it has strong implications for social inclusion. The importance of financial literacy for individuals’ financial well-being, together with the documented lack of financial literacy has spurred a growing body of literature on (determinants of) financial literacy and the implementation of financial education programmes. Nevertheless, there is still a lack of sound empirical evidence on the effects of similar interventions to improve financial literacy. In view of the lack of empirical research on Europe, OECD calls for academic research that explicitly evaluates the effectiveness of financial education programmes at school in Europe (OECD, 2016).