Document Type


Date of Original Version



Human Development and Family Studies


The purpose of this study is to examine potential effects of consumer financial education on demand for debt counseling advice using a large and representative national dataset. Previous research has examined demographic, economic, and financial capability factors on the demand for debt counseling advice. After controlling for these factors and eliminating the effect of bankruptcy, financial education, a variable not examined in previous research, is positively associated with the demand for debt counseling advice. Education attainment is similarly associated with debt counseling. These results suggest evidence of the complementary nature of financial education. Our results indicate that consumers who have been exposed to financial education are more likely to seek debt counseling advice.