Online Appendix

Figure A. 1 Toshl treatment

Toshl (https://toshl.com/ ; accessed on June 16, 2016)

Figure A.2 Flyer

1st & 2nd round of data collection

3rd round of data collection

Figure A. 3 Form for web exercise treatment (English translation)

EXPERIMENT

Task: Please go to these five websites and answer the following questions on this paper.

Visit these websites

1 http://www.geldundso.at/2 http://www.finanz-bildung.at/3 https://www.ecb.europa.eu/ecb/educational/educational-games/topfloor/html/index.en.html4 http://www.finanzfuehrerschein.de/training.php5 http://www.wirtschaftswerkstatt.de/

(1) Questions for www.geldundso.at

What do you like about this website?...........................................What do you not like about this website?...........................................Do you think you will visit this website again in your free time? □Yes□ No □ Don’t know

(2) Questions for www.finanz-bildung.atWhat do you like about this website?...........................................What do you not like about this website?...........................................Do you think you will visit this website again in your free-time? □Yes□ No □ Don’t know

(3) Questions for: www.ecb.europa.eu/ecb/educational/topfloor/html/index.de.htmlWhat do you like about this website?...........................................What do you not like about this website?...........................................Do you think you will visit this website again in your free-time? □Yes□ No □ Don’t know

(4) Questions for: www.schuldnerhilfe.de/finanzfuehrerschein/training.phpWhat do you like about this website?...........................................What do you not like about this website?...........................................Do you think you will visit this website again in your free-time? □Yes□ No □ Don’t know

(5) Questions for: www.wirtschaftswerkstatt.deWhat do you like about this website?...........................................What do you not like about this website?...........................................Do you think you will visit this website again in your free-time? □Yes□ No □ Don’t know

Please rank the five websites! Which did you like most?

Which Website did you like most? Please make a ranking!Best

www.............................................

second-best www.............................................third-best www.............................................

fourth-best www.............................................fifth-best www.............................................

DONE - THANK YOU!!!

Table A. 1 Socio-demographics

mean Control

Movie

www Toshl ANOVA, F-test

T = 0Age 18.74 18.56 18.18 19.01 2.26, p=0.0816Age 1st bank account 14.23 14.5 14.53 14.54 0.19, p=0.9029Sex (1=female, 2=male) 1.33 1.41 1.28 1.27 1.33, p=0.2663Income father (cat.) a 2.71 2.39 2.79 2.82 0.41, p=0.7465Income mother (cat.) a 1.83 2.01 2.13 1.62 1.01, p=0.3865

T = 1Age 18.88 18.63 18.48 19.09 1.78, p=0.1501Age 1st bank account 14.29 14 14.11 14.27 0.14, p=0.9357Sex (1=female, 2=male) 1.32 1.4 1.28 1.28 1.02, p=0.3849Income father (cat.) a 2.87 2.97 3.08 3.27 0.38, p=0.7676Income mother (cat.) a 2.07 2.42 2.38 1.91 1.31, p=0.2698

Only T = 0Highest education degree father b 4.62 4.49 4.87 4.55 0.64, p=0.5882Highest education degree mother b 4.45 4.7 4.32 4.37 0.58, p=0.6301No. of books (cat.) c 4.16 4.1 4.01 4.08 0.14, p=0.9362Financial situation in household (cat.) d 1.82 1.68 1.80 1.78 0.51, p=0.6731Math: last grade (1-5) e 2.39 2.18 2.33 2.54 1.41, p=0.2403German: last grade (1-5) e 2.25 1.96 2.06 2.13 1.02, p=0.3849Other FinEdu workshops: how many times already participated? f

1.26 1.34 1.31 1.23 0.46, p=0.7105

Personal finance: discussed at school? f 2.08 2.01 1.94 2.1 0.33, p=0.8020Self-defined main occupational status g 2.33 2.17 2.1 2.38 1.28, p=0.2797N 76 71 71 78F-test and p-value based on Oneway ANOVA. a per month/net income: -1 = missing, 1 = 0 to 1000 Euros, 2 =1001 to 1500 Euros, 3 = 1501 to 2000 Euros, 4 = 2001 - 2500 Euros, 5 = 2051 to 3000 Euros, 6 = more than 3000 Euros.b 1 = Compulsory Education; 2 = Secondary School; 3 = Part-time Vocational School and Apprenticeship (Lehre); 4 = School for Intermediate Vocational Education (BMS); 5 = College for Higher Vocational Education (BHS)/Academic Secondary School (AHS), upper level; 6 = College Degree; 0 = Other; 7 = Don’t know: (http://www.bildungssystem.at/en/, 2016-12-28)c 1 = 0 to 10 books; 2 = 11-25; 3 = 26-100; 4 = 101-200; 5 = 201-500; 6 = more than 500.d 1 = very good; 2 = good; 3 = fair; 4 = bad; 5 = very bad.e A lower grade indicates better performance.f 1 = never; 2 = only once; 3 = 2-4 times; 4 = more than 4 times.g 1 = pupil; 2 = apprentice; 3 = college student; 4 = employed; 5 = searching for work.

Table A. 2 Age distribution

Age Freq. Percent Cum. Percent15 5 0.85 0.8516 42 7.12 7.9717 90 15.25 23.2218 131 22.2 45.4219 176 29.83 75.2520 63 10.68 85.9321 37 6.27 92.222 33 5.59 97.823 6 1.02 98.8124 3 0.51 99.3225 2 0.34 99.6626 1 0.17 99.8327 1 0.17 100

N=Observations, age was measured twice

Table A. 3 Dependent variablesVariable name Item Coding

Toshl AppFLExp1_fs_1_5_SQ002reverse I know my expenses by heart 4=Totally applies, 3=somehow

applies, 2=hardly applies, 1=does not apply at all

FLExp1_fs_1_1_nachherR Since last time, do you check your current account balance

1= more often, 0=less often/same as before

FLExp1_fs_1_5_SQ008reverse I enjoy taking care of my own finances

4=Totally applies, 3=somehow applies, 2=hardly applies, 1=does not apply at all

WebsitesFLExp1_fs_1_5b_SQ002 I am interested in these topics -

Money and Finance:1=yes, 0=no

FLExp1_fs_1_5b_SQ008 I am interested in these topics - Business and Economics

1=yes, 0=no

hatsichinformiert Since your first participation have you informed yourself about … ? a) Savings accounts & interest rates b) Inflationc) Shares & financial risks

1=informed about at least one, 0=not informed at all

Flexp1_fs_4_2_SQ006reverse I am well informed about money and financial issues

4=Totally applies, 3=somehow applies, 2=hardly applies, 1=does not apply at all

FLExp1_fs_4_1r How good are you at handling your personal finances?

5=very good, 4=good, 3=average, 2=rather bad, 1=very bad

Objective Knowledge

ObjFinLit_Summenscore

sum score (min: 1, max: 4)

Calculation of terminal valuea 1=correctly answered; 0=wrongly answered

Interpretation of inflation ratesb 1=correctly answered; 0=wrongly answered

Risk diversificationc 1=correctly answered; 0=wrongly answered

Interest on creditsd 1=correctly answered; 0=wrongly

answeredMovieContracreditvalidiert

Scale on credit skepticism Summative (mean) score, min:

1, max: 6 Cronbach alpha= 0.726

There are more advantages than disadvantages in opening a credit

1=totally agree, 2=agree by and large 3=rather agree, 4=rather not agree, 5=do not agree by and large, 6= do not agree at all

Opening a credit allows increasing life quality

1=totally agree, 2=agree by and large 3=rather agree, 4=rather not agree, 5=do not agree by and large, 6= do not agree at all

Credits mean problems 1=totally agree, 2=agree by and large 3=rather agree, 4=rather not agree, 5=do not agree by and large, 6= do not agree at all

One should not be afraid of opening a credit

1=totally agree, 2=agree by and large 3=rather agree, 4=rather not agree, 5=do not agree by and large, 6= do not agree at all

Not included in sum score ↓

Today it is normal to have debts1=totally agree, 2=agree by and large 3=rather agree, 4=rather not agree, 5=do not agree by and large, 6= do not agree at all

Everybody should have a credit card

1=totally agree, 2=agree by and large 3=rather agree, 4=rather not agree, 5=do not agree by and large, 6= do not agree at all

Because you can make use of credits it is not necessary to save

1=totally agree, 2=agree by and large 3=rather agree, 4=rather not agree, 5=do not agree by and large, 6= do not agree at all

sparneigungvalidiert

Scale for Affinity to Saving Summative (mean) score, min:

1, max: 6 Cronbach alpha=0.804

If I have money, I usually spend it immediately.

1=Totally applies, 2=somehow applies, 3=hardly applies, 4=does not apply at all

I only save if some money is left at the end of the month.

1=Totally applies, 2=somehow applies, 3=hardly applies, 4=does not apply at all

I have reserves for unexpected expenses.

4=Totally applies, 3=somehow applies, 2=hardly applies, 1=does not apply at all

Not included in sum score → Most of the time, I use up all my money and save little.

1=Totally applies, 2=somehow applies, 3=hardly applies, 4=does not apply at all

Flexp1_fs_3_5_nachherR Since last time, do you save ... : 1=more than before, 0=less than/same as before

Note: a Assume you have 100 Euro on a savings account and keep them on the account. The interest rate is 2% per year. How much is in your savings account after 5 years? Choose the correct answer. b Assume you have a 100 Euro note and you keep it with you for one year. Inflation rate in this year is 2%. Which of the following answers is correct? c If I buy shares for 10,000 Euro from a single company I have a higher risk losing my money compared to when I buy shares for 10,000 Euro from several companies. True or false? d Assume that Anne owes her Bank 1,000 Euro. Each year, she has to pay 15% interest for her debt. If Anne does not pay back anything this year, how much debt does she owe her bank after one year? Choose the correct answer.

Table A. 4 Baseline means and standard deviations for dependent variables

Control Movie Websites Toshl Totalmean sd mean sd mean sd mean sd mean sd

Table 1Know inc./exp. 3.45 0.60 3.37 0.68 3.34 0.70 3.41 0.71 3.39 0.67Check acc. 0.12 0.33 0.12 0.32 0.15 0.36 0.33 0.47 0.18 0.39Enjoy finance 3.17 0.76 3.17 0.79 2.96 0.92 3.10 0.93 3.10 0.85Interest money 0.50 0.50 0.46 0.50 0.41 0.50 0.49 0.50 0.47 0.50Interest business 0.54 0.50 0.62 0.49 0.46 0.50 0.49 0.50 0.53 0.50Has informed 0.28 0.45 0.28 0.45 0.34 0.48 0.40 0.49 0.32 0.47Table 2Is well informed 2.86 0.72 2.99 0.65 2.65 0.70 2.79 0.74 2.82 0.71Handling finances 4.01 0.72 4.06 0.74 3.82 0.82 3.85 0.87 3.93 0.79Obj. knowledge 3.30 0.97 3.31 0.89 3.38 0.96 3.12 0.93 3.27 0.94Credit skeptic. 3.68 0.84 4.25 0.82 3.87 0.92 3.86 1.01 3.91 0.92Saving affinity 3.01 0.71 3.04 0.80 2.97 0.80 3.16 0.77 3.05 0.77Saves more 0.19 0.39 0.16 0.37 0.17 0.38 0.20 0.40 0.18 0.38

Figure A. 4 coefficient plots for parameter estimates

Table A.5 Test power for selected models, assuming different effect sizes in populationMovie Websites Toshl

power delta power delta

power delta

I know my income and expenses by heart 0.12 0.08 0.17 0.11 0.06 0.040.40 0.18 0.49 0.21 0.25 0.140.75 0.28 0.82 0.31 0.61 0.240.95 0.38 0.97 0.41 0.89 0.340.99 0.48 0.17 0.11 0.06 0.04

Enjoy personal finance? 0.05 0.00 0.33 0.21 0.08 0.070.12 0.10 0.61 0.31 0.23 0.170.35 0.20 0.84 0.41 0.50 0.270.65 0.30 0.96 0.51 0.76 0.370.88 0.40 0.99 0.61 0.93 0.47

I am interested in (yes/no): money & finance 0.07 0.87 0.20 0.69 0.05 0.950.16 1.37 0.08 1.19 0.21 1.450.46 1.87 0.35 1.69 0.53 1.950.71 2.37 0.64 2.19 0.77 2.450.86 2.87 0.82 2.69 0.89 2.95

I am interested in (yes/no): business & economics 0.17 1.39 0.15 0.74 0.10 0.810.46 1.89 0.10 1.24 0.13 1.310.70 2.39 0.37 1.74 0.43 1.810.85 2.89 0.64 2.24 0.69 2.310.92 3.39 0.82 2.74 0.85 2.81

I have informed myself about financial topics 0.05 1.03 0.13 1.34 0.35 1.730.22 1.53 0.41 1.84 0.66 2.230.53 2.03 0.69 2.34 0.85 2.730.77 2.53 0.86 2.84 0.94 3.230.90 3.03 0.94 3.34 0.98 3.73

How good are you at handling your personal finances? 0.07 0.04 0.33 0.20 0.25 0.17

0.22 0.14 0.64 0.30 0.54 0.270.52 0.24 0.87 0.40 0.81 0.370.81 0.34 0.97 0.50 0.95 0.470.95 0.44 1.00 0.60 0.23 0.19

Objective knowledge 0.05 0.01 0.08 0.08 0.23 0.190.11 0.11 0.20 0.18 0.46 0.290.27 0.21 0.41 0.28 0.71 0.390.51 0.31 0.65 0.38 0.89 0.490.75 0.41 0.85 0.48 0.97 0.59

Saving_affinity score 0.05 0.02 0.07 0.05 0.24 0.150.17 0.12 0.21 0.15 0.55 0.250.43 0.22 0.50 0.25 0.83 0.350.73 0.32 0.79 0.35 0.96 0.450.92 0.42 0.95 0.45 1.00 0.55

Since last time, do you save more? (1/0, y/n) 0.08 0.80 0.06 0.89 0.05 1.050.10 1.30 0.13 1.39 0.20 1.550.32 1.80 0.37 1.89 0.47 2.050.58 2.30 0.62 2.39 0.71 2.55

0.78 2.80 0.81 2.89 0.86 3.05Note: Power tests for pairwise comparison of the treatment group with control group (two-sided test). Inputs for

power analysis are: a) alpha=0.05, b) std. dev. of outcome variable in both comparison groups, c) sample size in

groups, d) delta = assumed effect size in population (i.e. difference between group means for linear models; odds

ratio for logit models).