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Version 1.1 – Updated August 2021

Finances

Overview

  • Influence: Finances
  • Domain: School
  • Sub-Domain: School resourcing
  • Potential to Accelerate Student Achievement: Likely to have positive impact
  • Influence Definition: The effect of financial inputs by government, parents, philanthropy on student achievement. Finances could be a total amount, or broken into costs related to instruction (e.g. teacher salaries and instructional supplies, capital investment, professional learning costs). The emphasis is not only on the notion of “does money make a difference?” but on “how does money make a difference?” N.B., most of these studies have been conducted in well-resourced nations or school systems. Different effects are likely to be evident in nations with fewer resources.

Evidence

  • Number of meta-analyses: 6
  • Number of studies: 228
  • Number of students: 2,277,017
  • Number of effects: 1,048
  • Effect size: 0.21

Meta-Analyses

Meta-Analyses
Journal Title Author First Author's Country Article Name Year Published Variable Number of Studies Number of Students Number of Effects Effect Size
Journal of Education Finance Childs & Shakeshaft USA A meta-analysis of research on the relationship between educational expenditures and student achievement 1986 Educational expenditure 45 2,205,319 417 0.00
The Review of Higher Education Murdoch USA It isn't just money: The effects of financial aid on student persistence 1987 Financial aid on persistence at college 46 71,698 46 0.06
Educational Researcher Hedges, Laine, & Greenwald USA An Exchange: Part I: Does Money Matter? A Meta-Analysis of Studies of the Effects of Differential School Inputs on Student Outcomes 1994 Effect of $500 per student on achievement 38 0 38 0.70
EDRE Working Paper Shakeel, Anderson, Wolf USA The Participant Effects of Private School Vouchers across the Globe: A Meta-Analytic and Systematic Review 2016 Vouchers for funding 19 0 262 0.17
Thesis Davis-Beggs USA The effects of school resources on student achievement 2013 School resources 20 0 105 0.16
Review of Educational Research Greenwald, Hedges, & Laine USA The effect of school resources on student achievement 1996 Effect of $500 per student on achievement 60 0 180 0.14
TOTAL/AVERAGE 228 2,277,017 1,048 0.21

Confidence

The Confidence is the average of these four measures, each divided into five approximately equal groups and assigned a value from 1 to 5 based on the following criteria:

  • Number of Meta-analyses
    • 1 = 1
    • 2 = 2–3
    • 3 = 4–6
    • 4 = 7–9
    • 5 = 10+
  • Number of Studies
    • 1 = 1–10
    • 2 = 11–50
    • 3 = 51–200
    • 4 = 201–400
    • 5 = 400+
  • Number of Students
    • 1 = 1–2,500
    • 2 = 2,501–10,000
    • 3 = 10,000–20,000
    • 4 = 20,000–100,000
    • 5 = 100,001+
  • Number of Effects
    • 1 = 1–100
    • 2 = 101–300
    • 3 = 301–600
    • 4 = 601–1,200
    • 5 = 1,200+
Confidences
Number of Meta-Analyses Number of Studies Number of Students Number of Effects Overall Confidence
Confidence Factor 3 4 5 4 4
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