Developing leaders’ sustainable finance literacy: Evidence from a randomized controlled trial using peripheral and central elaboration

With global financial systems increasingly integrating sustainability objectives, effective strategies for developing sustainable finance literacy among leaders remain underexplored. Drawing on the Elaboration Likelihood Model, we experimentally examined the effectiveness of two training interventions based on distinct information-processing routes (i.e., the central and peripheral routes) in improving leaders’ sustainable finance literacy and subsequent green behavior. Using a randomized controlled trial with 184 participants in leadership positions, the results demonstrated that no significant differences between the two routes in influencing post-training literacy or behavior. However, supplementary analyses indicated that leaders’ demographic characteristics, including education level, position, and professional experience, were strongly associated with post-training outcomes. The findings highlight key demographic factors that should be considered when designing sustainable finance literacy programs for business leaders, with practical implications for policymakers and sustainability educators.