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Research on Financial Education and Financial Literacy
Overviews of Approaches to Financial Education
Braunstein, Sandra and Carolyn Welch. 2002. "Financial Literacy: An Overview of Practice, Research and Policy." Federal Reserve Bulletin. The Federal Reserve Board: Washington, D.C. Available online at:
Cakebread, Caroline. 2006. "Investor Education in Canada: Towards A Better Framework" Task Force to Modernize Securities Legislation in Canada. Investment Dealers Association of Canada: Toronto, Ontario. Available online at:
OECD. 2005. Improving Financial Literacy: Analysis of Issues and Policies. OECD Centre: Paris, France. This study can be purchased from the OECD's website at:
Vitt, Lois, Gwen M. Reichbach, Jamie L. Kent, Jurg K. Siegenthaler. 2005. "Goodbye to Complacency: Financial Literacy Education in the U.S.: 2000-2005." Institute for Socio Financial Studies: Middleburg, VA. Report presented at the 2005 US-UK Dialogue on Pensions, sponsored by the AARP Global Aging Program in association with the British Embassy in the United States, the Employee Benefit Research Institute and the UK Department for Work and Pensions: Washington, D.C. Report is available online at:
Financial Education for Children and Young Adults
Australian Securities and Investment Commission (ASIC). 2003. "Financial Literacy in Schools." ASIC Discussion Paper. Found online at:
Bernheim, Douglas, Daniel M. Garrett, and Dean Maki. 1997. "Education and Saving: The Long-Term Effects of High School Financial Curriculum Mandates". NBER Working Paper No. 6085, National Bureau of Economic Research, Cambridge, MA. Found online at:
England, Jude and Papiya Chatterjee. 2005. "Financial Education: A Review of Existing Provision in the UK." Department for Work and Pensions, Research Report No. 275. Found online at:
Financial Services Authority. 2005. "Young People (18-24) and Their Financial Information Needs". Consumer Research 44. Found online at:
Financial Services Authority. 2005. "Helping Young Adults To Become Financially Capable: Case Studies of Organizations Assisting Young Adults to Take Control of Their Finances. Found online at:
Financial Services Authority. 2004. "Financial Capability: Consumers' Views on Developing their Financial Capability through Schools and Workplaces." Consumer Research 27. Found online at:
U.S. Department of the Treasury, Office of Financial Education. 2002. Integrating Financial Education Into School Curricula: Giving America's Youth the Educational Foundation for Making Effective Financial Decisions Throughout Their Lives by Teaching Financial Concepts as Part of Math and Reading Curricula in Elementary, Middle, and High Schools. A White Paper. Available online at:
Financial Education in the Workplace
Bayer, P.J., D. Bernheim and K. Scholz. 1996. "The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers". NBER Working Paper No.5655, National Bureau of Economic Research. Found online at:
Bernheim, Douglas and Daniel M. Garrett. 1996. "The Determinants and Consequences of Financial Education in the Workplace: Evidence from a Survey of Households." NBER Working Paper No. 5667. National Bureau of Economic Research. Online at:
Financial Services Authority. 2004. "Financial Capability: Consumers' Views on Developing their Financial Capability through Schools and Workplaces." Consumer Research 27. Found online at:
Garman, Thomas. 1997. "Personal Finance Education for Employees: Evidence on the Bottom Line Benefits." Financial Counseling and Planning, Vol. 8, No. 2. Found online at:
Garman, E. Thomas, Daniel Young and Harry Love. 2000. "Successes in Workplace Financial Education." Consumer Interest Annual, vol. 46. Found online at:
Gramlich, Edward. 2004. "Workplace Financial Education". Remarks made at the second meeting of the Financial Literacy and Education Commission, Washington, D.C. Found online at:
Lusardi, Annamaria. 2004. "Saving and the Effectiveness of Financial Education", Pension Research Council Working Paper No. 2003-14. The Wharton School: University of Pennsylvania, Philadelphia. Found online at:
Financial Education and Retirement Savings
Agnew, Julie and Lisa Szykman. 2005. Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice and Investor Experience." The Journal of Behavioral Finance, Vol. 6, No. 2. Found online at:
Ameriks, John, Andrew Caplin, John Leahy. 2002. "Wealth Accumulation and the Propensity to Plan," Quarterly Journal of Economics, Vol. 118, No. 3. Available for purchase at: Bernheim, Douglas D. 1998. "Financial Illiteracy, Education, and Retirement Saving". In Living with Defined Contribution Pension Systems, edited by Olivia Mitchell and Sylvester Schieber. Philadelphia: University of Philadelphia Press.
Choi, James, David Laibson, Bridgitte Madrian and Andrew Metrick. 2002. "Defined Contribution Plans: Plan Rules, Participant Decisions and the Path of Least Resistance." Pension Research Council Working Paper 2002-3. The Wharton School: University of Pennsylvania, Philadelphia. Available online at:
Chan, Seven and Ann Huff Stevens. 2003. "What You Don't Know Can't Help You: Pension Knowledge and Retirement Decision Making". Mimeo, New York University. Available online at: Clark, R. and S. Schieber. 1998. "Factors Affecting Participation Rates and Contribution Levels in 401K Plans". In Living with Defined Contribution Plans, edited by Olivia Mitchell and S. Schieber, Philadelpia: University of Pennsylvania Press.
Clark, Robert L., Madeleine B. d'Ambrosio, Ann McDermed and Kshama Sawant. 2004. 2003. "Financial Education and Retirement Savings". TIAA-CREF Institute Working Paper 11-020103. . Found online at:
Clark, Robert L., Madeleine B. d'Ambrosio, Ann McDermed and Kshama Sawant. 2004. "Sex Differences, Financial Education and Retirement Goals". In Pension Design and Structure: New Lessons from Behavioral Finance, edited by Olivia Mitchell and Stephen Utkus. Oxford: Oxford University Press.
Duflo, Ester and Emmanuel Saez. 2003. "The Role of Information and Social Interactions in Retirement Plan Decisions: Evidence from a Randomized Experiment," NBER Working Paper 8885, National Bureau of Economic Research. Found online at:
Duflo, Ester and Emmanuel Saez. 2004. "Implications of Information and Social Interactions for Retirement Saving Decisions". In Pension Design and Structure: New Lessons from Behavioral Finance, edited by Olivia Mitchell and Stephen Utkus. Oxford: Oxford University Press.
Financial Services Authority. 2004. Retirement Planning for the Over 50's." Found at:
Goldstein, Daniel G., Johnson, Eric J. and Sharpe, William F. 2006. "Measuring Consumer Risk-Return Tradeoffs". Mimeo. Available online at:
Green, Emma and Clarissa White. 2005. "Effective Means of Conveying Messages about Pensions and Saving for Retirement." UK Department for Work and Pensions Research Paper No. 230. Available online at:
Gustman, Alan and Tom Steinmeier. 2004. "What People Don't Know About Their Pensions and Social Security." In Private Pensions and Public Policies, edited by William Gale, John Shoven and Mark Warshawsky. Brookings Institution: Washington, D.C.
Hilgert, M. and J. Hogarth. 2003. "Household Financial Management: The Connection Between Knowledge and Behavior." Federal Reserve Bulletin, Washington, D.C. Found online at:
Iyengar, S., W. Jian and G. Huberman. 2003. "How Much Choice is Too Much: Contributions to 401(k) Retirement Plans". Pension Research Council Working Paper 2003-20. The Wharton School, University of Pennsylvania. Found online at:
Lusardi, Annamaria. 2003. "Planning and Saving for Retirement". Working Paper, Dartmouth College. Found online at:
Lusardi, Annamaria and Olivia Mitchell. 2006. "Financial Literacy and Planning: Implications for Retirement Wellbeing", Pension Research Council Working Paper 2006-1, The Wharton School, University of Pennslyvannia, Philadelpia, PA. Found online at:
MacFarland, Donna M., Carolyn D. Marconi, and Stephen P. Utkus. 2004. "Money Attitudes and Retirement Plan Design: One Size Does Not Fit All". In Pension Design and Structure: New Lessons from Behavioral Finance, edited by Olivia Mitchell and Stephen Utkus. Oxford: Oxford University Press.
B. Madrian, Brigitte and Dennis Shea. 2000. "The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior." Quaterly Journal of Economics, Vol. 116, No. 4. Available online at:
Mastrobuoni, Giovanni. 2006. "Do Better Informed Workers Make Better Retirement Choices: A Test Based on the Social Security Statement". Princeton University, mimeo. Found online at:
Mitchel, Olivia S. and Gary R. Mottola, Stephen P. Utkus, and Takeshi Yamaguchi. 2006. "The Inattentive Participant: Portfolio Trading Behavior in 401(k) Plans." Pension Research Council Research Paper 2006-5, Wharton School, University of Pennsylvania. Found online at:
Saliterman, Victor and Barry G. Sheckley, 2003. "Adult Learning Principles and Pension Participant Behavior." Pension Research Council Working Paper 2003-17. The Wharton School, University of Pennsylvania. Found online at:
Gary W. Selnow, Gary W. 2003. "Motivating Retirement Planning: Problems and Solutions." Pension Research Council Working Paper 2003-7. The Wharton School, University of Pennsylvania. Found online at:
Thaler, R. and S. Benartzi. 2001. "Save More Tomorrow: Using Behavioral Economics to Increase Employee Saving". Graduate School of Business Working Paper, University of Chicago, Chicago. Found online at: Venti, Steven. 2005. "Choice, Behavior and Retirement Savings". In Oxford Handbook of Pensions and Retirement Income, edited by G. Clark, A. Munnell and M. Orzsag. Oxford: Oxford University Press.
Whitehouse, Edward (2000), "Pension Reform, Financial Literacy and Public Information: A Case Study of the UK", World Bank Social Protection Discussion Paper. The World Bank: Washington, D.C. Found online at:
Measuring the Effectiveness of Financial Education Programs(See also the studies cited in the Research section on Financial Literacy and Retirement Planning, many of which examine the effectiveness of various programs intended to increase retirement savings.)
Burhouse, Susan, Donna Gambrell and Angelisa Harris. 2004. "Delivery Systems for Financial Education in Theory and Practice". Federal Deposit Insurance Corporation, FYI: An Update on Emerging Issues in Banking. Found online at:
Elliehausen, Gregory; Christopher Lundquist, and Michael E. Staten. 2003. "The Impact of Credit Counseling on Subsequent Borrower Credit Usage and Payment Behavior" (presentation given at a Federal Reserve System Community Affairs Research Conference entitled "Sustainable Community Development: What Works, What Doesn't, and Why"). Federal Reserve: Washington, DC. Found online at:
Hogarth, Jean and Marianne Hilgert. 2002. "Household Financial Management: The Connection between Knowledge and Behavior". Federal Reserve Bulletin (July 2003). Found online at:
Hirad, Abdighani and Peter Zorn. 2001. "A Little Knowledge Is a Good Thing: Empirical Evidence of the Effectiveness of Pre-Purchase Homeownership Counseling" (Mimeo). Found online at:
Jacob, Katy, Sharyl Hudson, and Malcom Bush. 2000. "Tools for Survival: An Analysis of Financial Literacy Programs for Lower-Income Families," Woodstock Institute. Found online at:
Financial Services Authority. 2005. "Measuring Financial Capability: An Exploratory Study". Consumer Research Paper 37. Found online at:
Lusardi, A. 2003. "Saving and the Effectiveness of Financial Education", Pension Research Council Working Paper No. 2003-14. The Wharton School: University of Pennsylvania, Philadelphia. Found online at:
Mandell, Louis. 2005. "Financial Literacy: Does It Matter?" Mimeo. Found online at:
Vitt, Lois et al. 2000. Personal Finance and the Rush to Competence: Financial Literacy in the U.S. A National Field Study Commissioned and Supported by The Fannie Mae Foundation, Institute for Socio-Financial Studies: Middleburg, VA. Found online:
National Surveys on Financial LiteracyAustralia
ANZ released Australia's first national survey of adult financial literacy in May 2003. ANZ released two major research studies into adult financial literacy and the causes of financial difficulty in Australia in November 2005. These included a quantitative survey of 3,500 adult Australians that was an update on the benchmark study of adult financial in Australia conducted by ANZ in 2003. In addition, the report included a qualitative report into the causes of financial difficulty involving 160 interviews and focus groups with people who had borrowings and had experienced financial difficulty. Information on the 2005 survey and copies of the 2003 and 2005 survey results can be found at:
France
Autorite des Marches Financiers (AMF). The French securities market regulator conducted a telephone survey of financial literacy in France in 2004, the first such survey ever carried out in France. The results of this survey, published as "L'education financiere des Francais," can be found online at:
Japan
A national survey on securities savings is conducted to gain an understanding of the actual holdings of securities by households nationwide and their awareness of securities investments. The survey has been done once every three years since 1962 and 15 surveys have been conducted so far. This survey (in Japanese) can be found at: United Kingdom
In November 2003, the FSA launched a new initiative to develop and implement a national strategy for financial capability. As part of this work, the FSA commissioned the Personal Finance Research Centre (PRFC) at Bristol University to develop the methodology for a baseline survey that would describe and measure the state of financial capability in the UK. This document, "Measuring financial capability: an exploratory study", is available at: The FSA released its baseline survey on financial capability in March 2006. The results of the survey are found at: www.fsa.gov.uk/pubs/other/fincap_baseline.pdf. In addition, a report detailing the methodology used for the survey in the UK is available at: www.fsa.gov.uk/pubs/consumer-research/crpr47a.pdf. Prior to the national study on financial literacy, the FSA commissioned a study of consumers' attitudes toward and behaviors regarding retirement planning. This study, "Retirement Planning for the Over 50s", was released in 2004 and can be found at: www.fsa.gov.uk/pubs/other/fincap/retirement.pdf. United States
FINRA carried out the first national survey in the U.S. evaluating the level of financial literacy in 2003. The results of this survey, which asked 1,086 investors more than 50 basic and intermediate questions about investing in stocks, bonds and mutual funds, can be found online at:
In addition to the FINRA survey, the Securities Industry Association (SIA) commissions a biannual survey of investors' attitudes towards the securities industry, brokerage services and investing in general. Results of the most recent survey are available online at:
There have also been a large number of surveys conducted on specific populations, such as school-aged children, and in specific regions. For example, the Jump$tart Coalition for Personal Financial Literacy has carried out a number of surveys on the financial literacy of high-school seniors. The most recent, the "2004 Personal Financial Survey of High School Seniors." can be found online at:
In a similar vein, the National Council on Economic Education (NCEE) commissioned a survey in 2005 examining Americans' knowledge of economics. The results of this survey, entitled "What American Teens and Adults Know About Economics", can be found at:
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