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The Community Development Department of the Federal Reserve Bank of San Francisco (FRBSF) commissioned this study to explore the feasibility of passing a financial education mandate in California. Specifically, we sought to understand the key barriers related to passing a mandate in California and More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
In this paper we provide a comprehensive critical analysis of research that has investigated the impact of financial education programs on consumer financial behavior. In light of the evidence, we recommend that future programs be highly targeted towards a specific audience and area of financial More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper demonstrates widespread financial illiteracy More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Individuals are increasingly in charge of their own financial security after retirement. But how well-equipped are individuals to make saving decisions; do they possess adequate financial literacy, are they informed about the most important components of saving plans, do they even plan for More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
We present new experimental evidence on heterogeneity in the formation of inflation expectations and relate the variation to economic literacy and demographics. The experimental design allows us to investigate two channels through which expectations-formation may vary across individuals: (1) the More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Household financial planning can be challenging and household members often lack basic financial literacy skills. This paper discusses the potential and pitfalls of one approach to solving these problems—the development and dissemination of financial guidelines simple enough to be explained in More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
This paper highlights the extent and effects of financial illiteracy on American households, reviews previous efforts to promote financial literacy, and discusses new directions for such initiatives. None of the traditional approaches to financial literacy – employer-based, school-based, credit More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Financial decisions are compelled and constrained by non-financial factors. These include personality characteristics of individuals as well as the social environments in which decisions are made. This paper provides an overview of theories that seek to explain how non-financial factors influence More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
The development and use of technology-based tools for financial literacy education has grown rapidly in recent years, often based on the presumption that digital media will enhance past practice. However, little attention has been given to understanding why such technologies may be expected to More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012