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This paper addresses the important issue of the savings that people use in response to unexpected expenses. This savings, which we refer to as emergency savings, serves as a form of insurance against non-routine expenditures such as a car repair or unforeseen medical expense. Failing to adequately More information...
Audience: Researcher
Type of Resource: Working paper
Date: 6/1/2011
Abstract: We study the trend in household income uncertainty using a novel approach that measures income uncertainty as the variance of forecast errors at each future horizon separately without imposing parametric restrictions on the underlying income shocks. We find that household income More information...
Audience: Researcher
Type of Resource: Working paper
Date: 5/1/2011
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: 3/1/2011
This paper analyzes new data from the 2009 National Financial Capability Study. This survey provides information to assess how American households make financial decisions, how they are faring under current economic conditions, and in what ways financial knowledge contributes to financial More information...
Audience: Researcher
Type of Resource: Working paper
Tags: Social Security
Date: 9/1/2010
This study explores the relationship between general human capital investment, financial knowledge, occupational spillovers, and the accumulation of wealth in a primarily descriptive manner. Drawing upon human capital theory and following previous related work by Delavande, Rohwedder and Willis More information...
Audience: Researcher
Type of Resource: Working paper
Date: 10/1/2010
This paper analyzes new data from the 2009 National Financial Capability Study. This survey provides information to assess how American households make financial decisions, how they are faring under current economic conditions, and in what ways financial knowledge contributes to financial More information...
Audience: Researcher
Type of Resource: Working paper
Date: 9/1/2010
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: 9/1/2010
This research identifies demographic groups vulnerable to trigger events to inform efforts to improve financial education. Specifically, we examine the effects of trigger events on net worth throughout the life course. After reviewing relevant literature, we analyze two panel data sets to examine More information...
Audience: Researcher
Type of Resource: Working paper
Date: 9/1/2010
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: 9/1/2010
Abstract: We propose a novel approach to estimate household income uncertainty at various future horizons and characterize how the estimated uncertainty evolves over the life cycle. We measure income uncertainty as the variance of linear forecast errors conditional on information available to More information...
Audience: Researcher
Type of Resource: Working paper
Date: 9/1/2010