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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: 3/27/2012
Abstract: This paper reviews the behavioral literature on inter-temporal choice and decision making under uncertainty and assesses the evidence on behavioral influences affecting consumers' credit decisions. The evidence reviewed suggests that consumers often do not consider all information More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
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
In her book, Reinsuring Health: Why More Middle-Class People Are Uninsured and What Government Can Do, Katherine Swartz, Professor of Health Economics and Policy at the Harvard School of Public Health, finds that the lack of health insurance is a growing problem for young adults, moderate income More information...
Audience: Researcher
Type of Resource: Working paper
Date: 3/27/2012
Managing retirement risk has become extraordinarily difficult in this era of financial turmoil, global interlinkages, and global population aging. It is particularly fraught since consumers must now engage in long-term contracts with themselves, employers, financial institutions, and governments, 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