What can you expect at trade-in when you owe more on your car than it’s worth?
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Agency Owner: Federal Trade Commission
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Here’s “must know” information about when and how your car can be repossessed.
Agency Owner: Federal Trade Commission
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Financial literacy help for educators and students alike. The site offers a plain and simple approach to: Managing Your Money; Credit, Loans and Debt; and Scams and Identity Theft. The information has an easy-to-use, direct style that focuses on the basic information people need, along with the steps they need to take. Consumer.gov also has videos and audio read-alongs to support different learning styles and multi-tasking.
Agency Owner: Federal Trade Commission
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The U.S. Department of the Treasury and U.S. Department of Agriculture convened the National Research Symposium on Financial Literacy and Education on October 6-7, 2008 in Washington, DC. Twenty-nine experts from the fields of behavioral and consumer economics, financial risk assessment and financial education evaluation were invited to summarize existing research findings, identify gaps in the literature, and define and prioritize questions for future analysis. Participants included academics from public and private universities and scholars and administrators from non-profit organizations and government officials. Numerous individuals also attended as observers. This document summarizes the proceedings of the symposium. The two-day symposium featured four discussion groups on the topics of behavior theory application, consumer economic socialization, financial education and program evaluation, and financial risk assessment.On day one, participants presented key research findings in their assigned topic area and outlined the most pressing research gaps. A discussion with the whole group followed. On day two, topic area groups met separately to prioritize key research questions in their respective topic area. The decisions made by each team were reported to the whole group. The total group then discussed and agreed upon ten recommended research priorities.
Agency Owner: Department of the Treasury
Document Type: Conference Proceedings
Information Source: Discussion
Date: 10/01/2008
The exact cause of the massive defaults and foreclosures in the U.S. subprime mortgage market is still unclear. This paper investigates whether a particular aspect of borrowers' financial literacy—their numerical ability—may have played a role. We measure several aspects of financial literacy and cognitive ability in a survey of subprime mortgage borrowers who took out mortgages in 2006 or 2007 and match these measures to objective data on mortgage characteristics and repayment performance. We find a large and statistically significant negative correlation between numerical ability and various measures of delinquency and default. Foreclosure starts are approximately two-thirds lower in the group with the highest measured level of numerical ability compared with the group with the lowest measured level. The result is robust to controlling for a broad set of sociodemographic variables and not driven by other aspects of cognitive ability or the characteristics of the mortgage contracts. Our results raise the possibility that limitations in certain aspects of financial literacy played an important role in the subprime mortgage crisis.
Agency Owner: Board of Governors of the Federal Reserve System
Document Type: Working paper
Information Source: Survey data
Date: 04/01/2010
This article provides a plain-language description of behavioral economics and the role of common biases in financial decisionmaking, and reviews ways in which the findings of behavioral economics can help structure financial education and public policy.
Agency Owner: Board of Governors of the Federal Reserve System
Document Type: Article
Information Source: Literature review
Date: 09/01/2008
This article presents best practices and lessons learnt from on the experiences of the National Endowment for Financial Education® (NEFE),
a private, nonprofit, nonpartisan and noncommercial foundation committed to increas- ing access to financial education and to empowering in- dividuals to make positive and sound financial decision. These lessons include tailoring programs to the needs of different market segments; delivering education continuously through different life stages and at "teachable moments"; recognizing the importance of partnerships; paying attention to the repetition and targeting of messages and focusing on evaluation and behavioral change.
Agency Owner: Board of Governors of the Federal Reserve System
Document Type: Article
Information Source: Case study
Date: 09/01/2008
This paper tests for the presence of age and gender discrimination in the loan underwriting process. We modify the tools used during the past exams to test for racial discrimination and apply them here to test for the presence of disparate treatment on the basis of age and gender. Using HMDA data along with data from 18 fair lending exams recently conducted by the OCC, between1996 – 2001, we find no evidence of systematic discrimination on the basis of age or gender. Further, the tools used and tested for in this analysis are now readily available for use in future fair lending exams.
Agency Owner: Office of the Comptroller of the Currency
Document Type: Working paper
Information Source: Administrative data
Date: 08/01/2005
This article provides a brief overview of the field of financial education and explores some of the challenges and potential solutions. The author describes developments in the contemporary financial education movement since the 1990s and the background economic changes
that stimulated its growth; reviews currently available financial education initiatives for youth and adults and discusses the evidence about
its effectiveness as well as broader challenges for the field. The article concludes by highlighting both general and specific examples of efforts to move the field forward.
Agency Owner: Board of Governors of the Federal Reserve System
Document Type: Article
Information Source: Literature review
Date: 09/01/2008
We evaluate laws designed to protect borrowers from foreclosure. We find that these laws delay but do not prevent foreclosures. We first compare states that require lenders to seek judicial permission to foreclose with states that do not. Borrowers in judicial states are no more likely to cure and no more likely to renegotiate their loans, but the delays lead to a build-up in these states of persistently delinquent borrowers, the vast majority of whom eventually lose their homes. We next analyze a "right-to-cure" law instituted in Massachusetts on May 1, 2008. Using a difference-in-differences approach to evaluate the effect of the policy, we compare Massachusetts with neighboring states that did not adopt similar laws. We find that the right-to-cure law lengthens the foreclosure timeline but does not lead to better outcomes for borrowers.
Agency Owner: Board of Governors of the Federal Reserve System
Document Type: Working paper
Information Source: Administrative data
Date: 11/01/2011