Economic Literacy, Education, and Financial Behavior

这项研究是由美国国家科学基金会/私营部门联合倡议支持的，主要关注以下两个密切相关的问题：个人是否为储蓄和退休做出合理的财务决策？各种形式的金融教育是如何影响金融行为的？合作组织是史密斯·理查森基金会。之前的许多作者都记录了个人财务决策的糟糕质量，特别是有几项研究发现，美国人为退休储蓄太少。然而，事实证明，美国年轻人的退休储蓄是否充足一直存在争议，这在很大程度上是因为未来30至40年的相关经济发展高度不确定，可能会深刻影响退休前景。之前的研究也揭示了公众的经济和金融知识水平。然而，对经济素养的决定因素的研究很少（除了高中学生的正规教育）。成年人的金融知识的决定因素基本上没有被探索过，而且实际上对知识对金融行为的影响一无所知。最后，现有文献没有系统地考虑财务教育对财务决策的影响；它也没有评估金融教育可能影响行为的各种机制（知识、舒适或习惯）。因此，本研究的中心目标是检验金融教育作为人力资本积累的一个重要维度。该研究将重点分析三个非常有前途和以前未开发的数据源。第一个是由美林（Merrill Lynch）赞助的一系列家庭调查；第二部分是由毕马威柏伟会计师事务所（KPMG Peat Marwick）进行的一系列独特的雇主调查；第三个是Hewitt Associates编制的一个庞大的401(k)数据库。这项研究与那些有意利用教育来改变缴费退休计划参与者行为的私营公司直接相关。事实上，这关系到401(k)计划的持续可行性，以及固定收益计划和固定缴款计划的相对优点。此外，本研究对国家经济政策，包括促进国民储蓄的策略、教育课程的设计和实施、退休金政策、资讯政策和证券监管，具有潜在的重要意义。

This research is supported by the Joint NSF/Private Sector Initiative and focuses on the following two closely related questions: Do individuals make reasonable financial decisions for savings and retirement? How do various forms of financial education affect financial behavior? The cooperating organization is the Smith Richardson Foundation. Numerous previous authors have documented the poor quality of personal financial decisions, and several studies have, in particular, found that Americans save too little for retirement. The adequacy of saving for retirement among younger Americans has, however, proven controversial, in large part beaause pertinent economic developments over the next 30 to 40 years are highly uncertain, and may profoundly affect retirement prospects. Previous research has also shed considerable light on the general public's level of economic and financial literacy. However, few determinants of economic literacy have been studies (aside from formal education among high school students). The determinants of financial knowledge among adults are essentially unexplored, and virtually nothing is known about the effects of knowledge on financial behavior. Finally, the existing literature has not systematically considered the effects of financial education on financial decisions; nor has it evaluated the various mechanisms (knowledge, comfort, or habituation) through which financial education may affect behavior. Thus, a central objective of this research is to examine financial education as an important dimension of human capital accumulation. The study will focus on the analysis of three extremely promising and previously unexploited data sources. The first is a series of household survey sponsored by Merrill Lynch; the second is a series of unique employer surveys undertaken by KPMG Peat Marwick; and the third is an extensive 401(k) database compiled by Hewitt Associates. The research is of direct relevance to private firms interested in using education to alter the behavior of participants in contributory retirement plans. Indeed, it bears on the continued viability of 401(k) plans, and the relative merits of defined benefit and defined contribution plans. In addition, the research has potentially important implications for national economic policy, including strategies for promoting national saving, the design and implementation of education curricula, pension policy, information policy, and securities regulation.