Economic Literacy, Education, and Financial Behavior

这项研究是由美国国家科学基金会/私营部门联合倡议的支持，并侧重于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？ 不同形式的金融教育如何影响金融行为？ 合作组织是史密斯·理查森基金会。 许多以前的作者都记录了个人财务决策的质量差，特别是几项研究发现，美国人为退休储蓄太少。 然而，美国年轻人是否有足够的退休储蓄一直存在争议，这在很大程度上是因为未来30至40年的相关经济发展具有高度不确定性，可能会深刻影响退休前景。 以前的研究也揭示了公众的经济和金融知识水平。 然而，很少有人研究经济知识的决定因素（除了高中生的正规教育）。 成年人的金融知识的决定因素基本上是未探索的，几乎没有什么是知道的知识对金融行为的影响。 最后，现有的文献没有系统地考虑金融教育对金融决策的影响，也没有评估金融教育可能影响行为的各种机制（知识，舒适度或习惯化）。 因此，本研究的一个中心目标是审查金融教育作为人力资本积累的一个重要方面。 这项研究将侧重于分析三个非常有前途和以前未开发的数据来源。 第一个是由梅里尔公司赞助的一系列家庭调查;第二个是由毕马威皮特马威克公司进行的一系列独特的雇主调查;第三个是由休伊特协会编制的一个广泛的401（k）数据库。 这项研究与那些有兴趣利用教育来改变缴费型退休计划参与者行为的私营公司直接相关。 事实上，它关系到401（k）计划的持续可行性，以及固定收益和固定缴款计划的相对优点。 此外，该研究对国家经济政策具有潜在的重要影响，包括促进国民储蓄的战略，教育课程的设计和实施，养老金政策，信息政策和证券监管。

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.