The Determinants and Consequences of Financial Education in the Workplace: Evidence from a Survey of Households / B. Douglas Bernheim, Daniel M. Garrett.

Format:

Book

Author/Creator:

Bernheim, B. Douglas.

Contributor:

National Bureau of Economic Research.

Garrett, Daniel M.

Series:

Working Paper Series (National Bureau of Economic Research) no. w5667.

NBER working paper series no. w5667

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

The Determinants and Consequences of Financial Education in the Workplace

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1996.

Summary:

In recent years, the United States has witnessed significant growth in programs of financial and retirement education in the workplace. This phenomenon provides an opportunity to assess the effects of targeted education programs on financial choices. This paper uses a novel household survey to develop econometric evidence on the efficacy of employer-based financial education. While our primary focus concerns the effects of these programs on saving (both in general and for the purposes of retirement), we also examine a number of collateral issues. These include the circumstances under which employers offer, and employees participate in, financial education programs, and the effects of these programs on sources of information and advice concerning retirement planning. Our findings indicate that employer-based retirement education strongly influences household financial behavior.

Notes:

Print version record

July 1996.