Improving Financial Literacy and Capability: What Works?

The objective of this conference is to present the innovative ideas and work of the Financial Literacy Center teams. Each presentation provides a brief project overview, insights on what works to improve financial literacy and financial capability, and a discussion about what remains to be answered with further work.

Session 1: Understanding and Measuring Financial Literacy

Moderator: Annamaria Lusardi, GWSB

Measuring Financial Literacy and Financial Capability

Arie Kapteyn, RAND; Annamaria Lusardi, GWSB

Understanding the Geography of Financial Literacy in the U.S.

Chris Bumcrot, Applied Research and Consulting

Optimal Knowledge and Wealth Inequality

Olivia S. Mitchell, Wharton

Discussant: Gary Mottola, FINRA Investor Education Foundation

Session 2: Financial Literacy among Young People

Moderator: Melora Heavey, American Institute of CPAs

Building Financial Literacy for K–8 Pre-Service Teachers and Adult Learners

Dorothy Wallace, Dartmouth College

Five Steps to Financial Planning Success

Joanne Yoong, RAND; Anya Savikhin, University of Chicago

Demonstrating the Returns to Work for Children after SSI

Jody Hoff, Federal Reserve Bank of San Francisco

Discussant: Billy Hensley, National Endowment for Financial Education

Session 3: Financial Literacy among the Middle Aged

Moderator: Arie Kapteyn, RAND

The Persistence of Defaults: When, Why and for Whom?

David Laibson, Harvard

Do Financial “Health” Checkups Prompt Behavioral Changes?

Matthew Darling, ideas42

Discussants: Janet Garkey, Credit Union National Association; Sarah Holden, ICI

“The Storm to Come”: A Conversation about Annuities     

Moderator: Catherine Weatherford, Insured Retirement Institute

Panelists: Olivia S. Mitchell, Wharton; David Laibson, Harvard

Session 4: Financial Education in the Workplace

Moderator: Joe Piacentini, Department of Labor

Evaluating Workforce Financial Education and Encouraging New Hires to Save for Retirement

Annamaria Lusardi, GWSB

Can Commitment Savings Help Americans Be Better Prepared for Retirement?

David Laibson, Harvard

Discussants: Sol Carbonell, Boston Fed; Dan Iannicola, Financial Literacy Group

Session 5: Financial Literacy Close to and After Retirement     Moderator: William D. Novelli, Global Social Enterprise Initiative, Georgetown

How Financial Advisors Influence Social Security Claiming

Mathew Greenwald, Mathew Greenwald & Associates

What Are the Real-World Framing Influences on Retirement Claiming Behavior?

Arie Kapteyn, RAND

Improving Understanding of Retirement Health Care Expenditures

Howell Jackson, Harvard Law School

Discussants: Ken McDonnell, Insured Retirement Institute; Ryan Wilson, AARP

Session 6: Financial Literacy for Vulnerable Groups

Moderator: David Rogofsky, SSA

Improving Legal Immigrants’ Access to Financial Services

Silvia Barcellos, RAND

Raising Awareness of Tax-Time Saving Options (for the low-income population)

Nick Maynard, Doorways to Dreams

Encouraging Better Financial Decision Making Among Low-Income and Minority Groups

Nick Maynard, Doorways to Dreams

Discussant: Jeanne Hogarth, FRB

PANEL DISCUSSION: Directions for Further Research      

Moderator: Jason Fichtner, George Mason and Georgetown

Panelists: Gerri Walsh, FINRA; Camille Busette, CFPB