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Evidence and Ideology in Assessing the Effectiveness of Financial Literacy Education

45 Pages Posted: 28 Feb 2008 Last revised: 16 Apr 2010

Lauren E. Willis

Loyola Law School Los Angeles

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Abstract

Financial literacy education has long been promoted as key to consumer financial well-being. Yet the claim has never had more than negligible statistically significant empirical support. This review (1) sets forth the model of financial literacy education underlying public support for these programs today, (2) identifies pervasive and serious limitations in existing empirical research used by policymakers as evidence of the effectiveness of this education, and (3) recommends a number of alternative public policies suggested by the existing research.

Keywords: Consumer Protection Law, Social Welfare, Retirement Security, Banking and Finance, financial literacy, consumer education, consumer finance, research methods, consumer policy

JEL Classification: A29, C80, C90, D12, D18, D83, G20, I29, J26, R29

Suggested Citation

Willis, Lauren E., Evidence and Ideology in Assessing the Effectiveness of Financial Literacy Education. San Diego Law Review, Vol. 46, p. 415, 2009; U of Penn Law School, Public Law Research Paper No. 08-08; Loyola-LA Legal Studies Paper No. 2008-6. Available at SSRN: https://ssrn.com/abstract=1098270

Lauren E. Willis (Contact Author)

Loyola Law School Los Angeles ( email )

919 Albany Street
Los Angeles, CA 90015-1211
United States
213-736-1086 (Phone)
213-380-3769 (Fax)

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