The Determinants and Consequences of Financial Education in the Workplace: Evidence from a Survey of Households

Stanford Working Paper #96-007

54 Pages Posted: 4 Dec 1996

See all articles by B. Douglas Bernheim

B. Douglas Bernheim

Stanford University - Department of Economics; National Bureau of Economic Research (NBER)

Daniel M. Garrett

Cornerstone Research

Multiple version iconThere are 2 versions of this paper

Date Written: March 1996

Abstract

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.

JEL Classification: I21, J32, J26

Suggested Citation

Bernheim, B. Douglas and Garrett, Daniel M., The Determinants and Consequences of Financial Education in the Workplace: Evidence from a Survey of Households (March 1996). Stanford Working Paper #96-007. Available at SSRN: https://ssrn.com/abstract=451 or http://dx.doi.org/10.2139/ssrn.451

B. Douglas Bernheim (Contact Author)

Stanford University - Department of Economics ( email )

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Daniel M. Garrett

Cornerstone Research ( email )

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