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Synthesis Report: Behavioral Finance Synthesis: Findings
Topic Area: Behavioral Finance: Retirement
Findings:
People have relatively limited knowledge about saving for retirement and can be induced to save more when provided with additional information.
Making retirement more salient, by having people think of themselves in retirement or providing a target retirement date, can increase intentions to save and alter investment choices.
People can become overwhelmed by the number of investment options they face; when this occurs, they tend to use simple rules to make decisions.
- Prawitz, A. D., & Cohart, J. (2014). Workplace financial education facilitates improvement in personal financial behaviors. Journal of Financial Counseling and Planning, 25(1), 5-26.
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Low-Favorable impacts
Knowledge and skills for financial decision making - Knowledge and skills for money management-Low-Favorable impacts
Knowledge and skills for money management
- Bell, C., Gorin, D., & Hogarth, J.M. (2009). Does financial education affect soldiers' financial behavior? (Working Paper No. 2009-WP-08). Terre Haute, IN: Indiana State University, Networks Financial Institute.
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Low-Favorable impacts
Knowledge and skills for financial decision making
- Knowledge and skills for money management-Low-Mixed impacts
Knowledge and skills for money management
- Bhargava, S., & Conell-Price, L. (2022). Serenity now, save later? Evidence on retirement savings puzzles from a 401(K) field experiment. [Low Saving Sample]
Topic Area: Behavioral Finance: Retirement, Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Mod/High-Favorable impacts
Knowledge and skills for financial decision making
- Bhargava, S., & Conell-Price, L. (2022). Serenity now, save later? Evidence on retirement savings puzzles from a 401(K) field experiment. [Moderate Saving Sample]
Topic Area: Behavioral Finance: Retirement, Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Mod/High-Favorable impacts
Knowledge and skills for financial decision making
- Hensley, B., Jurgenson, J., & Ferris, L. (2017). Combining adult education and professional development best practices to improve financial education teacher training. Journal of Financial Counseling and Planning, 28(1), 33-48. https://dx.doi.org/10.2139/ssrn.2655682
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Low-Favorable impacts
Knowledge and skills for financial decision making
- Knowledge and skills for money management-Low-Favorable impacts
Knowledge and skills for money management
- Blanco, L. R., Duru, O. K., & Mangione, C. M. (2020). A community-based randomized controlled trial of an educational intervention to promote retirement saving among Hispanics. Journal of Family and Economic Issues, 41, 300-315. https://doi.org/10.1007/s10834-019-09657-9
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Low-Favorable impacts
Knowledge and skills for financial decision making
- Clark, R. L., Hammond, R. G., Morrill, M. S., & Khalaf, C. (2019). Informing retirement savings decisions: A field experiment on supplemental plans. Economic Inquiry, 57(1), 188–205. https://doi.org/10.1111/ecin.12731 [Nonparticipants Sample]
Topic Area: Behavioral Finance: Retirement, Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Mod/high-No impacts
Knowledge and skills for financial decision making
- Silva, A. C., Seitchik, A. E., & Parent, J. D. (2022). Exploring individual and group financial coaching for building financial capability. Journal of Financial Counseling and Planning, 33(2), 255-267. https://doi.org/10.1891/jfcp-2021-0026
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for money management-Low-Favorable impacts
Knowledge and skills for money management
- Johnson, C. L., & Schumacher, J. B. (2016). Does webinar-based financial education affect knowledge and behavior? The Journal of Extension, 54(1). https://doi.org/10.34068/joe.54.01.19 [Solid Finances in Montana]
Topic Area: Financial Literacy
Study Type: Causal Impact Analysis
Outcome Effectiveness:- Knowledge and skills for financial decision making-Low-No impacts
Knowledge and skills for financial decision making
