Financial Education for Long-term Savings and Investments

Financial Outcomes of Interventions Designed to Improve Retirement Savings: A Systematic Review

“…Financial education is a commonly used method to promote or facilitate retirement savings (e.g., Atkinson et al, 2015;Boyer et al, 2019). Individual and systematic studies on interventions that only offer financial education or advice to promote retirement savings thus far have demonstrated mixed financial outcomes.…”

“…Individual and systematic studies on interventions that only offer financial education or advice to promote retirement savings thus far have demonstrated mixed financial outcomes. For example , Atkinson, et al (2015) conducted a review and found that some financial education interventions aimed at increasing long-term saving and investment had promising results, while others have mixed outcomes. In their meta-analysis, Miller et al (2014) found that retirement-focused financial education had weak effects on retirement savings.…”

Money matters

“…Concrete concepts and skills may be better introduced and taught when learners can see their value, i.e. "teachable moments" (Fernandes et al, 2014;Kaiser and Menkoff, 2017;Atkinson et al, 2015). For instance, discussions about banks and savings could take place when students reach the legal age to open a bank account.…”

PISA 2015 Science Framework

“…Existing empirical evidence shows that young people and adults in both developed and emerging economies who have been exposed to good-quality financial education are subsequently more likely than others to plan ahead, save and engage in other responsible financial behaviours (Bernheim et al, 2001;Cole et al, 2011;Lusardi, 2009;Atkinson et al 2015;Bruhn et al 2013;Miller et al 2014). This evidence suggests a possible causal link between financial education and outcomes, and indicates that improved levels of financial literacy can lead to positive behaviour change.…”