Raising household saving: Does financial education work?

William G. Gale*, Benjamin H. Harris, Ruth Levine

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

13 Scopus citations

Abstract

This article highlights the prevalence and economic outcomes of financial illiteracy among American households, and reviews previous research that examines how improving financial literacy affects household saving. Analysis of the research literature suggests that previous financial literacy efforts have yielded mixed results. Evidence suggests that interventions provided for employees in the workplace have helped increase household saving, but estimates of the magnitude of the impact vary widely. For financial education initiatives targeted to other groups, the evidence is much more ambiguous, suggesting a need for more econometrically rigorous evaluations.

Original languageEnglish (US)
Pages (from-to)39-48
Number of pages10
JournalSocial Security Bulletin
Volume72
Issue number2
StatePublished - Aug 2012
Externally publishedYes

ASJC Scopus subject areas

  • Social Sciences (miscellaneous)
  • Public Administration

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