RESUMEN
We examine the 10-year follow-up effects on retirement saving of an individual development account (IDA) program using data from a randomized experiment that ran from 1998 to 2003 in Tulsa, Oklahoma. The IDA program included financial education, encouragement to save, and matching funds for several qualified uses of the saving, including contributions to retirement accounts. The results indicate that as of 2009, 6 years after the program ended, the IDA program had no impact on the propensity to hold a retirement account, the account balance, or the sufficiency of retirement balances to meet retirement expenses.
Asunto(s)
Cuenta Bancaria , Educación del Paciente como Asunto , Pensiones , Pobreza , Jubilación/economía , Anciano , Educación/métodos , Estados Financieros/estadística & datos numéricos , Humanos , Oklahoma , Educación del Paciente como Asunto/métodos , Educación del Paciente como Asunto/organización & administración , Pobreza/economía , Pobreza/estadística & datos numéricos , Desarrollo de Programa , Distribución AleatoriaRESUMEN
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.
