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

B. Douglas Bernheim, Daniel M. Garrett

NBER Working Paper No. 5667
Issued in July 1996
NBER Program(s):   AG   PE

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.

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Published: Bernheim, B. Douglas and Daniel M. Garrett. "The Effects Of Financial Education In The Workplace: Evidence From A Survey Of Households," Journal of Public Economics, 2003, v87(7-8,Aug), 1487-1519.

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