William L. Skimmyhorn
Mason School of Business
The College of William & Mary
101 Ukrop Way
Williamsburg, VA 23187
Institutional Affiliation: College of William & Mary
NBER Working Papers and Publications
|May 2019||Borrowing to Save? The Impact of Automatic Enrollment on Debt|
with John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian: w25876
Does automatic enrollment into a retirement plan increase borrowing outside the plan? We study a natural experiment created when the U.S. Army began automatically enrolling newly hired civilian employees into the Thrift Savings Plan. Four years after hire, automatic enrollment causes no significant change in credit scores (point estimate 0.001 standard deviations) or debt balances excluding auto loans and first mortgages (point estimate -0.6% of annual salary). We also find no significant increase in auto loan and first mortgage balances in our main regression specification, although the estimated increases in these categories are economically and statistically significant in alternative specifications.
|September 2012||Financial Literacy, Financial Education and Economic Outcomes|
with Justine S. Hastings, Brigitte C. Madrian: w18412
In this article we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature, and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the extent to which a competitive market provides incentives for firms to educate consumers or offer products that facilitate informed choice. We review the literature on alternative policies to improve financial outcomes, and compare the evidence to evidence on the efficacy and cost of financial education. Finally, we discuss directions for future research.
Published: Justine S. Hastings & Brigitte C. Madrian & William L. Skimmyhorn, 2013. "Financial Literacy, Financial Education, and Economic Outcomes," Annual Review of Economics, Annual Reviews, vol. 5(1), pages 347-373, 05. citation courtesy of