Insight: FINANCIAL KNOWLEDGE AND BEHAVIOR IMPROVED THROUGH EDUCATION PROGRAMS
By Barry Kozak
IDEAS IN THE INSIGHT YOU CAN PUT INTO ACTION
Financial education programs are designed to teach individuals how to make appropriate decisions about their finances. Tim Kaiser and colleagues’ working paper synthesizes 76 studies that evaluate the successes of a variety of education programs offered around the world. The authors conclude that programs can be designed to improve decisions about budgeting and saving and, to a lesser extent, decisions about purchasing appropriate insurance products and limiting or reducing excessive debt. Policymakers could use the authors’ paper to design education programs that will specifically improve decisions over retirement income planning. In addition, this paper could offer insight for scholars when they analyze the effectiveness of education programs as implemented.
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About the Author
Barry Kozak, JD, LLM, MPP, ChFC, RICP, serves as the Legal Services Officer at Inter Vivos, PLLC and as the Chief Legal Counsel at LSPNpro. He received his juris doctorate and his master of laws in employee benefits law degrees from The John Marshall Law School in Chicago, and his master’s degree from the University of Chicago Harris School of Public Policy.