Journal of Pension Economics and Finance | Volume 16 | Special Issue 3 | July 2017
Abstract: We developed and experimentally evaluated four novel educational programs delivered
online: an informational brochure, a visual interactive tool, a written narrative, and a
video narrative. The programs were designed to inform people about risk diversification,
an essential concept for financial decision-making. The effectiveness of these programs
was evaluated using the American Life Panel. Participants were exposed to one of the
programs, and then asked to answer questions measuring financial literacy—in particular,
risk literacy—and self-efficacy. All of the programs were found to be effective at
increasing self-efficacy, and several improved financial literacy, providing new evidence
for the value of programs designed to improve financial decision-making.
Click here to see the working paper.