Cherry Blossom Financial Education Institute

The 5th Cherry Blossom Financial Education Institute took place at the George Washington University on April 11-12, 2019. The National Endowment for Financial Education and MFS Investment Management once again generously sponsored the event.

The keynote address was given by Monika Bütler, Professor of Economics at the Swiss Institute for Empirical Economic Research, University of St. Gallen in Switzerland.

David Robinson, Professor of Finance and the J. Rex Fuqua Distinguished Professor of International Management at Duke University’s Fuqua School of Business, offered special remarks.

A Financial Literacy Research Award, sponsored by the National Endowment for Financial Education, was presented to the authors of the best paper submitted for presentation at the 5th Cherry Blossom Financial Education Institute. The award includes a prize of $5,000.

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The idea for the annual Cherry Blossom Financial Education Institute originated at the 2010 Colloquium held by the National Endowment for Financial Education (NEFE): Quarter Century Project: 25 Years of Research in Financial Education. For that event, an extensive body of research was collected and presented, but little consensus emerged about what makes financial education effective.

To further our understanding of the effectiveness of financial education, three researchers— Annamaria Lusardi of GFLEC, Michael Staten of the University of Arizona, and William Walstad of the University of Nebraska-Lincoln—organized and conducted a forum (or “Institute”) in April 2014 with researchers who were invited to discuss key research issues and works in progress. This first Institute was hosted by the Take Charge America Institute (TCAI) at the University of Arizona.

The success of the 2014 event led GFLEC to host a second Institute in Washington, D.C., in April 2015, funded by TCAI. This second Institute was named the Cherry Blossom Financial Education Institute and thus the annual event was born. The research committee selecting the papers for presentation continues to be comprised of Professors Lusardi, Staten, and Walstad.

NEFE became the main sponsor of the Institute in 2016 and supports the Financial Literacy Research Award, which was inaugurated in 2018. MFS Investment Management has supported the Institute since 2018.



The Asia Pacific Institute is a new joint collaboration between the Sim Kee Boon Institute for Financial Economics (SKBI) at the Singapore Management University and GFLEC. The Asia Pacific Institute is modelled after GFLEC’s Cherry Blossom Financial Education Institute held in Washington, D.C. every April. The research committee for the Asia Pacific Institute consists of David Fernandez (SKBI), Annamaria Lusardi (GFLEC), Michael Staten (University of Arizona) and William Walstad (University of Nebraska).

You are invited to submit papers to be presented at the Asia Pacific Financial Education Institute to be held in Singapore on September 16 – 17, 2019. The deadline to submit papers is July 15, 2019. Please send a copy of your paper to

View the Asia Pacific Institute Call for Papers ➤


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