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Cherry Blossom Financial Education Institute | April 10, 2015

The Inaugural Cherry Blossom Financial Education Institute was held on April 10, 2015. More than 60 papers and abstracts were submitted as a response to the call for papers and 13 were selected for presentation at the Institute. Researchers from around the globe came to present at the George Washington University School of Business. This Institute is co-sponsored by GFLEC and the University of Arizona’s Take Charge America Institute.



Chair: Flore-Anne Messy, OECD

Maximilian Schmeiser, Federal Reserve Board: “State Mandated Financial Education and the Credit Behavior of Young Adults”

Paper | Presentation

Ernesto Villanueva, Banco de España: “Finance for All: The Impact of Financial Literacy Training in Compulsory Secondary Education in Spain”

Paper | Presentation

Georgios Panos, University of Glasgow: “Financial Literacy among Scottish Students”

Abstract | Presentation


Chair: Michael Staten, Take Charge America Institute, University of Arizona

Riccardo Calcagno, EMYLON Business School: “Financial Advice As a ‘Credence’ Service: the Role of Investor Competence”

Paper | Presentation

Majdi Debbich, Paris School of Economics: “The Acquisition of Financial Literacy Over the Life Course”

Abstract | Presentation

Vyacheslav Mikhed, Federal Reserve Bank of Philadelphia: “Identity Theft as a Teachable Moment”

Paper | Presentation


Chair: William Walstad, University of Nebraska-Lincoln

Julian Jamison, Consumer Financial Protection Bureau: “Financial Education and Access to Savings Accounts: Complements or Substitutes? Evidence from Ugandan Youth Clubs”

Paper | Presentation

Michael Collins, University of Wisconsin-Madison: “The Role of Information on Retirement Planning: Evidence from a Field Study”

Paper | Presentation

Colleen Flaherty Manchester, University of Minnesota: “The Role of Exponential-Growth Bias and Present Bias in Retirement Saving Decisions”

Abstract | Presentation


Chair: Annamaria Lusardi, Global Financial Literacy Excellence Center, GW

William Skimmyhorn & David Mun, United States Military Academy: “Assessing Financial Education Methods: Principles vs. Rules-of-Thumb Approaches”

Paper | Presentation

Carly Urban, Montana State University: “Selection of Student Loans and College Performance”

Paper | Presentation

Xiaoling Ang, Consumer Financial Protection Bureau: “The Power of Active Disclosure: The Effect of Self-Certification on the Private Student Loan Market”

Paper | Presentation


The paper,“The Impact of Financial Education on Adolescents’ Intertemporal Choices,” submitted by Marta Serra-Garcia of the University of California, San Diego, was also selected by the committee. Unfortunately, she was unable to present at the Institute.





8:30 am - 6:00 pm

The George Washington University School of Business
Washington, D.C.