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Cherry Blossom Financial Education Institute | April 12-13, 2018

The 4th Cherry Blossom Financial Education Institute was held on April 12-13, 2018. Researchers from around the globe presented their work at the George Washington University School of Business. This year’s Institute was sponsored by the National Endowment for Financial Education and MFS Investment Management.

Program ➤


Pensions & Investments’ coverage of the Cherry Blossom Financial Education Institute ➤

Financial Literacy Research Award

GFLEC is proud to announce the winners of the inaugural Financial Literacy Research Award. Veronica Frisancho of the Inter-American Development Bank has won for the paper she submitted to the Institute, entitled “The Impact of School-Based Financial Education on High School Students and Their Teachers: Experimental Evidence from Peru.” Anders Anderson and David Robinson also won for their paper, entitled “Self-Awareness, Financial Advice and Retirement Savings Decisions.”

We thank the National Endowment for Financial Education for sponsoring the award.

Interviews with Winners of the 2018 Financial Literacy Research Award

Interview with Anders Anderson and David Robinson
Watch the Video ➤

Interview with Veronica Frisancho
Watch the Video ➤

Day 1 | April 12, 2018


Olivia S. Mitchell
International Foundation of Employee Benefit Plans Professor
Professor of Insurance and Risk Management
Professor of Business Economics and Public Policy
Executive Director, Pension Research Council
Director, Boettner Center on Pensions and Retirement Research
The Wharton School, University of PennsylvaniaSenior Editor, Journal of Pension Economics and Finance

SESSION 1 | Retirement Savings: New Insights

Session Chair: Billy Hensley, National Endowment for Financial Education

Anders Anderson, Director, Swedish House of Finance, and David T. Robinson, Professor, Duke University’s Fuqua School of Business: “Self-Awareness, Financial Advice and Retirement Savings Decisions”
Paper | Presentation
William L. Skimmyhorn, Assistant Professor of Economics, U.S. Military Academy at West Point: “Borrowing to Save? The Impact of Automatic Enrollment on Debt”
Paper | Presentation

SESSION 2 | Financial Literacy and Decision-Making for the Long-Term

Session Chair: Steve Trites, Financial Consumer Agency of Canada

Pierre-Carl Michaud, Professor and Director, Retirement Savings Institute, HEC Montréal, and OECD/INFE Research Committee: “Long-Term Care Insurance: Knowledge Barriers, Risk Perceptions and Adverse Selection”
Paper | Presentation
Anita Mukherjee, Assistant Professor, Wisconsin School of Business, University of Wisconsin-Madison: “Medicaid and Long-Term Care: Do Eligibility Rules Impact Asset Holdings?”
Paper | Presentation

Day 2 | April 13, 2018

SESSION 3 | Methods in Financial Education

Session Chair: Mike Staten, Take Charge America Institute, The University of Arizona

Tim Kaiser, Junior Professor of Economics and Economic Education, German Institute for Economic Research: “Active Learning Fosters Financial Behavior: Evidence from Rural Uganda”
Paper | Presentation
Panu Kalmi, Professor, University of Vaasa: “The Effects of Me and My City on Primary School Students’ Financial Knowledge and Behavior”
Paper | Presentation

SESSION 4 | Financial Education among Youth

Session Chair: William Walstad, University of Nebraska—Lincoln

Paul Gerrans, Professor of Finance, The University of Western Australia, and OECD/INFE Research Committee: “Undergraduate Student Financial Literacy Interventions: Medium Term Evidence of Retention and Decay”
Paper | Presentation
Carly Urban, Associate Professor of Economics, Montana State University: “The Effects of State Mandated Financial Education on College Financing Behaviors”
Paper | Presentation
Veronica Frisancho, Senior Research Economist, Inter-American Development Bank: “The Impact of School-Based Financial Education on High School Students and their Teachers: Experimental Evidence from Peru”
Paper | Presentation

SESSION 5 | Rising Scholars in Financial Literacy and Financial Education

Session Chair: Alison Preston, The University of Western Australia

Melody Harvey, Ph.D. Candidate, Pardee RAND Graduate School: “Impact of Financial Education Mandates on Younger Consumers’ Use of Alternative Financial Services”
Paper | Presentation
Luca Maria Pesando, Ph.D. Candidate, Population Studies Center, University of Pennsylvania: “Does Financial Literacy Increase Students’ Perceived Value of Schooling”
Paper | Presentation

SESSION 6 | Debt and Financial Distress

Session Chair: Gary Mottola, Financial Industry Regulatory Authority (FINRA) Investor Education Foundation

Andrea Hasler, Assistant Research Professor in Financial Literacy, GFLEC: “Financial Fragility in the US: Evidence and Implications”

Paper | Presentation

Felipe Severino, Assistant Professor of Business Administration, Tuck School of Business, Dartmouth College: “Debt Collection and Settlement: Do Borrowers Under-Utilize the Court System?”
Paper | Presentation

SESSION 7 | Social Interactions

Session Chair: Susan Kerbel, Consumer Financial Protection Bureau

Hector Calvo-Pardo, Reader in Economics, University of Southampton: “Informative Social Interactions”
Paper | Presentation
K. Jeremy Ko, Senior Financial Economist, Securities and Exchange Commission: “Did Social Interactions Fuel or Suppress the US Housing Bubble?”
Paper | Presentation

Words from our sponsors


“One of the most important lessons of the last decade is that financial capability is a global challenge. The Cherry Blossom Financial Education Institute does an excellent job of bringing the best research from around the world together for all of our benefit.”

Ted Beck
President and CEO, National Endowment for Financial Education (NEFE)

“Financial security is one of the most important issues we face globally, cutting across national, ethnic, political and gender lines. Just as the spread of literacy around the world has marked the upward progress of humanity, so too can financial literacy improve the human condition in societies far and wide. The academic work at the center of the Cherry Blossom Financial Education Institute can serve as the cornerstone for strategies and policies that will help us move global financial literacy forward, leveling the playing field and empowering individuals globally to take more control of their financial security.”

Topher Callahan
Senior Managing Director, MFS Investment Management




8:30 am - 5:00 pm

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