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Assessing the impact of financial education programs: A quantitative model
October 21, 2020Abstract: Prior studies disagree regarding the effectiveness of financial education programs, especially those offered in the workplace. To explain such measurement differences in evaluation and outcomes, we employ a stochastic life cycle model with endogenous financial knowledge accumulation and investigate… Read More »
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OPTIMAL FINANCIAL KNOWLEDGE AND WEALTH INEQUALITY
December 17, 2014Abstract: Using a stochastic life cycle model with endogenous financial knowledge accumulation, we show that financial knowledge is a key determinant of wealth inequality. The mechanism we posit is that financial knowledge enables individuals to better allocate resources over their lifetimes… Read More »