Discounting Financial Literacy : Time Preferences and Participation in Financial Education Programs

Many policy makers and economists argue that financial literacy is key to financial well-being. But why do many individuals remain financially illiterate despite the apparent importance of being financially informed? This paper presents results of a field study linking individual decisions to acquire personal financial information to a critical, and normally unobservable, characteristic: time preferences...

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Year of publication:	2008-05-01
Authors:	Meier, Stephan ; Sprenger, Charles
Institutions:	Forschungsinstitut zur Zukunft der Arbeit <Bonn>
Subject:	Kreditmarkt \| Ökonomische Bildung \| Wohlfahrt \| Welfarism \| Zeitfaktor \| Feldexperiment

1 Introduction
2 Design of Field Study
2.1 Design of Financial Education Program
2.2 Measuring Time Preferences
3 Results
3.1 Descriptive Statistics
3.2 The Effect of Time Preferences on Participation
3.3 Time Preferences and Prior Financial Knowledge
4 Discussion and Conclusions
References

Persistent link: https://www.econbiz.de/10005859644