Stephan Meier|Charles Sprenger
Discounting financial literacy: Time preferences and participation in financial education programs
Columbia University|Stanford University
many policymakers economists argue financial literacy key financial wellbeing many individuals remain financially illiterate despite benefits financially informed paper presents results field study linking individual decisions acquire financial information normally unobservable characteristic time preferences elicited time preferences using incentivized choice experiments individuals financial education program offered results show individuals choose acquire personal financial information substantially higher discount factors individuals results interpreted nonparticipants discount benefits financially literate