Patrick Bayer|B. Douglas Bernheim|John Karl Scholz
THE EFFECTS OF FINANCIAL EDUCATION IN THE WORKPLACE: EVIDENCE FROM A SURVEY OF EMPLOYERS
Duke University|Bayer (United States)|Stanford University|University of Wisconsin–Madison
examine effects education financial decisionmaking skills identifying interesting source variation pertinent training 1990s increasing number individuals exposed programs financial education provided employers argued low saving frequently results failure appreciate economic vulnerabilities education form could prove powerful effect behavior current article undertakes analysis programs using previously unexploited survey employers find participation contributions voluntary savings plans significantly higher employers offer retirement seminars effect typically much stronger nonhighly compensated employees highly compensated employees frequency seminars emerges particularly important correlate behavior unable detect effects written materials newsletters summary plan descriptions regardless frequency also present evidence determinants plan activity