{"title":"Does financial education affect retirement savings?","authors":"Melody Harvey , Carly Urban","doi":"10.1016/j.jeoa.2023.100446","DOIUrl":null,"url":null,"abstract":"<div><p>Since individuals are increasingly required to manage their own retirement portfolios, policy levers that increase retirement planning and saving have become increasingly important. We use variation in timing and presence of state-required personal finance coursework in high schools to estimate the effect of the financial education coursework on the likelihood of holding and amount in retirement accounts in adulthood (ages 25–40). Our results show no definitive increases in account ownership, non-retirement investment accounts, or homeownership. Since prior work finds required high school financial education improves credit and debt outcomes, we recommend that states and educators prioritize content that is more immediately relevant for 18-year-olds, such as budgeting, long-term debt, and credit.</p></div>","PeriodicalId":45848,"journal":{"name":"Journal of the Economics of Ageing","volume":"24 ","pages":"Article 100446"},"PeriodicalIF":1.9000,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of the Economics of Ageing","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2212828X23000063","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"DEMOGRAPHY","Score":null,"Total":0}
引用次数: 0
Abstract
Since individuals are increasingly required to manage their own retirement portfolios, policy levers that increase retirement planning and saving have become increasingly important. We use variation in timing and presence of state-required personal finance coursework in high schools to estimate the effect of the financial education coursework on the likelihood of holding and amount in retirement accounts in adulthood (ages 25–40). Our results show no definitive increases in account ownership, non-retirement investment accounts, or homeownership. Since prior work finds required high school financial education improves credit and debt outcomes, we recommend that states and educators prioritize content that is more immediately relevant for 18-year-olds, such as budgeting, long-term debt, and credit.
期刊介绍：
The Journal of the Economics of Ageing (JEoA) is an international academic journal that publishes original theoretical and empirical research dealing with the interaction between demographic change and the economy. JEoA encompasses both microeconomic and macroeconomic perspectives and offers a platform for the discussion of topics including labour, health, and family economics, social security, income distribution, social mobility, immigration, productivity, structural change, economic growth and development. JEoA also solicits papers that have a policy focus.
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