In this article, we present and test experimentally a low-cost, Internet-based, financial literacy intervention program that we designed for implementation with the largest industrial pension fund in Italy. The program, Finlife (Financial Education and Planning for a Long Life) included: 1) an instructional video on financial, and demographic, literacy, provided online; 2) an experimental design that explicitly allowed to evaluate the impact of the online content on financial and demographic literacy, as well as on short-term behavioral changes; 3) a follow-up that allowed to assess the subsequent choice of investment lines within the pension fund. Finlife was designed to be a low-cost and scalable approach to increase financial and demographic literacy, consistently with a ‘nudge’ philosophy. Our findings show that Finlife delivered a substantially and statistically significant increase in financial and demographic literacy, as well as a push towards seeking more information on financial markets and choices related to financial planning, and becoming more active in financial decisions.
{"title":"Nudging Financial and Demographic Literacy: Experimental Evidence from an Italian Pension Fund","authors":"F. Billari, Carlo A. Favero, Francesco Saita","doi":"10.2139/ssrn.3095919","DOIUrl":"https://doi.org/10.2139/ssrn.3095919","url":null,"abstract":"In this article, we present and test experimentally a low-cost, Internet-based, financial literacy intervention program that we designed for implementation with the largest industrial pension fund in Italy. The program, Finlife (Financial Education and Planning for a Long Life) included: 1) an instructional video on financial, and demographic, literacy, provided online; 2) an experimental design that explicitly allowed to evaluate the impact of the online content on financial and demographic literacy, as well as on short-term behavioral changes; 3) a follow-up that allowed to assess the subsequent choice of investment lines within the pension fund. Finlife was designed to be a low-cost and scalable approach to increase financial and demographic literacy, consistently with a ‘nudge’ philosophy. Our findings show that Finlife delivered a substantially and statistically significant increase in financial and demographic literacy, as well as a push towards seeking more information on financial markets and choices related to financial planning, and becoming more active in financial decisions.","PeriodicalId":232796,"journal":{"name":"FinPlanRN: Retirement Fund (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115365037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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