First Annual Conference of the Financial Literacy Research Consortium

New Insights and Advances in Financial Literacy: Translation, Dissemination, Change

dollar signs
Date: November 18 and 19, 2010
Location: Ronald Reagan Building and International Trade Center
1300 Pennsylvania Avenue NW
Washington, D.C. 20004
Directions
Hotel Information

 

Program Details

This day and a half event brought together scholars from the new Financial Literacy Research Consortium to present their research and discuss how programs, educational products, and policies can best promote financial planning and financial security.

The conference agenda was designed for interaction, including a series of workshops on innovative products, small seminars that focused on different stages of the life cycle, and a product fair where participants could try out new educational products and interact with the developers.

This event was sponsored by the Social Security Administration and hosted by the Financial Literacy Center (RAND, Dartmouth College, and the Wharton School), with participation from the Center for Financial Literacy (Boston College) and the Center for Financial Security (University of Wisconsin).

Photos

Photo #01
Photo #02
Photo #03
Photo #04
Photo #05
Photo #06
Photo #07
Photo #08
Photo #09
Photo #10
Photo #11
Photo #12
Photo #13
Photo #14
Photo #15
Photo #16
Photo #17
Photo #18
Photo #19
Photo #20
Photo #21
Photo #22
Photo #23
Photo #24
Photo #25

Agenda

(All times listed in Eastern.)

DAY 1 — Thursday, November 18, 2010

7:30 a.m. – 8:30 a.m.
Registration and continental breakfast
Location: Amphitheater Foyer

8:30 a.m. – 8:45 a.m.
Welcome
David Rust, Deputy Commissioner for the Office of Retirement and Disability Policy, Social Security Administration
Location: Amphitheater

8:45 a.m. – 9:00 a.m.
Opening Remarks: The State of Financial Literacy
Annamaria Lusardi, Director of the Financial Literacy Center
Welcome from Senator Akaka's Office
Stacey Wong, Legislative Assistant
Location: Amphitheater

9:00 a.m. – 10:00 a.m.
Forum for Innovative Results
Center directors summarize Year I accomplishments
Location: Amphitheater
View the Video Forum for Innovative Results
Full Document Download Financial Literacy Center: An Overview
Note: This is not a RAND document
Director Annamaria Lusardi
View the Video Forum for Innovative Results 2
Full Document Download Highlights from the Center for Financial Literacy at Boston College
Note: This is not a RAND document
Director Alicia H. Munnell
View the Video Forum for Innovative Results 3
Full Document Download University of Wisconsin-Madison Center for Financial Security
Note: This is not a RAND document
Director J. Michael Collins

10:00 a.m. – 10:15 a.m.
Break

10:15 a.m. – 12:00 p.m.
Concurrent panel presentations with Q & A
FINANCIAL LITERACY OVER THE LIFECYCLE

Topic 1: The Young and Middle Aged

Topic 2: Nearing Retirement and Beyond

Moderator: Dan Iannicola, Financial Literacy Group
Disscusant: Gary V. Engelhardt, Maxwell School of Citizenship and Public Affairs, Syracuse University
Location: Hemisphere A

View the Video Presentation A: Managing Your Money in Retirement: A Guide for Retirees
Full Document Download Managing Your Money in Retirement
Note: This is not a RAND document
Speaker: Steven Sass
Full Document Download Managing Your Money in Retirement: A Planning Guide for the Newly Retired (Working Paper)
Note: This is not a RAND document
By Alicia H. Munnell, Steven Sass, and Andrew Eschtruth, Boston College; Ronn Campisi, Ronn Campisi Design

View the Video Presentation B: Trigger Events: Shaping the Evolution of Post-Retirement Wealth
Full Document Download Trigger Events and Financial Outcomes Among Older Households
Note: This is not a RAND document
Speaker: Geoffrey Wallace
Full Document Download Trigger Events and Financial Outcomes Among Older Households (Working Paper)
Note: This is not a RAND document
By Geoffrey Wallace, Robert Haveman, Karen Holden, and Barbara Wolfe, University of Wisconsin-Madison

Presentation C:
Framing Effects and Social Security Claiming Behavior
(RAND Working Paper)
Speaker: Jeff Brown
By Jeff Brown, University of Illinois at Urbana-Champaign; Arie Kapteyn, RAND; Mathew Greenwald, Greenwald & Associates; Olivia S. Mitchell, Wharton School

Topic 3: Financial Literacy in Low Income Populations

12:00 p.m. – 1:30 p.m.: Lunch
View the Video Keynote Speaker

Michael S. Barr, Department of the Treasury's Assistant Secretary for Financial Institutions
Full Document Download Remarks
Note: This is not a RAND document
Moderator: Annamaria Lusardi, Director, Financial Literacy Center
Location: Ballroom

1:30 p.m. – 2:30 p.m.
Concurrent panel presentations with Q & A
INTERACTIVE PANELS

Topic 1: Data Collection and Evaluation

Moderator: Robert Willis, University of Michigan
Location: Amphitheater

View the Video: Arie Kapteyn Data Collection and Evaluation – The RAND American Life Panel: Research Opportunities in Financial Decisionmaking
Panelist A: Arie Kapteyn, RAND

Full Document Download The Wisconsin Longitudinal Study
Note: This is not a RAND document
Panelists B: Pamela Herd and Karen Holden, University of Wisconsin-Madison

Full Document Download National Financial Capability Study
Note: This is not a RAND document
Panelists C: Chris Bumcrot, ARC; John Gannon, FINRA Investor Education Foundation

Topic 2: What Makes a Good Website for Financial Literacy?

Moderator: Francois Gadenne, RIIA
Location: Hemisphere A

View the Video What Makes a Good Website for Financial Literacy
Full Document Download Website Design
Note: This is not a RAND document
Panelist A: Punam Keller, Tuck School, Dartmouth College

Full Document Download What Makes a Good Website for Financial Literacy
Note: This is not a RAND document
Panelist B: Brigitte Madrian, Harvard University
By: Brigitte Madrian and David Laibson, Harvard University and NBER

Full Document Download What Makes a Good Website for Financial Literacy? Technical Considerations
Note: This is not a RAND document
Panelists C: Chris Pape, Genuine Interactive; Peter Roden, Boston College

Topic 3: What Focus Groups Tell Us about Financial Literacy and Behavior

Moderator: Ellen Seidman, Shorebank Corporation
Location: Polaris Room

View the Video: Matthew Greenwald What Focus Groups Tell Us About Financial Literacy and Behavior
Full Document Download Framing & Peer Effects on Social Security Claiming
Note: This is not a RAND document
Panelist A: Mathew Greenwald, Mathew Greenwald & Associates

Full Document Download What Focus Groups Tell Us about Financial Literacy and Behavior
Note: This is not a RAND document
Panelists B: Lisa R. Szykman and Nicole Montgomery
By Julie R. Agnew, Nicole Montgomery and Lisa R. Szykman, The College of William & Mary

Full Document Download Using Focus Groups To Understand Financial Literacy
Note: This is not a RAND document
Panelist C: J. Michael Collins, University of Wisconsin-Madison

2:30 p.m. – 3:30 p.m.
EXHIBIT FAIR OPEN SESSION
Posters, materials, papers, and interactive computer programs or videos:

Booth 1: D2D's video games to test and play.

Booth 2: Five Steps to Planning Success videos and informational handouts.

Booth 3: Interactive display on the American Life Panel and related work on financial literacy.

Booth 4: Understanding the Returns to Work for Young Adults on SSI. This booth had printed materials, a poster, and a prototype of an interactive financial literacy tool that can be used by young adult SSI recipients and their advocates to better understand the benefits of working.

Booth 5: Two web-based interactive products — Target Your Retirement and Curious Behaviors — and Managing Your Money in Retirement Booklet.

Booth 6: Best Practices in Using Technology for Financial Education. This booth had printed materials, a poster, and provided examples of websites grounded in educational theory based on a literature review. Participants were able to explore websites and site features consistent with successful learning.

Booth 7: Understanding Financial Literacy with the Wisconsin Longitudinal Survey (WLS). This booth had printed materials, a poster, and an interactive website showing how the WLS tracks families over time. Participants learned about the data and the potential for use in research.

Booth 8: Using Financial Coaching to Facilitate Financial Behavior. This booth used print materials, a poster, and a website. Participants learned about financial coaching as a mechanism to implement financial behavior strategies, learn to become a coach, or implement coaching into existing financial education programs.

Booth 9: FINRA Investor Education Foundation. Interactive display of the National Financial Capability Study and other programs.

Booth 10: National Endowment for Financial Education.

Booth 11: Social Security Administration.

Booth 12: Office of Financial Education at U.S. Treasury.

Booth 13: Federal Deposit Insurance Corporation. The FDIC Money Smart free curriculum helps adults and young adults learn the basics of handling their money and finances, including how to create positive relationships with financial institutions.

3:30 p.m. – 5:00 p.m.
Concurrent panel presentations with Q & A
A CLOSER LOOK AT KEY TOPICS: SSI, RETIREMENT PLANNING, AND FINANCIAL EDUCATION

Topic 1: Taking a Closer Look at Retirement Issues

Topic 2: Special Projects and Programs Relevant to the Agency: SSI

Topic 3: What Works in Financial Education?

5:00 p.m. – 6:00 p.m.
RAND invites you to an informal networking gathering after the event.
Location: Amphitheater Foyer
Cash bar

DAY 2 — Friday, November 19, 2010

7:30 a.m. – 8:30 a.m.
Continental breakfast
Location: Amphitheater Foyer

8:30 a.m. – 10:00 a.m.
Concurrent panel presentations with Q & A
IMPROVING FINANCIAL DECISIONMAKING

Topic 1: Insights From Behavioral Economics

Moderator: Peter Tufano, Harvard Business School and D2D
Discussant: Eric Johnson, Columbia Business School
Location: Amphitheater

View the Video Presentation A: The Effect of Providing Peer Information on Retirement Savings
Full Document Download The Effect of Providing Peer Information on Retirement Savings Decisions
Note: This is not a RAND document
The Effect of Providing Peer Information on Retirement Savings Decisions (RAND Working Paper)
Speaker: David Laibson
By David Laibson, Brigitte Madrian, Harvard University; James Choi, Yale; John Beshears, Stanford GSB

View the Video: Checking Your Financial Health Presentation B: Checking Your Financial Health
Full Document Download Financial Health Check
Note: This is not a RAND document
Speaker: Antoinette Schoar, MIT Sloan;
By Sendhil Mullainathan, Harvard University; Antoinette Schoar, MIT Sloan; Piyush Tantia, Ideas42

Presentation C:
Full Document Download Borrow Less Tomorrow: A Behavioral Approach to Debt Reduction

Note: This is not a RAND document
Speaker: Jonathan Zinman
By Dean Karlan, Yale and Innovations for Poverty Action (IPA); Jonathan Zinman, Dartmouth College and IPA

Topic 2: Financial Decisionmaking and Financial Advice

Moderator: Matt Fellowes, Founder and CEO, HelloWallet
Discussant: Sarah Holden, Investment Company Institute
Location: Hemisphere A

Presentation A:
Full Document Download An Empirical Analysis of 401(k) Loan Defaults

Note: This is not a RAND document
An Empirical Analysis of 401(k) Loan Defaults (RAND Working Paper)
Speaker: Olivia S. Mitchell
By Timothy (Jun) Lu, Wharton School; Olivia S. Mitchell, Wharton School; Steve Utkus, Vanguard

Presentation B:
Full Document Download What People Know about Target Date Funds: Survey and Focus Group Evidence

Note: This is not a RAND document
Speaker: Julie R. Agnew
By Julie R. Agnew and Lisa R. Szykman, College of William & Mary; Stephen P. Utkus and Jean A. Young, The Vanguard Group

Presentation C:
Full Document Download A Review of Advice Models and the Demographic Determinants of Using Financial Advisors and Counselors

Note: This is not a RAND document
Full Document Download A Review of Financial Advice Models and the Take-Up of Financial Advice (Working Paper)
Note: This is not a RAND document
Speaker: J. Michael Collins
By J. Michael Collins, University of Wisconsin-Madison

Topic 3: Knowledge about Social Security

Moderator: Jason Fichtner, Senior Research Fellow, Mercatus Center at George Mason University
Discussant: Erzo Luttmer, Dartmouth College
Location: Polaris Room

Presentation A:
What Do People Know About Social Security"
(RAND Working Paper)
Speaker: Mathew Greenwald
By Arie Kapteyn, RAND; Olivia S. Mitchell, Wharton School; Mathew Greenwald, Mathew Greenwald & Associates

Presentation B:
Full Document Download Improving the Social Security Statement

Note: This is not a RAND document
Improving the Social Security Statement (RAND Working Paper)
Speaker: Andrew Biggs
By Andrew Biggs, AEI

Presentation C:
Full Document Download The Social Security Statement: Background and Implementation

Note: This is not a RAND document
Speaker: Barbara Smith
By Barbara Smith, SSA; Kenneth Couch, University of Connecticut

10:10 a.m. – 10:40 a.m.
View the Video The Importance of Marketing for Financial Literacy
Full Document Download The Importance of Marketing for Financial Literacy
Note: This is not a RAND document
Speaker: Punam Keller, Tuck School, Dartmouth College
Moderator: Dubis Correal, U.S. Department of the Treasury
Location: Amphitheater

10:40 a.m. – 10:50 a.m.
Break

10:50 a.m.– 11:45 a.m.
Round Table Panel
Moderator: Olivia S. Mitchell, Wharton School
Panelists: Ted Beck, National Endowment for Financial Education; J. Michael Collins, CFS Director; Annamaria Lusardi, FLC Director; Alicia H. Munnell, CFL Director; Ted Beck, National Endowment for Financial Education; John Gannon, FINRA Investor Education Foundation; Michelle Greene, NYSE Euronext
Location: Amphitheater

11:45 a.m. – 12:00 p.m.
Closing Remarks
John Phillips, Director, Office of Policy Research, Social Security Administration
Location: Amphitheater

12:00 p.m. – 1:00 p.m.
Boxed Lunch
Chance to network and talk to project leaders and sponsors
Location: Amphitheater Foyer

1:00 p.m.
Adjourn

About the Consortium

The Financial Literacy Research Consortium (FLRC) consists of three research centers at the RAND Corporation, Boston College, and the University of Wisconsin. Established in September 2009 and supported by the Social Security Administration through five-year cooperative agreements, the Consortium is developing innovative materials and programs to help Americans at all stages of life plan for a secure retirement.

The Financial Literacy Center (FLC), one of the centers in the Consortium, is hosting this conference. Our mission is to develop and test innovative programs to improve financial literacy and promote informed financial decisionmaking.

For more information about research conducted by the Financial Literacy Center, please visit http://financial-literacy.rand.org.

Further Inquiries

For further information about this event, contact Tania Gutsche at Tania_Gutsche@rand.org or Audrey Brown at Audrey.Brown@Dartmouth.edu.