First Annual Conference of the Financial Literacy Research Consortium
New Insights and Advances in Financial Literacy: Translation, Dissemination, Change
| 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 |
| Attendee list (PDF) |
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).
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
Video: Forum for Innovative Results
PDF: Financial Literacy Center: An Overview
Note: This is not a RAND document
Director Annamaria Lusardi
Video: Forum for Innovative Results 2
PDF: Highlights from the Center for Financial Literacy at Boston College
Note: This is not a RAND document
Director Alicia H. Munnell
Video: Forum for Innovative Results 3
PDF: 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
Moderator: Dallas Salisbury, EBRI
Disscusant: Phil Martin, U.S. Department of Education
Location: Amphitheater
Video: Presentation A: Five Steps to Planning Success
Speaker: Aileen Heinberg
Five Steps to Planning Success (RAND Working Paper)
By Arie Kapteyn, Angela A. Hung, Aileen Heinberg, and Joanne K. Yoong, RAND; and Annamaria Lusardi
Video: Presentation B: Linking Childhood Experiences to Late Life Financial Literacy
PDF: Early Life Schooling and Late Life Financial Literacy in the Wisconsin Longitudinal Study
Note: This is not a RAND document
Speaker: Pamela Herd
PDF: Early Life Schooling and Cognition and Late Life Financial Literacy in the Wisconsin Longitudinal Study (Working Paper)
Note: This is not a RAND document
By Pamela Herd and Karen Holden, University of Wisconsin-Madison
Video: Presentation C: Building Financial Literacy Content in College Courses
Speaker: Kim Rheinlander
PDF: Building Financial Literacy Content in College Courses
Note: This is not a RAND document
By Annamaria Lusardi, Kim Rheinlander, and Dorothy Wallace, Dartmouth College
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
Video: Presentation A: Managing Your Money in Retirement: A Guide for Retirees
PDF: Managing Your Money in Retirement
Note: This is not a RAND document
Speaker: Steven Sass
PDF: 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
Video: Presentation B: Trigger Events: Shaping the Evolution of Post-Retirement Wealth
PDF: Trigger Events and Financial Outcomes Among Older Households
Note: This is not a RAND document
Speaker: Geoffrey Wallace
PDF: 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
Moderator: Deborah Briceland-Betts, AARP
Disscusant: David Marzahl, Center for Economic Progress
Location: Polaris Room
Video: Presentation A: Better Financial Decision Making Among Low-Income and Minority Groups
PDF: Innovation in Financial Education: Financial Entertainment
Note: This is not a RAND document
Speaker: Timothy Flacke
Better Financial Decisionmaking Among Low-Income and Minority Groups (RAND Working Paper)
By Peter Tufano, Harvard Business School and D2D; Timothy Flacke and Nicholas Maynard, D2D
Video: Presentation B: Focus Group Findings on Savings and Education Among Low-Income
PDF: Savings and Financial Education Among Low-Income Households: Focus Group Findings
Note: This is not a RAND document
Speaker: Jennifer Turnham
PDF: Attitudes to Savings and Financial Education Among Low-Income Populations: Findings from the Financial Literacy Focus Groups (Working Paper)
Note: This is not a RAND document
By Jennifer Turnham, Abt Associates
Video: Presentation C: The Psychology of Financial Literacy
PDF: The Emotions and Cognitions Behind Financial Decisions: The Implications of Theory for Practice
Note: This is not a RAND document
Speaker: Karen Holden
PDF: The Emotions and Cognitions Behind Financial Decisions: The Implications of Theory for Practice (Working Paper)
Note: This is not a RAND document
By Karen Holden, University of Wisconsin-Madison
12:00 p.m. – 1:30 p.m.: Lunch
Video: Keynote Speaker
Michael S. Barr, Department of the Treasury's Assistant Secretary for Financial Institutions
PDF: 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
Video: Data Collection and Evaluation – The RAND American Life Panel: Research Opportunities in Financial Decisionmaking
Panelist A: Arie Kapteyn, RAND
PDF: The Wisconsin Longitudinal Study
Note: This is not a RAND document
Panelists B: Pamela Herd and Karen Holden, University of Wisconsin-Madison
PDF: 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
Video: What Makes a Good Website for Financial Literacy
PDF: Website Design
Note: This is not a RAND document
Panelist A: Punam Keller, Tuck School, Dartmouth College
PDF: 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
PDF: 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
Video: What Focus Groups Tell Us About Financial Literacy and Behavior
PDF: Framing & Peer Effects on Social Security Claiming
Note: This is not a RAND document
Panelist A: Mathew Greenwald, Mathew Greenwald & Associates
PDF: 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
PDF: 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
Moderator: Sylvester Schieber, consultant
Discussant: Anya Savikhin, University of Chicago
Location: Amphitheater
Video: Presentation A: Accepting a Lump Sum Payment or Receiving an Annuity at Retirement
PDF: Distributional Choices of State and Local Workers Leaving North Carolina State Retirement Plans
Speaker: Robert Clark
Note: This is not a RAND document
Choices and Information Needs for Workers Leaving the North Carolina State Retirement Plan: Accepting a Lump Sum Payment or Receiving an Annuity at Retirement (RAND Working Paper)
By Robert Clark and Melinda Morrill, North Carolina State
Video: Presentation B: Target Your Retirement: An Interactive Program for Workers
PDF: Target Your Retirement
Note: This is not a RAND document
Speaker: Steven Sass
PDF: Target Your Retirement (Working Paper)
Note: This is not a RAND document
By Alicia H. Munnell and Steven Sass, Boston College; Chris Pape, Genuine Interactive
Video: Presentation C: Understanding the Racial Wealth Gap in Retirement Savings Plans
PDF: The Aerial/Hewitt Study
Note: This is not a RAND document
Speaker: Amar Parikh
PDF: 401(k) Plans in Living Color: A Study of 401(k) Savings Disparities Across Racial and Ethnic Groups (Working Paper)
Note: This is not a RAND document
By Amar Parikh, Director, Corporate Affairs, Ariel Investments, LLC; Alison Borland, Retirement Outsourcing Strategy Leader, Aon Hewitt
Topic 2: Special Projects and Programs Relevant to the Agency: SSI
Moderator: Susan Parish, Heller School
Discussant: Giovanni Mastrobuoni, Associate Research Scholar, Italian Academy, Columbia University
Location: Hemisphere A
Video: Presentation A: Returns to Work for Young Adults on SSI
PDF: Returns to Work for Young Adults on SSI
Note: This is not a RAND document
Speaker: Mary Daly
The Returns to Work for Children Leaving the SSI-Disabled Children Program (RAND Working Paper)
By Richard Burkhauser, Cornell; Mary Daly, Federal Reserve Bank of San Francisco
Video: Presentation B: Understanding Financial Education and Savings Among Persons with Disabilities and Their Caregivers
Speaker: Katherine Dahlem
PDF: Understanding Financial Education and Savings Among Persons with Disabilities and Their Caregivers
Note: This is not a RAND document
By Katherine Dahlem, Abt Associates
Topic 3: What Works in Financial Education?
Moderator: Mark Iwry, U.S. Treasury, Senior Advisor to the Secretary and DAS for Retirement and Health Policy
Discussant: Stephan Meier, Columbia Business School
Location: Polaris Room
Video: Presentation A: Financial Literacy: What Works? How Could It Be More Effective?
PDF: Financial Literacy: What Works? How Could It Be More Effective?
Note: This is not a RAND document
Speaker: William Gale
PDF: Financial Literacy: What Works? How Could It Be More Effective? (Working Paper)
Note: This is not a RAND document
By William Gale, Brookings Institution
Video: Presentation B: Harnessing the Power of Technology to Facilitate Learning into Action
PDF: Harnessing the Power of Technology to Enhance Financial Literacy Education and Financial Well-Being: A Literature Review
Note: This is not a RAND document
Speaker: Wendy Way
PDF: Harnessing the Power of Technology to Enhance Financial Literacy Education and Personal Financial Well-Being: A Review of the Literature, Proposed Model, and Action Agenda (Working Paper)
Note: This is not a RAND document
By Wendy Way and Nancy Wong, University of Wisconsin-Madison
Video: Presentation C: Evaluating Workplace Education for New Hires
PDF: Evaluating Workplace Education for New Hires
Note: This is not a RAND document
Speaker: Melinda Morrill
Evaluating Workplace Education for New Hires (RAND Working Paper)
By Robert Clark and Melinda Morrill, North Carolina State
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
Video: Presentation A: The Effect of Providing Peer Information on Retirement Savings
PDF: 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
Video: Presentation B: Checking Your Financial Health
PDF: 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
PDF: Presentation C: 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:
PDF: 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:
PDF: 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:
PDF: A Review of Advice Models and the Demographic Determinants of Using Financial Advisors and Counselors
Note: This is not a RAND document
PDF: 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:
PDF: 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:
PDF: 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.
Video: The Importance of Marketing for Financial Literacy
PDF: 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 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.