2010 Symposium: Financial Literacy: Implications for Retirement Security and the Financial Marketplace

April 29-30, 2010

About the Conference

This event provoked an energetic discussion between researchers, policymakers, and practitioners on enhanced financial literacy and its relationship to retirement security, the financial marketplace, and how it relates to financial market regulation. The goal of the conference was to inform policymakers, academics, actuaries, plan sponsors, and benefits specialists about what has been learned, and what remains to be done, to take advantage of the ‘teachable moment’ resulting from the financial crisis. Conference attendees included academics, actuaries, plan sponsors, benefits specialists, and policymakers, as well as others. The gathered research is of substantial interest to the Wharton School, inasmuch as this analysis has important implications for the ways in which pension designers, fiduciaries, and policymakers should develop the future framework for financial education and retirement preparedness in public and private pension systems.

This conference was co-hosted by Annamaria Lusardi and Olivia S. Mitchell at The Wharton School.

Conference Agenda

Thursday, April 29, 2010

Keynote Speaker: Michelle Greene, US Department of the Treasury
Download Presentation [137K PDF]

Session I: Financial Literacy and Financial Decision Making

  • “Making Savers Winners: An Overview of Prize-Linked Savings Products”
    Erik G. Hurst and Jonathan Guryan, University of Chicago Booth School of Business, Melissa Kearney, University of Maryland, and Peter Tufano, Harvard School of Business
    Download Presentation [351K PDF]
  • “Time Perception and Retirement Saving: Lessons from Behavioral Decision Research”
    Gal B. Zauberman and B. Kyu Kim, The Wharton School
    Download Presentation [48K PDF]

Discussant: Mike Orszag, Towers Watson

  • “Financial Literacy, Ignorance and Stock Market Participation: Evidence from the RAND American Life Panel”
    Joanne Yoong, RAND Corporation
    Download Presentation [2,107K PDF]
  • “Pension Plan Distributions: The Importance of Financial Literacy”
    Robert L. Clark, Melinda Sandler Morrill, and Steve Allen, North Carolina State University
    Download Presentation [87K PDF]

Discussant: Sarah Holden, Investment Company Institute
Download Presentation [568K PDF]

Luncheon Speaker: Annamaria Lusardi, Dartmouth College

Session II: Evaluating Financial Literacy Interventions

  • “Fees, Framing, and Financial Literacy in the Choice of Pension Manager”
    Justine Hastings and Eric Chyn, Yale University, and Olivia S. Mitchell, The Wharton School
    Download Presentation [644K PDF]
  • “Investor Knowledge and Experience with Investment Advisers and Broker-Dealers”
    Angela Hung, Noreen Clancy, and Jeff Dominitz, RAND Corporation
    Download Presentation [114K PDF]
  • “Financial Mistakes and Misperceptions: Credit Cards and Payday Loans”
    Susan Carter and Paige Marta Skiba, Vanderbilt University, and Jeremy Tobacman, The Wharton School
    Download Presentation [94K PDF]

Discussant: Vinesh Prasad, Allianz SE
Download Presentation [81K PDF]

  • “How to Improve Financial Literacy: Some Successful Strategies”
    Diana Crossan, Office of the Retirement Commissioner, New Zealand
    Download Presentation [1,012K PDF]
  • “Bringing Financial Literacy and Education to Low and Medium Income Countries”
    Robert Holzmann, The World Bank
    Download Presentation [301K PDF]
  • “OECD’s Financial Education Project”
    Andre Laboul and Flore-Anne Messy, OECD
    Download Presentation [643K PDF]

Discussant: Deborah O’Neil, AXA Equitable
Download Presentation [65K PDF]

Friday, April 30, 2010

Session III: Shaping the Financial Literacy Environment

  • “Improving Financial Literacy: The Role of Nonprofit Providers”
    J. Michael Collins, University of Wisconsin
    Download Presentation [278K PDF]
  • “Financial Literacy and 401(k) Loans”
    Steve Utkus and Jean Young, The Vanguard Group
    Download Presentation [103K PDF]
  • “Annuities, Financial Literacy and Information Overload”
    Julie Agnew and Lisa Szykman, Mason School of Business
    Download Presentation [661K PDF]
  • “Financial Counseling, Financial Literacy, and Household Decision Making”
    Sumit Agarwal, Douglas Evanoff, and Gene Amromin, Federal Reserve Bank of Chicago, Souphala Chomsisengphet, Office of the Comptroller of the Currency, and Itzhak Ben-David, Fisher College of Business
    Download Presentation [144K PDF]

Discussant: Stacy Schaus, PIMCO
Download Presentation [47K PDF]

Session IV: Roundtable

Chair: Annamaria Lusardi, Dartmouth College; Jason Fichtner, Social Security Administration, James Lockhart, WL Ross & Company, Melissa Moye, Maryland State Treasury

For More Information

For more information, please contact:

Pension Research Council
The Wharton School, University of Pennsylvania
3000 Steinberg Hall – Dietrich Hall
Philadelphia, PA 19104-6302
Tel: 215.898.7620
Fax: 215.573-3418
Email: prc@wharton.upenn.edu