The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers
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11/05/12This research examines the effects of education on financial decision-making skills by identifying an interesting source of variation in pertinent training. We find that both participation in and contributions to voluntary savings plans are significantly higher when employers offer retirement seminars. The effect is typically much stronger for nonhighly compensated employees than for highly compensated employees. The frequency of seminars emerges as a particularly important correlate of behavior.