Because financial products are becoming more complex, and individuals are increasingly responsible for their own financial security, the lack of basic financial knowledge at the individual level raises serious concerns about individuals’ capacity to manage their finances. J. Michael Collins explores the effect of online financial education on public school employees.
Initial results suggest that the offer of a financial education course leads to improvements in self-assessed and objective financial knowledge, but do not indicate that such an offer has a positive effect on selfreported financial planning and management behaviors or self-reported confidence.
University of Wisconsin-Madison Center for Financial Security 