Gregory Mills presented this paper at the Family Financial Security Symposium in April, 2010. This paper describes the development of the StabilityFirst program, which aims to enable low- and moderate-income (LMI) households to establish a savings buffer-stock to cope with financial shocks, which are defined as unexpected adverse changes in income or expenses. Download PaperAs the … Continue reading StabilityFirst Pilot Test
Working Papers
Discounting and Defaulting: Evidence from Time Preference Experiments and Administrative Credit Data
This paper was presented by Stephan Meier and Charles Sprenger at the Family Financial Security Symposium in April, 2010. If defaulting is a decision in which consumers weigh the present benefits of not having to repay their debts against the future costs of potentially being excluded from financial markets or stigmatized, individual time preferences should be a key … Continue reading Discounting and Defaulting: Evidence from Time Preference Experiments and Administrative Credit Data
Designing disclosures to improve consumer financial decision making: Lessons learned from consumer testing
Jeanne M. Hogarth and Ellen A. Merry, from the Federal Reserve Board's Division of Consumer and Community Affairs, presented this paper at the Family Financial Security Symposium in April, 2010. Disclosure is a longstanding and important component of consumer protection in financial services markets. Research findings show the potential for improvements in consumer comprehension and usability of disclosures, while revealing … Continue reading Designing disclosures to improve consumer financial decision making: Lessons learned from consumer testing
University of Wisconsin-Madison Center for Financial Security 