Low and moderate-income households are less likely to plan for long term financial goals, including retirement, and are less likely to seek out assistance with long term financial planning. Offering behavior-based financial planning interventions that leverage technology at teachable moments may prove to be an efficient and effective strategy to reach this vulnerable population. Stephanie … Continue reading Field Experiments on the Impacts of Financial Planning Interventions for Recent Homebuyers
Working Papers
Impact of Financial Counseling on Financial Stability – Analysis of the New York City Model
J. Michael Collins, Cathie Mahon, Monica Martinez, and Karen Walsh studied the impact of financial counseling on financial stability, within the context of methodology employed by the New York City Department of Consumer Affairs Office of Financial Empowerment. Download Brief Financial counseling may be an effective way to improve individuals’ financial behavior and outcomes. However, its … Continue reading Impact of Financial Counseling on Financial Stability – Analysis of the New York City Model
Time-Inconsistency and Savings: Experimental Evidence from Low-income Tax Filers
This paper by Damon Jones and Aprajit Mahajan describes a pilot version of a field experiment designed to test theories of time inconsistency (a model of quasi-hyperbolic discounting) in the context of a savings decision made by low-income tax filers. By estimating the effect of impatience on savings decisions, the results of the study can … Continue reading Time-Inconsistency and Savings: Experimental Evidence from Low-income Tax Filers
University of Wisconsin-Madison Center for Financial Security 