Newly Released Paper and Brief: Does State-mandated Financial Education Affect Financial Well-being?

This paper and brief, authored by Jeremy Burke, J. Michael Collins, and Carly Urban, estimates the causal effect of required high school financial education on the financial well-being of young adults. Financial well-being includes people’s subjective sense of financial management, as well as their confidence in achieving their unique financial goals. This study shows that financial education improves financial well-being, though benefits accrue primarily to men and those who obtain college degrees.

This paper and brief, authored by Jeremy Burke, J. Michael Collins, and Carly Urban, estimates the causal effect of required high school financial education on the financial well-being of young adults. Financial well-being includes people’s subjective sense of financial management, as well as their confidence in achieving their unique financial goals. This study shows that financial education improves financial well-being, though benefits accrue primarily to men and those who obtain college degrees. The research was supported by a grant from the FINRA Investor Education Foundation.

Newly Released Research Brief: Understanding Differences in Financial Well-being Based on Educational Attainment and Gender

With the support of a grant from the FINRA Investor Education Foundation researchers, J. Michael Collins and Carly Urban, conducted a study that examines the financial well-being of young adults through the lens of gender and educational attainment. Using the CFPB’s Financial Well-Being Scale, the research contrasts the financial well-being of men and women among college graduates and high school only graduates.

Faculty Director, J. Michael Collins, weighs in on effects of shutdown on multiple media outlets

The thirty-five day, partial Federal shutdown caused 800,000 employees to miss paychecks. Faculty Director of CFS and Associate Professor of Public Affairs and Consumer Science, J. Michael Collins, provided insight into what this means for many of the workers effected and how this highlights the issues of poverty, financial insecurity, and fragility of many American’s financial lives.

“A Safety Net That Has A Frayed Bottom Makes People Feel More Financially Vulnerable Than They Already Are,” J. Michael Collins

Links to media coverage:

J. Michael Collins

CollinsFaculty Director, Center for Financial Security

Fetzer Family Chair in Consumer and Personal Finance
Professor, Consumer Science
Professor, La Follette School of Public Affairs
University of Wisconsin-Madison

In addition to serving as Faculty Director of Center for Financial Security, I hold appointments at the La Follette School of Public Affairs, UW-Extension, Cooperative Extension and the Institute for Research on Poverty.

I study consumer decision-making in the financial marketplace, including the role of public policy in influencing credit, savings and investment choices. My current focus is on financial capability and well-being with a focus on low-income families.

I came to academia after consulting and working in the nonprofit/foundation sector, as well as the public sector. My masters is from the John F. Kennedy School of Government and Harvard University and my PhD is from Cornell University.

jmcollins@wisc.edu

(608) 262-0369

Areas of Research Interest:  Consumer Decision-Making in the Financial Marketplace, Role of Public Policy in Influencing Credit, Savings and Investment Choices, Financial Capability with Focus on Low-Income Families, and Household Finance

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