Collins discusses a recent study conducted by a team of researchers, including Max Schmeiser and Carly Urban both CFS Affiliates, that saw positive results in states that mandated financial
literacy curriculum. Dave Mancl, of the Wisconsin Office of Financial Literacy, speaks about the model that Wisconsin uses.
Their winning paper, entitled “Flu and Finances: Influenza Outbreaks and Loan Defaults in US Cities, 2004-2012,” was selected as the awardee of the 2015-2016 campus-wide Health and Society Research Prize sponsored by the Robert Wood Johnson Foundation Health & Society Scholars program at the University of Wisconsin-Madison.
Date: February 12, 2013
Description: Maximilian Schmeiser from the Federal Reserve Board of Governors, presented a webinar on consumer use of mobile telephones for financial management and decision making. Also participating in the discussion were Jim Gatz from the U.S. Department of the Treasury and Sara Gordon from the Center for Financial Services Innovation.
Using data from nine waves of the Health and Retirement Study (HRS), Jason Seligman and Maximilian Schmeiser examine whether existing measures of financial literacy are descriptive and/or predictive of successful household financial management, as well as resilience in the recent financial crisis. We find that once individual characteristics are carefully accounted for in our analysis, correct responses to many of the financial literacy questions in widespread use are not significant predictors of asset accumulation or resilience to financial shocks.