Webinar: Family Financial Security – Consumers Use of Mobile Phones for Financial Management and Financial Decision-Making

smartphone2Date: 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.

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Using the Right Yardstick: Assessing Financial Literacy Measures by Way of Financial Well-being

yardstk2Using 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.

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