Family Financial Security Symposium

2010symposiumDate: April 19 and 20, 2010

Description: The CFS convened researchers, practitioners and policymakers to explore challenges and opportunities in consumers’ financial literacy and stability. The event, “Family Financial Security: Implications for Policy and Practice,” introduced some of the most recent and cutting-edge studies that bring new insights into economic behavior.

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Cognitive Abilities and Household Financial Decision Making

human-brain-clipart-brain-clipartIn this paper, presented at the Family Financial Security Symposium in April, 2010, Sumit Agarwal and Bhashkar Mazumder analyzed the impact of cognitive skills on two specific examples of consumer financial decisions where suboptimal behavior is well defined: first, the use of a credit card for a transaction after making a balance transfer on the account, and second, cases where individuals are penalized for inaccurate estimation of the value of one’s home on home equity loan or line of credit application.

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