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American Economic Review: Vol. 101 No. 3 (May 2011)
AER Volume. 101, Issue 3 | 
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The Financial Education Fallacy
Article Citation
Willis, Lauren E. 2011. "The Financial Education Fallacy."
American Economic Review,
101(3): 429-34.
DOI: 10.1257/aer.101.3.429
DOI: 10.1257/aer.101.3.429
Abstract
Research to date does not demonstrate a causal chain from financial education to welfare-enhancing financial behavior, in part due to biases, heuristics, and emotional influences on decisions. Yet the search for effective financial education continues. But it is time to ask whether giving every person effective financial education would make us better off. Two reasons it might not are discussed here. First, the time, expense, and invasion of privacy required would be enormous. Second, such a world would entail a decrease in individual autonomy. Alternative tools could potentially increase household financial welfare and security at lower social and individual expense.
Article Full-Text Access
Full-text Article
Authors
Willis, Lauren E. (Loyola Law School, Los Angeles)
JEL Classifications
D14: Personal Finance
D83: Search; Learning; Information and Knowledge; Communication; Belief
D83: Search; Learning; Information and Knowledge; Communication; Belief
