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Visual tools and narratives: new ways to improve financial literacy*

Annamaria Lusardi (), Anya Samek, Arie Kapteyn (), Lewis Glinert, Angela Hung and Aileen Heinberg

Journal of Pension Economics and Finance, 2017, vol. 16, issue 3, 297-323

Abstract: We developed and experimentally evaluated four novel educational programs delivered online: an informational brochure, a visual interactive tool, a written narrative, and a video narrative. The programs were designed to inform people about risk diversification, an essential concept for financial decision-making. The effectiveness of these programs was evaluated using the American Life Panel. Participants were exposed to one of the programs, and then asked to answer questions measuring financial literacy – in particular, risk literacy – and self-efficacy. All of the programs were found to be effective at increasing self-efficacy, and several improved financial literacy, providing new evidence for the value of programs designed to improve financial decision-making.

Date: 2017
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Related works:
Working Paper: Visual Tools and Narratives: New Ways to Improve Financial Literacy (2014) Downloads
Working Paper: Visual Tools and Narratives: New Ways to Improve Financial Literacy (2014) Downloads
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