Online financial and demographic education for workers: Experimental evidence from an Italian Pension Fund

Francesco Billari, Carlo A. Favero and Francesco Saita

Journal of Banking & Finance, 2023, vol. 151, issue C

Abstract: This study experimentally tests a low-cost, Internet-based,online literacy intervention program implemented with the largest employer-based pension fund in Italy. This program, called Financial Education and Planning for a Long Life (Finlife) included: 1) an online instructional video on financial, and demographic (survival) literacy; 2) an experimental design to evaluate the impact of the online videoprogram on financial and demographic literacy, as well as and on short-term behavioral changes in behavior; and 3) a follow-up to assess the impact of the videoprogram on subsequent choices of available investment lines in the Italian pension fund. Finlife was designed as a low-cost and, scalable approach aimed at increasing financial and demographic survival literacy, which is consistent with a ‘nudge’ philosophy. Based on the findings, Finlife significantly increased the financial and demographic survival literacy of the participants, and pushed them towards seeking more information and becoming more active in financial decisions.

Keywords: Pensions; Financial literacy; Demographic literacy; Survival literacy; Field experiment,experiments; Finlife; Online financial education (search for similar items in EconPapers)
JEL-codes: D14 D91 G53 J32 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Working Paper: Online financial and demographic education for workers: experimental evidence from an Italian Pension Fund (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbfina:v:151:y:2023:i:c:s0378426623000742

DOI: 10.1016/j.jbankfin.2023.106849

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