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Nudging financial and demographic literacy: experimental evidence from an Italian Trade Union Pension Fund

Francesco Billari, Carlo Favero () and Francesco Saita

No 1767, BAFFI CAREFIN Working Papers from BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy

Abstract: In this article, we present and test experimentally a low-cost, Internet-based, financial literacy program that we designed for implementation with the largest industrial pension fund in Italy. The program, Finlife (Financial Education and Planning for a Long Life) included 1) an instructional video and materials on financial, and demographic, literacy, provided online; 2) an experimental design that explicitly allows to evaluate the impact of the online content on financial and demographic literacy, as well as on short-term behavioral changes; 3) a follow-up that allows to assess the stability of some of the experimental outcomes. Finlife was designed to be a low-cost and scalable approach to increase financial and demographic literacy, consistently with a ‘nudge’ philosophy. Our findings show that Finlife delivered a substantially and statistically significant increase in financial and demographic literacy, as well as a push towards seeking more information on financial markets and choices related to financial planning.

Keywords: financial literacy; demographic literacy; field experiment; Finlife (search for similar items in EconPapers)
JEL-codes: D91 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2017
New Economics Papers: this item is included in nep-age, nep-exp and nep-fle
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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