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

Francesco Billari, Carlo A. Favero and Francesco Saita

No 17609, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We present and test experimentally a low-cost, Internet-based, literacy intervention program that we designed for implementation with the largest employer-based pension fund in Italy. The Finlife (Financial Education and Planning for a Long Life) program, included: 1) an online instructional video on financial, and demographic, literacy; 2) an experimental design that explicitly allowed evaluating the impact of the online content on financial and demographic literacy, as well as on short-term behavioral changes; 3) a follow-up that allowed assessing the subsequent choice of investment lines within the pension fund. Finlife was designed to be low-cost and scalable approach to increase financial and demographic literacy, consistently with a ‘nudge’ philosophy. We 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, and becoming more active in financial decisions.

Keywords: Pensions; Financial literacy; Demographic literacy; Field experiment; Finlife; Online financial education (search for similar items in EconPapers)
JEL-codes: D91 (search for similar items in EconPapers)
Date: 2022-10
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