OECD Working Papers on Finance, Insurance and Private Pensions

2079-7117 (online)
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Selected studies on finance, insurance and private pensions policy prepared for dissemination in order to stimulate wider discussion and further analysis and obtain feedback from interested audiences. The studies provide timely analysis and background on industry developments, structural issues, and public policy in the financial sector. Topics include risk management, governance, investments, benefit protection, and financial education. Previous papers addressing these policy issues are available via http://dx.doi.org/10.1787/19936397.

Financial Education for Long-term Savings and Investments

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Adele Atkinson1, Flore-Anne Messy1, Lila Rabinovich2, Joanne Yoong2
Author Affiliations
  • 1: OECD, France

  • 2: RAND Corporation, United States

25 Sep 2015
Bibliographic information

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Long-term savings and investments (LTSI) by individuals enhances their financial security while also supporting growth and financial development. Evidence shows that financial knowledge and skills are positively related to LTSI behaviour, and indicates a strong correlation between levels of financial literacy and retirement wealth accumulation. However, both the quantity and quality of LTSI are often worryingly low, pointing to an important role for financial education to increase levels of financial literacy and thus improve LTSI among individuals. Evaluations of various types of financial education aimed at increasing LTSI have identified some promising results. Initial findings suggest the need for additional, targeted evaluation of education programmes to compare the effects of different delivery channels and the intensity of provision in order to identify optimal approaches. More detailed research is also important to fully understand why some evaluations indicate mixed outcomes from certain programmes.
financial education, saving, long-term investing
JEL Classification:
  • D04: Microeconomics / General / Microeconomic Policy: Formulation, Implementation, and Evaluation
  • D14: Microeconomics / Household Behavior and Family Economics / Household Saving; Personal Finance
  • D31: Microeconomics / Distribution / Personal Income, Wealth, and Their Distributions
  • G28: Financial Economics / Financial Institutions and Services / Government Policy and Regulation
  • I21: Health, Education, and Welfare / Education and Research Institutions / Analysis of Education
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