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This symposium proceedings examines three aspects of financial education: monitoring and evaluation, use of behavioral economics, and financial literacy and defined contribution pension plans.
- 27 Oct 2011
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Can Behavioural Economics be used to make Financial Education more Effective?Click to Access:
- Joanne Yoong
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This chapter investigates the extent to which behavioural economics might explain some of the problematic financial behaviours that are observed amongst consumers, including low levels of retirement saving and high levels of credit use. It also asks how behavioural economics can help policy makers to improve financial education, from take-up to completion. Various tools available to policy makers to help consumers overcome psychological constraints are discussed. These include supervision and regulation of financial services, and the design of default options.