Template-type: ReDIF-Paper 1.0
Author-Name: Francesco C. Billari
Author-Name: Carlo A. Favero
Author-Name: Francesco Saita
Title: Nudging financial and demographic literacy: experimental evidence from an Italian Trade Union Pension Fund
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.
Classification-JEL:D91
Keywords: financial literacy, demographic literacy, field experiment, Finlife
Length: 23 pages 
Number: 1767
Creation-Date: 2017
File-URL: https://repec.unibocconi.it/baffic/baf/papers/cbafwp1767.pdf
File-Format: application/pdf
File-Size: 294
Handle: RePEc:baf:cbafwp:cbafwp1767