Econ Papers Daily / 期刊论文
金融教育的选择性与对投资组合选择的影响
Selection into Financial Education and Effects on Portfolio Choice
摘要
We study the impact of a financial education program on portfolio choices in a setting that allows us to examine both participation decisions and differences in program benefits across individuals. We directly elicit willingness to pay for financial education and show that individuals with higher financial literacy, greater confidence in applying new knowledge, and higher expected returns are willing to pay more. Using incentivized portfolio allocation tasks, we develop outcome measures tailored to individual risk preferences and show that financial education improves decision quality along these dimensions. The program increases the share of participants who experience an improvement by 20 percentage points, corresponding to average gains of 3.2 percentage points of initial wealth. Individuals with the highest willingness to participate benefit disproportionately from the program, with important implications for the design and evaluation of financial education initiatives. By isolating a specific investment skill in a setting with voluntary participation, our design sheds light on how selection into financial education shapes measured program effects and informs the assessment of broader workplace and public training programs. This paper was accepted by Marie Claire Villeval, behavioral economics and decision analysis. Funding: The authors thank the Pension Research Council of Wharton School at the University of Pennsylvania, as well as the Retirement and Savings Institute at HEC Montréal, for generous research funding. Supplemental Material: The online appendices and data files are available at https://doi.org/10.1287/mnsc.2024.08268 .
中文摘要
我们研究了一项金融教育项目对投资组合选择的影响，该研究背景使我们能够同时考察参与决策以及项目收益在不同个体之间的差异。我们直接引出个体对金融教育的支付意愿，并表明，金融素养更高、对运用新知识更有信心以及预期回报更高的个体愿意支付更多。利用激励性投资组合配置任务，我们构建了针对个体风险偏好的结果指标，并表明金融教育在这些维度上改善了决策质量。该项目使经历改善的参与者比例提高了20个百分点，对应于初始财富平均增加3.2个百分点。参与意愿最高的个体从项目中获益不成比例地更大，这对金融教育举措的设计与评估具有重要启示。通过在一个自愿参与的环境中分离出一项特定投资技能，我们的设计揭示了进入金融教育的选择如何塑造所测得的项目效应，并为更广泛的工作场所和公共培训项目的评估提供信息。本文由Marie Claire Villeval（行为经济学与决策分析）接受。资助：作者感谢宾夕法尼亚大学沃顿商学院养老金研究委员会以及蒙特利尔高等商学院退休与储蓄研究所的慷慨研究资助。补充材料：在线附录和数据文件可在https://doi.org/10.1287/mnsc.2024.08268获取。