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Professor of Economics Annamaria Lusardi participated
in the November G8 International Conference
in Moscow focused on improving financial literacy. She discussed her research
into the effectiveness of different financial education programs on personal
savings. The conference was hosted by the Russian G8 Presidency working with
the Organisation
for Economic Co-operation and Development (OECD) as a part of its ongoing
project on financial literacy.
Annamaria Lusardi (Photo by Joseph Mehling '69)
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"Through my research, I've learned that retirement seminars positively
impact the accumulation of both private and pension wealth," says Lusardi.
"But I've also learned that many employees don't take advantage of
workplace seminars, so I think we need to do more to enhance financial
education in the United States. Participating in this conference is one way I
could share my findings and help promote healthy saving habits and financial
literacy."
The conference highlighted the need for financial education in both
developed and developing countries. Conference participants included
representatives from various governments, banking institutions, and investment
organizations. Speakers included academics, governmental officials from
regulatory and supervisory authorities, and industry experts from many
countries. The Deputy Prime Minister of the Russian Federation formally opened
the conference.
"It was exciting to hear about the experience of other countries,"
says Lusardi. "My work focuses on saving habits in the United States, but
lack of literacy and financial knowledge is a widespread phenomenon. Several
countries, including the Russian Federation, are considering policies to
improve financial literacy and financial education. Participants were very
interested in the initiatives undertaken in the United States."
According to the OECD Web site, this initiative aims to increase awareness
of the importance of financial education and to enhance the effectiveness of
efforts worldwide to promote financial education.
Read
Professor Lusardi's commentary in the July 24, 2006, issue of Vox of
Dartmouth.
By SUSAN KNAPP
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