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.
"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
Questions or comments about this article? We welcome your feedback.
Last Updated: 12/17/08