Annamaria Lusardi: 'Financial Education Works'

The Long View

Morningstar

Finance, Dan Lefkovitz, Amy Arnott, Entrepreneurship, Investing Leaders, Jeff Ptak, Investors, Christine Benz, Influential Investors, Careers, Long-term Investing, Financial Services, Business, Investing, Morningstar

4.5 • 775 Ratings

🗓️ 19 February 2020

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

A noted researcher discusses the state of financial literacy in the U.S., the connection with income inequality, and what works with financial education.

Transcript

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0:00.0	At Jackson, we've created a digital retirement planning experience with you and mine.
0:05.5	Visit jackson.com to explore our easy-to-understand resources and user-friendly tools
0:10.1	that are designed to enable financial professionals and clients to plan a path to financial freedom.
0:15.5	Jackson is short for Jackson Financial Incorporated, Jackson National Life Insurance Company, Lansing, Michigan,
0:20.5	and Jackson National Life Insurance Company of New York.
0:23.3	Purchase New York.
0:26.5	Please stay tuned for important disclosure information at the conclusion of this episode.
0:32.5	Hi, I'm Christine Benz, Director of Personal Finance for Morningstar, Inc.
0:36.2	And I'm Jeff Battack, Global Director of Manager Research for Morningstar Research Services.
0:40.3	Our guest on the podcast today is Dr. Anna Maria Loussardi, an authority on financial literacy and financial education.
0:47.5	Dr. Lassardi is the Dennett Trust Distinguished Scholar and Professor of Economics and Accountancy
0:52.4	at the George Washington School of Business,
0:55.0	where she also serves as the academic director of the Global Financial Literacy Excellence Center.
1:00.6	Prior to joining GW, she taught at Dartmouth College for 20 years. She has also taught at
1:05.8	Princeton University, the University of Chicago Harris School of Public Policy, the University of Chicago Booth School of Business, and Columbia Business School. She received her Ph.D. from Princeton University. Dr. Lassardi, welcome to the Longview. Thank you so much for having me.
1:22.4	Let's start by talking about how you go about determining whether someone is financially literate or illiterate.
1:29.1	Can you talk about the things that you might test someone on to make that determination?
1:34.1	Yeah. Over time, we have measured financial literacy in a variety of ways. I started working,
1:41.1	for example, with Olivia Mitchell from the Wharton School, and we are testing
1:45.0	the basic knowledge, the basic, the ABC of personal finance, so concept like knowledge of
1:52.0	interest compounding inflation and risk diversification. Over time, though, we have moved also
1:58.8	to much more comprehensive measures, for example, incorporating
	...

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