Financial Education in the Workplace: Combining Experimental Evidence with Administrative Data

Descrizione del progetto

Promuovere l’alfabetizzazione finanziaria sul posto di lavoro

Per gestire le finanze personali è necessario comprendere i concetti finanziari di base. Sfortunatamente, solo un terzo delle persone è in grado di farlo. Persistono divari socioeconomici e di genere, mentre mercati complessi e servizi bancari digitali aumentano la posta in gioco. Il progetto FINANCEforALL, finanziato dal CER, testerà un intervento di educazione finanziaria su larga scala nella popolazione attiva del Portogallo. Esplorerà il modo in cui l’istruzione plasma le conoscenze finanziarie individuali, il comportamento e i risultati a lungo termine, quali risparmi, credito, occupazione e imprenditorialità. I risultati faranno luce sugli effetti di ricaduta sui colleghi, sulle aziende e sulle economie locali, offrendo una prospettiva unica su come l’educazione finanziaria sul posto di lavoro possa promuovere la stabilità finanziaria e lo sviluppo economico.

Obiettivo

Understanding and managing personal finances is crucial for promoting individuals’ financial and economic well-being. Yet, financial literacy remains low globally, with only one-third of people understanding basic financial concepts. In addition, socioeconomic and gender financial literacy gaps persist, exacerbating social inequalities. Increased complexity of financial markets and personal responsibility due to longer life expectancy, the emergence of private pension plans, and the digitalization of banking underscore the need for national strategies to promote financial literacy. Those can empower individuals, enhance financial stability, and promote inclusive economic development.

FINforALL will evaluate the impact of a large-scale financial literacy intervention on the working population in Portugal, a developed country with below-average financial literacy. It investigates how financial education shapes individuals’ financial knowledge and behavior and how these effects extend to co-workers, firms, and local economies. While financial literacy programs have been studied globally, this project analyses often-overlooked spillover effects, which are important to designing cost-effective interventions.

The experimental design involves three randomization units: municipalities, firms, and employees. It combines survey data collected during the experiment with unique administrative data at the individual level (credit registry, tax filings, property registry, and private banks’ transactions) and firm-level (financial statements and matched employee-employer). These data allow me to examine the short- and long-term effects on individual outcomes, such as assets, credit, income, consumption, saving, employment, entrepreneurship, and broader effects on firms and local economies.

FINforALL will be the first to examine the direct and spillover effects of financial education at the workplace, offering new insights into its broader implications of financial education.