The NEFE Quarter Century Project:

1

THE NEFE QUARTER CENTURY PROJECT

The NEFE Quarter Century Project:

Implications for Researchers, Educators, and Policy Makers

from a Quarter Century of Financial Education

Tahira K. Hira,

Professor of Personal Finance and Consumer Economics, Iowa State University

National Endowment for Financial Education Project Leader

September 2010

1750 Beardshear Hall

Iowa State University

Ames, IA, 50011

515-294-2042

[email protected]

http://tkhira.user.iastate.edu

2


Introduction

As it has become increasingly clear that individual financial decisions collectively affect the

national economy, financial education has moved from existing as a largely private concern to a

national public policy issue. In fact, the President’s Advisory Council on Financial Literacy’s

annual report listed improved research in financial literacy as one of its 15 recommendations.

The recommendation states, ―Colleges, universities, and other research entities should execute

critical research into the state of financial literacy and the most effective measures to increase

financial literacy in the United States‖ (President’s Advisory Council on Financial Literacy,

Annual Report, 2009). Similarly, the National Research Symposium on Financial Literacy and

Education convened by the U.S. Department of the Treasury and U.S. Department of

Agriculture, included research on effective financial education as one of their 10 research

priorities. The symposium made finding ―the most effective mix of financial education, decision

framing, and regulations to improve financial well-being‖ its number three priority (Schuchardt,

Hanna, Hira, Lyons, Palmer, and Xiao, 2009).

Given the high level of importance placed on improving financial literacy and education

research, financial research leaders agreed that it was vital to engage top researchers in the field

to conduct a thorough and systematic review of already existing financial education literature

before pursuing new research. Headed by Dr. Tahira K. Hira in consultation with the National

Endowment for Financial Education® (NEFE

®), the researchers established the NEFE Quarter

Century Project in response to that need. The project was designed to bring together leading

financial education professionals from across the nation to review 25 years of research within the

field to build consensus on what is known, what research gaps still exist, and how best to

strengthen the research capabilities of the personal finance community. The project would then

3


establish clearly defined research goals. The overall goal of the NEFE Quarter Century Project is

to improve the nation’s financial literacy through the improvement of financial education

research.

Increasing the accessibility to and awareness of existing research, findings, and methods

is essential to this goal. All materials produced during the NEFE Quarter Century Project,

including four white papers that organize the existing research into four main themes (identified

in Methodology later), along with briefs that summarize the implications of the project in a

format accessible for laypersons, educators, researchers, businesses, policy makers, and grant

makers, will be readily available on the NEFE website at www.nefe.org/quartercenturyproject.

By establishing clearly defined research priorities for the future, coming to consensus on current

research gaps, and making the materials from the NEFE Quarter Century Project readily

available for both scholars and laypersons, the project addresses the call for improved research

on financial literacy issued by top-level financial committees and works toward the important

end goal of improved national financial literacy.

Methodology

This phase of the Quarter Century Project was implemented in four stages.

Stage 1: NEFE leadership and Tahira K. Hira decided on four themes to frame the

project, articulated the research questions relevant to each theme, and established a foundation

for building future financial education research:

4


Theme 1—Promising Learning Strategies, Interventions, and Delivery Methods in

Financial Literacy Education: What learning strategies, interventions, and delivery

methods have been shown to work for various population segments? What are the

trusted sources of information? What approaches to financial literacy are not

working?

Theme 2—A Review of Financial Behavior Research: What motivates someone to

seek out information, learn, and then act on what they have learned? What are the

intrinsic and extrinsic motivators?

Theme 3—Back to the Future: Evaluation and Measurement of Learner Outcomes in

Financial Education: What are the best evaluative approaches that measure financial

education efforts? What are the obstacles in conducting evaluations? What should be

measured?

Theme 4—Consumer Trends in the Public, Private, and Nonprofit Sector: What are

the emerging trends, new opportunities, and what is promising in the field of financial

education? What is the impact of public policy on Americans’ financial behaviors?

What policy changes are needed and why?

Annamaria Lusardi, Jing Jian Xiao, Lois A. Vitt, and John Gannon were invited to serve

as team leaders for the themes. With input from these team leaders, NEFE invited four to five

subject matter experts to contribute research papers on subsets of the pertinent issues in each

theme (for a complete list of team leaders, team members, and NEFE staff involved, see

Appendix I).

5


Stage 2: NEFE leadership, team leaders, and team members outlined and built consensus

on an approach for the project. Over the course of five months, regular meetings and

teleconferences were held to update the teams and adjust the plan as necessary. Each team leader

worked with his or her subject matter experts during this time to develop a comprehensive theme

white paper from the concept papers submitted by each member of his or her team.

Stage 3: NEFE held a national colloquium in Denver, Colorado August 2-4, 2010. In

addition to members of the four teams, scholars, educators, thought leaders, and policy makers

from the diverse field of financial education were invited to participate. The colloquium drew 50

participants to discuss the papers, 25 writers and 25 key people in the field of financial education

(see Appendix II for a complete list of participants). The colloquium was organized into three

phases.

First, each team met, discussed their topic, built consensus, and finalized their

presentation. Then, they gathered to share their team’s findings with the other teams and receive

and provide input. After a collaborative discussion, each team leader further refined his or her

team’s presentation.

Second, each team leader presented his or her team’s major findings to the larger invited

group of an additional researchers, educators, policy makers, and funders of research (see

Appendix II for a complete list of participants). Prior to arrival, colloquium members received

copies of all white papers for review. During each team’s presentation, a professional moderator

ensured active participation by all in attendance in an effort to achieve the project’s major goal:

collaborative discussion that develops consensus on the major findings and gaps within the 25

years of research and the best strategies for addressing these gaps.

6


Third, following the colloquium, team leaders revised their white papers based on the

discussion with, and input from, all of their team members and the larger group of participants.

Afterward, the project leader prepared this summary paper, which incorporates major findings

from the four team white papers and presentations, colloquium discussion notes, and visual

summary. The body of the paper is arranged into four main sections.

The first section, organized by the four major themes of financial education,

summarizes key findings of the past 25 years of research.

The second section summarizes the colloquium discussion.

The third section highlights specific recommendations for next steps at NEFE and

the financial literacy community.

The fourth and final section concludes with implications of the research findings

for various stakeholders.

A bibliography of all research articles cited in the 16 individual papers and four

white papers as well as a list of all the journals where these articles were

published is included at the end of this paper.

Summary of Key Findings of the Past 25 Years of Research

The results of the Quarter Century Project conducted by top researchers in the field of

financial education conclude that a rich and diverse body of knowledge exists. An extensive list

of all of the studies cited in the papers written by members of the four teams provides clear

evidence that many substantial issues in the field have been addressed

(www.nefe.org/quartercenturyproject). The work includes some landmark studies, reports of

7


proceedings, and articles published in a large number of journals (189) in the field and across

other disciplines (see Appendix III).

When reviewing all of the papers, observers noted that particular studies are referenced in

more than one paper by various members of four teams. The intersection of these repeated

references identifies the most sought out or accepted work in the field over the past 25 years and

the various conclusions that have been drawn from this body of knowledge. Appendix IV lists all

of the studies by the frequency of citing. This body of knowledge provides a strong foundation

for financial education researchers, but it also reveals that many unanswered questions remain.

This summary of the key findings is divided into four sections that are consistent with the

themes of the four white papers.

1: Promising Learning Strategies, Interventions, and Delivery Methods

in Financial Literacy Education

Team leader: Annamaria Lusardi

Team members: Robert Clark, Jonathan Fox, John Grable, and Edward Taylor

This team conducted a thorough review of the research and explored what learning

strategies, interventions, and delivery methods have been shown to work for various population

segments. Their review also explored what the trusted sources of information are, what strategies

are working, which ones have not worked, and what can be done to make financial education

more effective.

Key findings: Financial education can increase knowledge and change behavior. A

multitude of public and private programs currently provide financial education in several areas,

including general financial literacy, retirement savings, homeownership, and debt. However,

8


very limited information is available about the different content, context, pedagogy, and

objectives. Financial education includes formal and informal programs that address the

knowledge, attitudes, and/or behaviors of an individual toward financial topics and concepts.

Findings include the importance of learning outside formal settings. The most prevalent type of

learning among adults is informal learning—learning that transcends formal educational settings

and curriculum. This type of learning occurs in a variety of settings and is influenced by the

learner’s background. It includes seeking additional information, engaging in dialogue with

peers, surfing the Internet, accessing resources at libraries, and working with financial advisors.

The workplace can and does play a critical role in providing financial education at two

critical junctures: during the start of a career and during the transition to retirement. At the

beginning of a career, the most useful information includes topics such as repayment of student

loans, general debt reduction, supporting a new family, saving toward retirement, and buying a

house. As one begins to transition from work to retirement, information regarding pension and

retirement fund payout, managing health-care costs, and ensuring sufficient funds for the

duration of retirement is needed. Although the workplace was identified as an important site for

financial education, regular monitoring and evaluation of employer-provided education was cited

as an area of weakness. Financial education can be made more effective by recognizing the

importance of both the personal and socio-economic context of the learner, and realizing that no

one-size-fit-all model exists.

Research shows that adults are active rather than passive participants in their financial

lives. Therefore, effective financial education for adults should utilize their significant life

experiences since these experiences shape their expectations and goals. Similarly, educators can

enhance formal learning by incorporating informal learning through small discussion groups,

9


financial activities that engage personal experience, information seeking, and the development of

critical skills to assess information. Creating clearinghouses of financial education materials and

fun activities has been shown to have greater educational potential.

As an interdisciplinary field, areas of financial education (such as adult education and

economics) have grappled with an appropriate theoretical framework to apply to their work in

financial education. Yet researchers posit that the adult learning theory (that is, transformative

learning theory), would be most effective because of its engagement with psychological and

socio-cultural factors. Transformative learning theory engages learners’ personal experiences (of

self and others) to help transform perspectives and acquire new viewpoints. Several experts at

the colloquium pointed out that current research is dependent on theory and modeling—and not

on the ―lived reality‖ of average families and their communities.

Despite all of the progress, financial literacy still remains poorly defined and imperfectly

measured. Issues with response bias and data interpretation remain challenging in the context of

overall financial well-being. Any effort to establish a gold standard for evaluation will have to

acknowledge the evidence of the holistic role money plays in an individual’s life and culture.

Evaluations must be incorporated into the program design, and their focus needs to go beyond

measuring knowledge and changes in behavior to examining the curricula, pedagogy, and

delivery mechanisms. Rigorous program evaluation approaches include randomized evaluation,

experimental methods, and qualitative research.

In addition to concerns about evaluation, teachers feel limited in their preparedness in

both subject matter and pedagogy—particularly in more technical topics such as risk

management, insurance, and investing. The teachers’ perceived preparation and prior personal

10


finance backgrounds vary greatly among disciplines. Teachers also have concern about their own

personal financial well-being.

The importance of adequate and consistent content in financial education programs was

underscored. When consumers desire financial knowledge, they should be able to easily find a

dependable program. Participants strongly agreed on the need for core competencies. In fact, the

Department of Treasury appointed a panel to identify a set of basic financial competencies; at the

time of this writing, that document has been presented for public input. The list includes the

following competencies as a basis for building a strong foundation for sustainable financial well-

being:

Understanding personal beliefs and attitudes

Being able to understand the differences between sources and kinds of income

Being able to understand the differences between needs and wants

The ability to manage cash flow

Being able to understand various types of loans and terms of borrowing

Being able to protect income and assets by acquiring the right kind of insurance

policies

Being able to choose appropriate investments for various short- and long-term

goals

Being able to plan for the smooth transition of assets after death

Technology provides financial educators with unique opportunities to expose people to

the messages and provides just-in-time intervention. However, technology is not a substitute for

other forms of financial education; education is the foundation and we can and should build on

what we have and know. Additionally, when using technology as a tool of financial education,

11


careful attention to market segmentation is critical so that messages are relevant to and

acceptable to people from different backgrounds and with different needs.

(To read the complete paper, visit www.nefe.org/quartercenturyproject.)

2: A Review of Financial Behavior Research: Implications for Financial Education

Team leader: Jing Jian Xiao

Team members: Michael Collins, Mathew Ford, Punam Keller, Jinhee Kim, and Barbara Robles

This team conducted a thorough search of existing studies to determine what motivates

an individual to seek out information, learn, and then act on what they have learned, and what

intrinsic and extrinsic motivators propel someone to change his or her financial behavior. The

team’s research mined numerous studies that addressed the multifaceted field of human and

financial behavior.

Key findings: Human behavior is extremely complex, and consequently, the financial

aspects of human behavior are equally multifaceted. Financial behaviors are affected by a large

number of internal factors such as personality, individual psychology and cognition, family

history, and environment. External factors include markets, peers, schools, and media. Financial

behaviors also differ by culture and are affected by moral hazard, social mood, and unconscious

herding.

Over the last 25 years, an extensive number of studies attempted to better understand how

human behavior is formed and how it can be influenced or changed. These studies have focused

on several population groups—such as whites, African Americans, Hispanics, and Asians—and

have identified a number of factors that significantly influence financial behavior. Factors

12


identified as having significant influence include differences in economic class, gender,

ethnicity, cognition, life-cycle stages, and financial education, along with social, emotional, and

psychological factors.

Gender differences have been found to be significant in many financial behaviors.

Studies have shown differences in how boys and girls are socialized financially. Much of the

discussion centers on gender differences in levels of risk tolerance, spending, and retirement

planning. Racial and ethnic differences also exist in a variety of financial behaviors, including

spending, borrowing, and wealth building. Financial behaviors also differ in cultures and are

affected by news media, moral hazard, social mood, and unconscious herding.

Behavioral economics literature identifies many human biases. Various studies have

shown that risk tolerance differs in the context of loss or gain, with men being overconfident

when it comes to making financial decisions, specifically investment decisions. Age differences

in financial behavior and risk tolerance also have been documented by a number of research

studies. Young adults have low financial literacy and particularly need education for credit

management. Paying taxes, buying a home, and planning for retirement are important financial

tasks over life-cycle stages. Research indicates consumers lack knowledge and need assistance

when they face these financial decisions.

Strong empirical evidence shows that parents are a major agent for financial

socialization. Even though peers strongly affect money matters, their influence is different and

often less encompassing than parental effects. Communication between children and parents

plays a key role in financial socialization. Parents influence children’s norms and values. In

addition, children learn financial behaviors from parents through modeling and observation. The

development of children’s cognition is related to their financial socialization. Cognitive factors

13


shown to be significant are numeracy, propensity to plan, and future discounting. At the same

time, emotions seem to present an omnipresent influence in the process of financial decision

making. These factors have shown to be associated with financial market participation, financial

behavior, and financial education participation. Additionally, age affects financial behavior, with

the financial experience of elderly consumers outweighing their decline in cognitive ability.

Behavioral economics literature has identified many human biases, including

overconfidence in financial decisions and how risk tolerance differs in the context of loss or gain.

These biases go against assumptions of standard economic theory, but have predictable patterns

that financial educators and policy makers can use to improve consumer financial well-being.

Studies also have shown that consumer demands for financial products and knowledge

become more diverse and complex when those consumers possess more financial resources.

Risk tolerance is positively associated with resource level, with risk tolerance increasing as the

investor’s resource level increases. Limited resource consumers have different issues regarding

financial behaviors—for example, they underutilize opportunities provided by economic

assistance programs and overuse subprime products.

Several studies have shown that financial education contributes to financial behavior

change among both youth and young adults. Workplace financial education has been shown to

make significant contributions to the financial behavior of adults. However, research findings are

mixed on the long-term effects of this type of education. This may indicate that researchers in

financial education have not focused enough on the right methods, topics, or target audiences.

Maybe the current research is dependent on theory and modeling, and not the real lives of low-

and average-income families and communities. There are cultural and structural barriers. Perhaps

there is too little ―reality‖ research.

14


Additionally, researchers may consider expanding their use of qualitative research

techniques and longitudinal research. Similarly, more attention to market segmentation by

generations, ethnicity, and income levels will improve our understanding of factors influencing

financial behavior.


3: Evaluation and Measurement of Learner Outcomes in Financial Education

Team leader: Lois A. Vitt

Team members: Sharon Danes, Jeanne Hogarth, Barbara O’Neill, John Tatom, and William

Walstad

This team raised important research questions and offered alternative solutions for

selecting evaluative approaches to measure financial education effectiveness. The researchers

explored research controversies and examined what measures can be used and why. They also

described the limitations and obstacles that stand in the way of conducting objective and

meaningful evaluations. This team’s work reviewed the differences between financial education

program evaluation, primarily conducted in education settings, and evaluation research,

performed by financial educators/researchers and policy researchers. Program evaluations are

philosophically rooted in the ideal of helping people learn to navigate financial complexities.

Policy research focuses more specifically on broad socio-economic policy. From this

perspective, the purpose of evaluation research is rooted in the ideal of helping to frame public

policy goals that encourage social change (for example, improved retirement preparation).

Key findings: The topic of program evaluation is receiving broad attention at both

national and international levels. Theoretical frameworks that test the efficiency of programs,

15


and written guides to good evaluation, are being prepared, and standardized measures for a

―financial literacy score‖ have been suggested. The interest in training financial educators who

work in the field to evaluate their programs more effectively is increasing.

Financial education programs are characterized by great heterogeneity in the topics and

issues covered as well as the populations served, making it challenging to develop reliable and

valid measures that can best capture program outcomes and compare findings across programs.

Many limitations and obstacles to ―good‖ evaluations exist as well. Some of the issues are

related to program or researcher bias. Other issues involve omitted variables (such as antecedent,

intervening variables). Also under consideration are alternative methods, such as post-then-pre-

tests (participants score both tests after their education, indicating what they already knew in

comparison to what they learned) versus the commonly-used pre- and post-testing model.

Threats to internal validity (such as establishing reliable causal relationships) and threats to

external validity (such as the ability to generalize evaluation results) are discussed.

Previous evaluation studies have confirmed the use of the following terminology:

Aspiration indicates readiness for change

Intentions are predictors of subsequent behavior

Self-efficacy is having the confidence in one’s ability to deal with a situation

without being overwhelmed

Incremental progress is important to recognize, as financial learning is not always

linear

Traditionally, evaluations have focused on gathering information on learner satisfaction

with teaching, topics covered, adequacy of materials, facilities, and convenience. Such

evaluations help educators who want to know how successful their course was for their students

16


(who are often considered to be ―customers‖). They also help teachers understand how to make

their courses more appealing, interesting, convenient, and pleasant. Yet, teachers increasingly are

required to perform evaluations that demonstrate how program goals are being met in order for

programs to demonstrate their value and maintain support from sponsors and other stakeholders.

Currently, evaluations are being conducted using quantitative approaches and qualitative

measures for data collection. Key features of a quantitative approach include randomized studies,

experimental research design, and survey research with controls. Qualitative research utilizes in-

depth interviews of individuals, focus groups, and observations. Some studies of evaluations

have used mixed methods, combining both qualitative and quantitative data collection adapted

for specific information needs. Some researchers consider mixed-method approaches to be the

most valuable since they provide both explanation and understanding. Evaluation orientation

may vary between micro and macro levels. Micro-level orientation focuses on the impact of

educational programs on individuals and families in particular situations, whereas macro-level

orientations are aimed at aggregating program results that indicate the financial well-being of

populations in a stable and growing economy.

Currently, most of the contradictions in findings on the effects of financial education

result from evaluating and comparing findings across programs. As we make progress toward

requiring and conducting program evaluations, it is important to remember that financial

education programs vary greatly in the topics and issues they cover, the breadth and depth of

education offered, and the nature of the audiences. Hence, we should exercise caution when we

evaluate and compare findings across programs. Additionally, we must make opportunities

available for educators to learn how to incorporate an evaluation plan during program

development—a plan that is consistent with and driven by the program’s objectives. There is

17


great interest in not only evaluating programs, but also evaluating programs correctly. The need

for educators and researchers to learn how to plan and conduct program evaluations stood out

clearly. We should explore resources and sponsors who enable experts to offer complementary

approaches to program evaluation and evaluation research. Evaluations with these

complementary offerings should show how to document the outcomes occurring at both micro

and macro levels, and should focus on both short- and long-term outcomes.

How do we determine the cost efficiencies and effectiveness of the educational program?

While every effort should be made to enable educators to conduct properly designed evaluations

for their programs, we must exercise caution when expecting financial education to result in

behavior change. We must not lose sight of the fact that changing human behavior is a very

challenging job. Financial behaviors are formulated and developed over a long time period and

are affected by many factors, with education being only one of them (see the discussion in

Theme 2 previously). To expect a one-hour class or a semester-long course to result in changed

behaviors in all of the participants—who have different backgrounds and needs—is unrealistic.

Improving our evaluation approaches is an important step in creating financial programs that are

most effective at influencing financial behavior change, which is a lifelong learning process.


4: Consumer Trends in the Public, Private, and Nonprofit Sector

Team leader: John Gannon

Team members: Ray Boshara, Lewis Mandell, John Phillips, and Steve Sass

This team had a different charge compared to the others. Instead of focusing on already

existing research studies, the team was asked to address issues such as major emerging economic

18


trends, new opportunities, and promising developments in the field of financial education.

Additional areas of exploration included the impact of public policy on Americans’ financial

behaviors and a discussion of what policy changes are needed and why.

Key findings: The American economy is struggling to recover from the financial crisis of

the late 2000s. Structural changes, including budget and trade deficits, could limit economic

growth and a full recovery may be years away. Debt-laden consumers can no longer drive the

U.S. financial engine, making individual savings a necessity for both consumers and for

bolstering the overall economy. Simultaneously, the burden of choice for financial services is

increasingly on the consumer, while financial products and services—including mortgages, debt

instruments, retirement plans, bank, and credit card services—are becoming more complex, more

available to a larger group of consumers, and increasingly riskier. The situation for consumers is

a less stable economy and more complex economic products.

While the economy and the consumers have been facing these very serious challenges,

the government’s willingness to intervene has been limited. The overall reforms to the financial

system and the creation of a new consumer protection agency in the Dodd-Frank Wall Street

Reform and Consumer Protection Act could realize stronger protections. Yet, doubts remain

about the effectiveness of the legislation in preventing the next financial crisis and about the

ability of the Consumer Financial Protection Bureau to achieve its ambitious vision of protecting

American consumers from unfair, deceptive, and abusive financial products and practices.

Historically, free choice combined with financial education was promoted as the best

solution. However, problems facing the U.S. economy and consumers are too serious to be

solved in the near term via financial education alone. Many researchers and policy makers

believe that numerous consumers need help faster than education alone can provide. Due to a

19


lack of resources and proven effectiveness, many in positions to fund financial education

programs are questioning whether financial education is the best use of scarce resources at this

time. Instead, many believe policy changes and governmental protections must be undertaken.

Given the need for quick and effective intervention, behaviorally informed products (such as

auto-IRAs, child savings accounts, and unrestricted savings that take into account the importance

of framing), defaults, and other psychological factors are being promoted.

The key principles of behavioral economics, especially as it applies to financial

regulation, include simplicity, constraining choices, ―automaticity,‖ mental accounting, and the

creation of social norms. Through choice architecture, behavioral economics attempts to exercise

the psychological biases of individuals for their benefit rather than their harm. As the financial

education field moves in the direction of achieving not just changes in knowledge and intentions,

but changes in behavior, the field of behavioral economics can add a powerful conceptual

framework in which to achieve better financial education outcomes going forward. While

behavioral economics should never be seen as a substitute for financial education, it is a

compatible strategy with statistically significant evidence of effectiveness. Thus, behavioral

economics and financial education used together can be powerful tools for achieving better

financial outcomes in the future.

Discussion on the topic of regulations vs. education concluded that there is need and

space for both. The fundamental question is whether we want informed, intelligent people who

are capable of making independent decisions they can live with—or whether we want to make

decisions for consumers and ask them to accept the decisions that outside sources believe are

good for them. We must carefully consider how many places we can offer opt-in and opt-out

approaches. Default programs can be applied only in places where people receive some benefits,

20


such as in workplace retirement savings—not where they are buying merely a product or service.

We must create an environment in which people have the opportunity to make positive decisions

and are ―able‖ to make decisions because they were provided with the appropriate information.

The goal of all financial education policies and practices must be to help people increase their

financial capabilities so they are willing and able to perform desirable financial behaviors for

improving their financial well-being and the overall well-being of their communities.

Regulations can play a very important role in stopping aggressive corporate financial

behavior in specific areas (such as mortgages, credit cards, and investment products), but it

cannot replace a person’s need or ability to make financial decisions at various decision points in

his or her life. We no longer can rely solely on more disclosures, or more information to change

financial behavior or improve financial outcomes for American consumers. Effective and timely

education is needed for Americans to be able to manage their financial resources and prepare to

better handle the next economic crisis.


Conclusion to Key Findings of the Last 25 Years of Research

Financial education is a lifelong learning process. There is no quick fix for resolving the

macro effects of people’s ability to manage their finances. Even though many concepts and

principles of money management are universal, at the same time financial knowledge,

experiences, and behaviors vary widely across individuals, households, and populations and are

strongly influenced by context. Studies have shown that when financial education is developed

with input from the participants, it can improve knowledge, financial decisions, and behavior

21


outcomes. However, most of the current efforts to measure the impact of education are far too

slanted towards theory and modeling, and less on ―lived reality.‖

The discussion in the previous sections shows that a rich body of knowledge in financial

education exists. This current body of research has provided a sound foundation for the field.

However, it is neither perfect nor complete. Discovery is an ongoing process. Like any other

field, as soon as we answer some questions, new questions emerge. Research responds to the

changing needs and challenges of a dynamic society, and new insights and approaches are

constantly needed.

It is important to expose this work to a larger community by making this body of

knowledge easily accessible to researchers, educators, and policy makers. Through the creation

of an extensive bibliography, a list of journals where significant financial education research has

been published, four white papers that summarize the key findings of the four main themes

within financial literacy and education, and this final summary document, we work toward

accomplishing that goal. The NEFE website has been designed to host this information at

www.nefe.org/quartercenturyproject and make it readily accessible to all, and NEFE will work

toward increasing the awareness of the key findings and best practices highlighted within the

Quarter Century Project.

22


Summary of Colloquium Discussion

The colloquium in Denver in August 2010 provided leaders of the financial education

community with a unique opportunity to engage in collaborative discussions and agree on four

key thematic areas researched by four teams of distinguished researchers and experts. With the

aid of a professional moderator, this highly accomplished and diverse group worked

collaboratively and diligently to affirm what the current body of knowledge has taught us. They

acknowledged the gaps in the existing knowledge and decided what should be emphasized to

continue to strengthen the financial education field (for a list of specific research gaps see the

next section).

Post-colloquium comments provide strong evidence that this project successfully met its

objective: collaborative discussion aimed toward the development of consensus on the major

findings and gaps within the 25 years of research, and the development of the best strategies for

addressing these gaps. A large majority of participants (75 percent) said that, as a result of

participating in the colloquium discussion, their thinking about the field has changed. Similarly,

a large majority also reported that, moving forward, their approach toward research (85 percent),

collaboration (75 percent), and program delivery (72 percent) will change due to participation in

the colloquium. In addition, 80 percent reported that the conversation exposed them to new

thinking or new literature. More importantly, 80 percent claimed that they intend to take on an

agenda to address specific research gaps identified during the colloquium. Almost all of the

participants said that they made new contacts (95 percent) and would attend another personal

finance event with this similar format (90.5 percent). Due to these responses, we are optimistic

that the partnerships built during the colloquium will facilitate future opportunities to partner and

23


collaborate further, thereby strengthening future research. Highlights from the colloquium

discussion are in the following three sections:

Challenges, opportunities, and implications for researchers

Challenges, opportunities, and implications for educators

Specific recommendations for NEFE’s future steps

Challenges, Opportunities, and Implications for Researchers

As a relatively young field, the complex issues facing financial education have only begun to be

addressed. We need to be patient. The current body of research has provided us with varying

results, so we need to be cautious about results. We may not want to take them at face value just

yet. More research is needed to arrive at a point that strong conclusions can be drawn. Issues and

population groups that previously were unconsidered now need to be studied before drawing

definitive conclusions.

The financial education field is in need of funding for longitudinal research and to

support its continued efforts. Within the health field, for example, researchers often perform

continuing research over 30-year periods (on topics such as smoking cessation). Yet, in personal

finance and financial education, most of the research performed has focused on issues at the

present time of research. Without significant funding, valuable long-term studies into financial

education will not be possible.

Additionally, to meet future research needs, it is important that we develop a financial

literacy theory. Most of the theories currently in use by researchers address financial decision

making, but not financial literacy. At the colloquium, the audience was introduced to the adult

learning theory and its potential for future work in financial education. The impact and/or use of

24


this theory remains to be tested, and is just one example of how interdisciplinary theories may

positively address the needs within financial education for an overarching theory of financial

literacy.

Another primary area of discussion was the disconnect that often exists between what

researchers study and what practitioners do. We must explore ways to build stronger connections

between these two communities. With a strong connection to practitioners, researchers will be

able to find out what is missing or needed in the field. Educators, meanwhile, will benefit from

research findings when developing educational programs for specific population groups. More

applied research that has the capacity to inform policy, education, and practice is needed as well.

Colloquium participants strongly voiced the need for researchers to make efforts to

connect research findings to the real lives of consumers, practitioners, and policy makers, and to

engage people on the ground when designing research projects or developing plans to deliver

educational programs. It was clear that participants wanted researchers and educators to be more

collaborative; they said connections between practitioners and academicians need to be

strengthened, and every participant in the colloquium now must take his or her own thought

leadership action. They suggested that researchers seek out practitioners, and practitioners

connect with researchers, to build partnerships for collaborative efforts that will be more

realistic, effective, and meaningful for all involved.

To bridge the gap between practitioners and researchers and continue enriching the

existing body of research with answers to emerging questions, a commitment is needed to make

various research databases available to both researchers and practitioners. A need for databases

that will make proprietary data more widely available to future researchers was expressed. It is

understandable that private researchers and companies may want to keep their findings private to

25


ensure a competitive edge, but the value of the availability of that data to other researchers

cannot be underestimated. Sharing information in this way would allow researchers to effectively

conduct studies that could provide answers for or insights into many unanswered questions

related to financial learning and behavior.

Some participants suggested that to increase access to various data sets we explore

potential partnerships and collaborations with the corporate world. Corporations are testing many

new strategies that would be useful for the greater financial education field. For example, online

personal management systems and consumer data being collected directly from consumers by

Google may provide valuable information. The possibility of using or creating secure sites where

researchers could gather data directly from consumers also should be explored. However, other

colloquium participants cautioned against partnering with the corporate world due to the

potential discord between the purposes and motivations of the corporate world and academia.

Research Gaps and Future Opportunities

Most colloquium participants agreed that increased understanding of the impact of peer

influence, informal learning, religion and spirituality and the effect of motivations and emotions

on financial behavior is needed. Topics in need of further study include: the educational needs of

the unbanked and ethnically different groups; the activities and behaviors of rural families; and

the interrelationship between the family unit, community, and multiple generations. More

research is needed on the retirement planning behavior of the self-employed, and how life events

or circumstances such as job loss, loss of a family income earner, disability, and birth of a child

change financial behaviors. Additionally, gaps in the knowledge regarding the extent to which

children are teaching parents—and how that is or is not changing parents’ behaviors—need to be

26


addressed. An exploration into the precursors to capacity building, and connections that exist

between financial capacity building and community, should be undertaken.

Challenges, Opportunities, and Implications for Educators

The majority of colloquium participants strongly believe that personal finance must be a core

skill taught in high schools. Young students must be knowledgeable about credit, basic money

management, and deficits. The issue must be considered not just from a research standpoint, but

from a policy perspective. Fundamental changes implemented from top-level institutions are

needed to adequately address this education need. After reviewing the existing literature, the

entry points where financial education is working well are well-known. For example, at the start

of a career, before retirement, and at the time of home buying are key teachable moments. This

knowledge, which confirms the importance of continuing to emphasize broad-based employer-

provided financial education, could be applied to improving the financial knowledge of young

people by making personal finance education more relevant to their life-cycle needs.

The complexity of financial education and its role as a lifelong learning process was

acknowledged, but the discussion also emphasized the existing need for more effective financial

education. Financial education is valuable both to individuals and society at large, and

American adults and children are in need of immediate help in the form of quality, timely,

effective, and targeted financial education. Conducting proper evaluations is essential to

achieving this goal. Educators must consider evaluation at the time of developing their

educational programs, make use of all available background information, and be able to use

readily accessible evaluation templates. Additionally, emerging trends in technology offer the

27


field new opportunities for delivering education and making that information accessible to

educators, researchers, and consumers.

Gaps and Future Opportunities

Given the complexity of financial behavior, promotion of evidence-based, flexible,

multidimensional financial education programs that integrate risk management into curricula, as

well as incorporate moral hazards and role models for desirable financial behavior outcomes is

essential. To accomplish this, program educators ideally should use research findings to increase

their understanding of their target group(s) before developing and delivering educational

programs. For educators, knowing what researchers already have learned about how adults

acquire knowledge, being aware of knowledge their target group(s) may have already, and

understanding differences in learning by gender, age, and ethnicity will be helpful in developing

and delivering their educational courses.

Furthermore, a strong need for collaborating and building logical connections between

educators and researchers was expressed. Educators are overwhelmed with the large number of

educational materials available and want to choose from a short list of the best curricula for

various audiences. Additionally, strategies that reinforce the importance of, and develop the

means for, researchers and educators of various areas of expertise to work together is essential so

that they may learn and benefit from each other’s work.

Overall Recommendations for the Field:

Conclusion to Challenges and Opportunities for Researchers and Educators

28


The field of financial education currently is struggling with several issues, including: lack of

consensus on the core content of basic financial literacy courses, a simple and easy-to-administer

measure that is widely accepted in the field as an indicator of financial well-being, what

constitutes financial literacy, and how best to measure and conduct proper course evaluations.

Arguments for meaningful variations in these areas due to differences in research targets

are valid, but the overall benefit of common baseline definitions of financial literacy, consensus

on evaluation approaches, and core content for basic financial literacy courses need not outweigh

the value of debate.

As the field tackles important societal issues related to financial education, validation of

the education and research accomplished is needed. We must think of financial literacy in the

same terms as we do our environmental literacy. As consumers we should be able to articulate

specific strategies to maximize our need for and use of financial resources, reduce our

dependence on debt, prepare for emergencies, meet the expense of a child’s college education,

and prepare for retirement. America as a whole must become more financially literate and

financially healthy. The field of financial education is vital to this goal.

Specific Recommendations for NEFE’s Future Steps

Add a searchable database to the NEFE website to house all of the studies cited in this

Quarter Century Project so they are easily accessible to everyone, including researchers,

educators, practitioners, and policy makers.

Provide on the NEFE website brief descriptions of high-quality teaching materials for

different population groups.

29


Make research relevant by creating a searchable directory of the studies cited in this

review with research briefs that include theory, methodology, key findings, and

implications for practice so that anyone working on policy, education, and related fields

could access and use. Extensively publicize program evaluation websites among the

teacher community and curriculum designers.

Family has been identified as the most important source of financial socialization, and

family members have been identified as the most trusted sources of financial information

and advice. NEFE’s financial education outreach campaign, therefore, should include a

more encompassing perspective that seeks to provide financial information as a ―whole

family‖ initiative.

Specific Recommendations for the Financial Literacy Community

Various assessment studies presented different and conflicting results on the outcome of

high school financial literacy programs. Most of these studies don’t take into account

exactly what has been taught in these education programs. Perhaps educators should

compare the results of various high school financial literacy programs in order to make

some overall observations about high school financial literacy education.

Organize a one-day face-to-face brainstorming session for various funders to obtain

consensus on directions for future research efforts and discuss approaches to the

development of appropriate data resources to facilitate the future research agendas.

Teachers feel limited in preparedness in both subject matter and pedagogy, particularly in

more technical topics such as risk management, insurance, and investing. Teacher

training needs to be strengthened.

30


Create a bank of interested researchers and post the list on the NEFE research website to

enable practitioners to find researchers with whom to partner.

Organize a think tank of leaders with diverse strengths (researchers, educators, funders,

and program designers) and charge them with selecting a small number of key ideas

generated at the colloquium to discuss in depth. From this discussion, they should

develop an implementation plan for improvement.

Conclusion

The Quarter Century Project was designed to bring together leading professionals in the world of

financial education and provide a systematic review of 25 years of research within the field. The

primary aim of the project was to build consensus on what is known and what research gaps still

exist, and to establish clearly defined research goals in order to create specific strategic action

plans for the future. The need for a project that consolidated the prior research within financial

education is exemplified by the ready involvement of the 20 key players in the field during the

initial team leader selection process, and the commitment these members maintained while

writing individual papers, writing team papers, and participating in the colloquium.

In seeking to organize the knowledge that already exists, this project engaged leaders in

the field who generated this knowledge and/or who were familiar with the work. This review

found that a rich body of research exists. An extensive listing of these research studies—which

can be quickly and easily accessed by researchers and non-researchers alike—has been

generated. This comprehensive list marks significant progress toward consolidating the

knowledge and providing a strong foundation that enables new and long-term professionals alike

to benefit from the existing body of research. As evidenced by the breadth and depth of the

31


approximately 1,400 citations from nearly 200 journals reviewed here (Appendix III), the

foundation for the field of financial education already exists. By providing a strong, consolidated

foundation of previous work that clearly indicates achievements in the field and identifies the

work that remains, this project provides the basis for researchers to address new issues and gaps

in the research. Additionally, this consolidation of knowledge will minimize the chance of

researchers duplicating existing work with each new study, and improve the speed and efficiency

with which future research can be conducted.

This review highlighted the strong foundation of research in financial education that

currently exists. Yet, the project showed that, due to the interdisciplinary nature of the field,

many researchers were unaware of the scope and depth of the existing body of knowledge, and

consequently were not able to benefit from the findings. This conclusion confirmed the

importance of the overall goal of this project—the need to expose financial education research to

a larger community by making this body of knowledge easily accessible to researchers,

educators, and policy makers.

We also must realize that we are at an important juncture right now due to the current

financial conditions. Americans need help in identifying products that meet their needs. To meet

this need, financial researchers must explore ways to increase consumer leverage in regards to

financial products, programs, and services. The field must build on current efforts and make use

of already existing resources such as the contemporary quality educational programs that are

available for people of all ages and all backgrounds. These successes must be more widely

available for the benefit of the field and Americans in general. Because of the current economic

climate, it is more crucial than ever that financial education be timely, targeted, and of high

quality.

32


Given the resource limitations and the urgent need for financial education, the sector can

make better use of the existing knowledge, materials, and successful practices through

partnership. As stakeholders in this community, we can identify major issues facing the varied

and growing financial education world and engage top researchers in addressing these issues.

Fortunately, there is an exciting new era of opportunity for collaboration among researchers.

New inclusive research strategies can accelerate the time it might otherwise take for experience

in the field to reach the research laboratory and vice versa. Researchers from diverse areas of

expertise can work together to build meaningful consensus across disciplines so that wider

collaboration and dissemination occurs.

To accelerate collaboration, what remains to be done is the creation of a simple

searchable directory of relevant research findings where people can obtain research briefs with

implications for policy, practice, and education. The research must be communicated in ways

that allow it to be accessed and acted upon by multiple users. Research funders and researchers

could consult this online searchable directory (www.nefe.org/quartercenturyproject) before

embarking on new research projects. Practitioners may use these briefs to learn more about a

group they are developing content for in order to deliver a relevant and effective educational

program. And, policy makers could use this source to find research-based evidence to support

their policy proposals.

To improve and accelerate future research, more focus also is needed on outcomes-based

studies. There are a variety of worthy approaches to conducting financial research and inquiry in

this interdisciplinary field. By focusing on the outcomes of all research tied to financial

education, there is a higher likelihood of collaboration with other fields and access to a more

expansive research literature. This will prevent economic behaviorists, educators, economists,

33


and regulators from thinking the answers their respective disciplines uncover are the only

valuable responses to questions that plague the larger field.

The diverse stakeholders’ use of these findings should be apparent immediately, but the

effects of this use will continue to be seen over a long period of time. The real impact of the

project will become clear as consensus is reached by the larger professional community, in

addition to the ways the findings are used by different groups as they move forward with their

work in developing educational programs and new policies, and granting funds to researchers,

and in the new research proposals that build on the existing body of work and/or fill important

gaps in the research.

34


References

The following theme papers are summarized in this paper and available in full at

www.nefe.org/quartercenturyproject.

Theme 1: Promising Learning Strategies, Interventions, and Delivery Methods in

Financial Literacy Education. Team leader: Annamaria Lusardi. Team members: Robert

Clark, Jonathan Fox, John Grable, and Edward Taylor.

Theme 2: A Review of Financial Behavior Research: Implications for Financial

Education. Team Leader: Jing Jian Xiao. Team Members: Michael Collins, Mathew

Ford, Punam Keller, Jinhee Kim, and Barbara Robles.

Theme 3: Back to the Future: Evaluation and Measurement of Learner Outcomes in

Financial Education. Team Leader: Lois A. Vitt. Team Members: Sharon Danes, Jeanne

Hogarth, Barbara O’Neill, John Tatom, and William Walstad.

Theme 4: Consumer Trends in the Public, Private, and Nonprofit Sector. Team Leader:

John Gannon. Team Members: Ray Boshara, Lewis Mandell, John Phillips, and Steve

Sass.

35


Additional References

President’s Advisory Council on Financial Literacy, Annual Report (2009):

http://www.treas.gov/offices/domestic-finance/financial-institution/fin-

education/docs/PACFL_ANNUAL_REPORT_1-16-09.pdf

Schuchardt, J., Hanna, S. D., Tahira, K. H., Lyons, A. C., Palmer, L., & Xiao, J. J. (2009).

Financial literacy and education research priorities. Journal of Financial Counseling and

Planning, 20(1), 84–95.

36


Appendix I

Team Leaders, Team Members, and NEFE Staff

Project Leader

Tahira K. Hira, Iowa State University

Theme 1 Team Leader

Annamaria Lusardi, Dartmouth College

Theme 1 Team Members

Robert Clark, North Carolina State University

Jonathon Fox, Ohio State University

Edward Taylor, Penn State University–Harrisburg

Theme 2 Team Leader

Jing Xiao, University of Rhode Island


Jinhee Kim, University of Maryland

Matthew Ford, Northern Kentucky University

Barbara Robles, Federal Reserve System

Theme 3 Team Leader

Lois A. Vitt, Institute for Socio-Financial Studies


John Tatom, Networks Financial Institute, Indiana University

37


Jeanne Hogarth, Federal Reserve System

Barbara O’Neill, Rutgers University

William Walstad, University of Nebraska

Sharon Danes, University of Minnesota

Theme 4 Team Leader

John Gannon, Financial Industry Regulation Authority (FINRA)


Ray Boshara, New America Foundation

Steve Sass, Boston College

Lew Mandell, Aspen Institute

John Phillips, Social Security Administration

Jean Setzfand, AARP

National Endowment for Financial Education (NEFE) Staff

Ted Beck, President and CEO

Amy B. Hartenstine, Project Manager

Billy J. Hensley, Ph.D., Director of Education

Londell D. Jackson, Assistant Director, Grants & Research

Patricia Seaman, Senior Director of Marketing and Communications

Greta N. Zwickey, Grants & Research Associate

38


Appendix II

Colloquium Participants

Brenda Cude, University of Georgia

Carol Glade, Former executive director of the National Coalition for Consumer Education,

financial educator

Carolina Reid, San Francisco Federal Reserve

Carrie Schwab-Pomerantz, Charles and Helen Schwab Foundation

Charles Betsey, Howard University

Dara Duguay, Dara Dollar Smart

Dick Woltman, NEFE Board of Trustees

Jane Schuchardt, Retired, National Institute of Food and Agriculture

Jason Fichtner, Social Security Administration

John Box, Junior Achievement

Josephine Robinson, United Way

Karen Murrell, Higher Heights Consulting

Karen Rishman, Institute for Latino Studies and the Inter-University Program for Latino

Research (IUPLR), University of Notre Dame

Ken McDonnell, American Savings Education Council (ASEC)

Kim Adler, AARP

Laura Levine, Jump$tart

Lauren Willis, Loyola University

39


Margaret Sherraden, Washington University, St. Louis/University of Missouri at St. Louis

Marty Jaffe, NEFE Board of Trustees

Michael Staten, Take Charge Institute

Nancy Porter, Clemson University

Nancy Register, Consumer Federation of America

Richard M. Todd, Federal Reserve Bank of Minneapolis

Sara McHugh, NEFE Board of Trustees

Sharon Devaney, Purdue University, editor of Family & Consumer Science Resource Journal

Ted Daniels, Society for Financial Education and Professional Development (SFEPD)

Wendy Way, University of Wisconsin

http://www.google.com/url?sa=t&source=web&cd=1&ved=0CBMQFjAA&url=http%3A%2F%2Fwww.sfepd.org%2F&ei=f5kPTdiVHcLEnAfEoPScDg&usg=AFQjCNEpXhxUDj9QfKMygAQN_TBbRdG6Yw

40


Appendix III

Journals that Published Manuscripts Reviewed for the Quarter of Century Research Project (189)

1. Academy of Marketing Science Review

2. Administrative Science Quarterly

3. Adult Education Quarterly

4. Adults Learning

5. American Bankruptcy Institute Law Review

6. American Behavioral Scientist

7. American Economic Review

8. American Journal of Evaluation

9. American Journal of Public Health

10. American Psychologist

11. Anxiety, Stress & Coping

12. Applied Economics

13. Applied Financial Economics

14. Archives of Neurology

15. Basic and Applied Social Psychology

16. Behavior Therapy

17. Behavioral Sciences and the Law

18. Bell Journal of Economics

19. Benefits Quarterly

41


20. Brookings Law Review

21. Business Economics

22. Canadian Journal for the Study of Adult Education

23. Canadian Journal of the Study of Adult Education

24. Child Development

25. Cognition & Emotion

26. Cognitive Psychology

27. Consumer Interest Annual

28. Consumption, Markets and Culture

29. Current Psychology

30. Current Psychology of Cognition

31. Decision Sciences Journal of Innovative Education

32. Developmental Psychology

33. Developmental Review

34. Econometrica

35. Economic Inquiry

36. Economic Journal

37. Economics of Education Review

38. Education and Urban Society

39. Educational Administration Quarterly

40. European Financial Management

41. European Journal of Operations Research

42. Evaluation

42


43. Family and Consumer Science Research Journal

44. Family Economics & Nutrition Review

45. Family Economics and Resource Management Biennial

46. Feminist Economics

47. Financial Analysts Journal

48. Financial Counseling and Planning

49. Financial Practice and Education

50. Financial Services Review

51. Harvard Business Review

52. Health Affairs

53. Health Psychology

54. Hispanic Journal of Behavioral Sciences

55. Home Economics Research Journal

56. Housing Policy Debate

57. Human Organization

58. Human Relations

59. Information Systems Research

60. International Journal for Academic Development

61. International Journal of Bank Marketing

62. International Journal of Behavioral Development

63. International Journal of Consumer Studies

64. International Journal of Intercultural Relations

65. International Journal of Lifelong Education

43


66. International Journal of Research in Marketing

67. Iowa Law Review

68. Journal of Abnormal and Social Psychology

69. Journal of Abnormal Psychology

70. Journal of Advanced Nursing

71. Journal of Applied Developmental Psychology

72. Journal of Applied Economics and Policy

73. Journal of Applied Psychology

74. Journal of Applied Social Psychology

75. Journal of Behavioral Decision Making

76. Journal of Behavioral Finance

77. Journal of Business and Economics Research

78. Journal of Business & Psychology

79. Journal of Business Communication

80. Journal of Business Research

81. Journal of Communication

82. Journal of Community Practice

83. Journal of Consumer Affairs

84. Journal of Consumer Education

85. Journal of Consumer Psychology

86. Journal of Consumer Research

87. Journal of Consumer Studies and Home Economics

88. Journal of Early Adolescence

44


89. Journal of Econometric Methodology

90. Journal of Economic Behavior and Organization

91. Journal of Economic Dynamics and Control

92. Journal of Economic Education

93. Journal of Economic History

94. Journal of Economic Literature

95. Journal of Economic Perspective

96. Journal of Economic Psychology

97. Journal of Economic Surveys

98. Journal of Education for Business

99. Journal of Experimental Social Psychology

100. Journal of Extension

101. Journal of Family and Consumer Science

102. Journal of Family and Economic Issues

103. Journal of Family Psychology

104. Journal of Finance

105. Journal of Financial Counseling and Planning

106. Journal of Financial Intermediation

107. Journal of Financial Markets

108. Journal of Financial Planning

109. Journal of Genetic Psychology

110. Journal of Housing Research

111. Journal of Human Resources

45


112. Journal of Intellectual Disability Research

113. Journal of International Banking Regulation

114. Journal of International Consumer Marketing

115. Journal of International Marketing

116. Journal of International Money & Finance

117. Journal of Investing

118. Journal of Labor Economics

119. Journal of Law & Economics

120. Journal of Marketing

121. Journal of Marketing Management

122. Journal of Marketing Research

123. Journal of Mixed Methods Research

124. Journal of Monetary Economics

125. Journal of Nonverbal Behavior

126. Journal of Pension Economics and Finance

127. Journal of Personal Finance

128. Journal of Personality

129. Journal of Personality and Social Psychology

130. Journal of Policy Analysis and Management

131. Journal of Political Economy

132. Journal of Population Economics

133. Journal of Psychology

134. Journal of Psychology and Financial Markets

46


135. Journal of Public Economics

136. Journal of Public Policy and Marketing

137. Journal of Real Estate Finance and Economics

138. Journal of Real Estate Research

139. Journal of Research in Personality

140. Journal of Risk & Insurance

141. Journal of Risk Research

142. Journal of School Health

143. Journal of Services Marketing

144. Journal of Social Issues

145. Journal of Socio-Economics

146. Journal of Sociology & Social Welfare

147. Journal of the Academy of Marketing Science

148. Journal of the Institute of Certified Financial Planners

149. Journal of Transformative Education

150. Journal of Urban Affairs

151. Journal of Urban Economics

152. Journal of Youth and Adolescence

153. Journalism and Mass Communication Quarterly

154. Judgment and Decision Making Journal

155. Management Science

156. Medical Education

157. Motivation and Emotion

47


158. National Tax Journal

159. Organization of Economic Cooperation and Development

160. Organizational Behavior and Human Decision Processes

161. Oxford Review of Education

162. Personality and Individual Differences

163. Personnel Psychology

164. Professional Geographer

165. Psychological Reports

166. Psychological Review

167. Psychological Science

168. Psychology & Marketing

169. Psychology of Addictive Behaviors

170. Quarterly Journal of Economics

171. Review of Economic Dynamics

172. Review of Economics and Statistics

173. Review of Personality & Social Psychology

174. Risk Analysis

175. Science

176. Sex Roles

177. Social Development Issues

178. Social Forces

179. Social Indicator Research

180. Social Justice Research

48


181. Social Policy Journal

182. Social Psychology Quarterly

183. Sociological Perspectives

184. Sociology

185. Southern Economic Journal

186. Texas Law Review

187. The American Journal of Sociology

188. Venture Capital Journal

189. Youth Society

49


Appendix IV

List of Authors by Number of Citations

in All Papers Reviewed for Quarter of Century Research Project

48-Xiao, J.J.

31-Lyons, A.

30-Danes, S.

29-Mandell, L.

26-Lusardi, A.

20-Bernheim, B.D.

20-Hira, T.

20-Mitchell, O.

17-Taylor, E.W.

16-Thaler, R.H.

15-Kim, J.

14-Garrett, D.M.

13-O’Neill, B.

13-Sherraden, M.

12-Fox, J.J.

12-Shim, S.

11-GAO

11-Laibson, D.

11-Robles, B.

11-Vitt, L.

10-Fan, J.X.

10-Hanna, S.D.

10-Madria, B.

9-Barndura, A.

9-Barber, B.L.

9-Choi, J.

9-Clark, R.

9-Garman, E.T.

9-Grable, J.E.

9-Hogarth, J.

9-Lee, J.

9-Mexirow, J.

9-Raghunathan, R.

9-Walstad, W.

8-Anderson, C.

8-Beverly, S.G.

8-Isen, A.M.

8-Loibl, C.

8-Tversky, A.

8-Wever, E.U.

7-Bowen, C.F.

7-Campbell, D.T.

7-Chen, H.

7-Deiner, E.O.

7-Gruse, J.E.

7-Hilgert, M.

7-Klein, L.S.

7-Rettig, K.D.

7-Willis, L.E.

6-Allen, M.

6-Anderson, J.G.

6-Beutler, I.

6-Dube, L.

6-Fisher, P.J.

6-Hastings, P.D.

6-Helman, R.

6-Penaloza, L.

6-Plath, D.A.

6-Pliner, P.

6-Prechter, R.R.

6-Mullainathan, S.

6-Scherpf, E.

6-Spader, J.

6-Stevenson, T.H.

6-Webley, P.

5-Abramovitch, R.

5-Ajzen, I.

5-Bayer, P.J.

5-Cranton, P.

5-Duflo, E.

5-Kahneman, D.

5-Keller,P.

5-Kim, H.

5-Loewenstein, G.

5-Meyers-Levy, J.

5-Prochask, J.M.

5-Schuchardt, J.

5-Tescher, J.

5-Turner, P.R.

5-Utkus, S.

Documents

The NEFE Quarter Century Project: