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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
tkhira@iastate.edu
http://tkhira.user.iastate.edu
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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
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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:
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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).
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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.
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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
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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,
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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,
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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
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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,
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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
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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
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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.
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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.
(To read the complete paper, visit www.nefe.org/quartercenturyproject.)
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,
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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
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(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
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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.
(To read the complete paper, visit www.nefe.org/quartercenturyproject.)
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
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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
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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,
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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.
(To read the complete paper, visit www.nefe.org/quartercenturyproject.)
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
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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.
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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
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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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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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.
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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.
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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.
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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,
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THE NEFE QUARTER CENTURY PROJECT
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.
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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.
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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.
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THE NEFE QUARTER CENTURY PROJECT
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
Theme 2 Team Members
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
Theme 3 Team Members
John Tatom, Networks Financial Institute, Indiana University
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THE NEFE QUARTER CENTURY PROJECT
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)
Theme 4 Team Members
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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
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THE NEFE QUARTER CENTURY PROJECT
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.
Recommended