Five steps to planning success: experimental evidence from US households

摘要: While financial knowledge has been linked to improved behaviour, there is lit - tle consensus on the value of education, in part because rigorous evaluation various programmes yielded mixed results. However, given heterogeneity education pro grammes literature, focusing 'generic' can be inappropriate and even mis leading. Lusardi (2009) others argue that pedagogy delivery matter significantly. In this paper, we design field a low-cost, easily-replicable programme called 'Five Steps', covering five basic planning concepts relate retirement. We conduct experiment evaluate overall impact Five Steps probability sample American population. different treatment arms, quantify relative delivering through video narrative formats. Our results show short videos narratives (each takes about 3 minutes) have sizeable short-run effects objective measures respondent knowledge. Moreover, keeping informational content relatively constant, format significant other psychological levers behavioural change: self-efficacy are significantly higher when used, which ultimately influences acquisition. Follow-up tests respondents' approximately 8 months after interventions suggest between one-quarter one-third gain one-fifth persist. Thus, simple both run medium run.