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Working Paper
Financial education at the workplace: evidence from a survey of Federal Reserve Bank employees
There are a number of possible explanations for the seemingly irresponsible financial behavior of many Americans. In this paper we argue that an important explanation is simply ignorance: consumers often make poor financial decisions because they do not know how to make good ones. In particular, we stress that consumers may not realize the importance of saving for the future, and that they may not perceive the trouble they can bring upon themselves by incurring large amounts of unsecured debt. Using survey data from employees of the Federal Reserve Bank of Kansas City, we demonstrate that, at ...