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Financial Education for Long-term Savings and Investments: Review of Research and Literature


  • Adele Atkinson


  • Flore-Anne Messy


  • Lila Rabinovich

    (RAND Corporation)

  • Joanne Yoong

    (RAND Corporation)


Long-term savings and investments (LTSI) by individuals enhances their financial security while also supporting growth and financial development. Evidence shows that financial knowledge and skills are positively related to LTSI behaviour, and indicates a strong correlation between levels of financial literacy and retirement wealth accumulation. However, both the quantity and quality of LTSI are often worryingly low, pointing to an important role for financial education to increase levels of financial literacy and thus improve LTSI among individuals. Evaluations of various types of financial education aimed at increasing LTSI have identified some promising results. Initial findings suggest the need for additional, targeted evaluation of education programmes to compare the effects of different delivery channels and the intensity of provision in order to identify optimal approaches. More detailed research is also important to fully understand why some evaluations indicate mixed outcomes from certain programmes.

Suggested Citation

  • Adele Atkinson & Flore-Anne Messy & Lila Rabinovich & Joanne Yoong, 2015. "Financial Education for Long-term Savings and Investments: Review of Research and Literature," OECD Working Papers on Finance, Insurance and Private Pensions 39, OECD Publishing.
  • Handle: RePEc:oec:dafaad:39-en
    DOI: 10.1787/5jrtgzfl6g9w-en

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    More about this item


    financial education; long-term investing; saving;

    JEL classification:

    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education

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