Three essays on financial education and financial literacy

Each dissertation essay looks at financial education or financial literacy together with the financial decisions individuals make. After applying controls for income, age, and other demographical factors the first study looks at the timing and frequency of financial education and three positive financial behaviors. The second study looks at financial literacy and the level of financial planning individuals use, ranging from ‘no plan’ to using a ‘comprehensive’ plan. In the third essay we look at financial literacy and the discomfort retirees experience when they face declines in the retirement portfolio balance. We provide new insights into the relationships between financial education and financial literacy and the decisions individuals make regarding financial behaviors, levels of financial planning and feelings of discomfort with retirement portfolio balance declines.