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46 San Diego L. Rev. 415 (2009)
Evidence and Ideology in Assessing the Effectiveness of Financial Literacy Education

handle is hein.journals/sanlr46 and id is 419 raw text is: Evidence and Ideology in Assessing the Effectiveness of Financial Literacy Education LAUREN E. WILLIS* TABLE OF CONTENTS I. FINANCIAL LITERACY EDUCATION AS FINANCIAL REGULATION ......................... 416 II. THE IMPLICIT MODEL OF EFFECTIVE FINANCIAL LITERA CY EDUCATION ....................................................................................... 421 III. THE LIMITS OF EXISTING RESEARCH ON FINANCIAL LITERA CY EDUCATION ....................................................................................... 424 A . D ata R eliability Issues ............................................................................. 425 1. Self-R ep orts ...................................................................................... 425 2. Unrepresentative Samples ................................................................ 429 3. Barriers to Better Data Collection Methods ..................................... 430 B. Research D esign Issues ........................................................................... 432 1. C onfounds ......................................................................................... 432 2. Inadequate C ontrols ......................................................................... 435 3. Barriers to Better Research Design .................................................. 438 C. M easurem ent Issues ................................................................................. 441 * Associate Professor of Law, Loyola Law School, Los Angeles (laurenwillis@ls.edu). Helpful comments from Michael Herron, Alan Natapoff, Doug Stenstrom, Estelle Young, and participants at the National Research Symposium on Financial Literacy and Education in Washington, D.C.; the 11 th International Conference on Consumer Law in Cape Town, South Africa; the 7th International Consumer Financial Services Conference in Brussels, Belgium; the Federal Reserve Bank of Cleveland's 2008 Policy Summit; and the 2008 Association of American Law Schools Annual Meeting in New York, New York, are gratefully acknowledged. Thanks also to Jonathan Alon and Scott Street for research assistance. All errors are the author's alone.

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