Essays on Financial Literacy and Financial Education
Adviser: William B. Walstad

While financial markets and products continue to become more complex, the burden of financial responsibility has shifted to individuals. Financial literacy is hence, a nonnegotiable skillset in the present day and age. Financial education programs, intended to prompt better financial practices among participants, have grown in relevance as the importance of financial literacy continues to be studied and realized. The focus of this research is to examine the effects of financial literacy or the effects of financial education in three novel topics—withdrawing from retirement accounts, seeking financial advice, and financial risk tolerance. With Defined Benefits plans now obsolete and replaced by Defined Contribution plans, retirement planning and saving for retirement have been studied in the context of financial literacy.