Cold Call
A podcast featuring faculty discussing cases they've written and the lessons they
impart.
Subscribe on iTunes

- 05 Jan 2021
- Cold Call Podcast
Using Behavioral Science to Improve Well-Being for Social Workers
For child and family social workers, coping with the hardships of children and parents is part of the job. But that can cause a lot of stress. Is it possible for financially constrained organizations to improve social workers’ well-being using non-cash rewards, recognition, and other strategies from behavioral science? Assistant Professor Ashley Whillans describes the experience of Chief Executive Michael Sanders’ at the UK’s What Works Centre for Children’s Social Care, as he led a research program aimed at improving the morale of social workers in her case, “The What Works Centre: Using Behavioral Science to Improve Social Worker Well-being.” Open for comment; 0 Comment(s) posted.
Smart Money: The Effect of Education, Cognitive Ability, and Financial Literacy on Financial Market Participation
(Previously titled "If You Are So Smart, Why Aren't You Rich? The Effects of Education, Financial Literacy and Cognitive Ability on Financial Market Participation.") Individuals face an increasingly complex menu of financial product choices. The shift from defined benefit to defined contribution pension plans, and the growing importance of private retirement accounts, require individuals to choose the amount they save, as well as the mix of assets in which they invest. Yet, participation in financial markets is far from universal in the United States. Moreover, researchers have only a limited understanding of what factors cause participation. Cole and Shastry use a very large dataset new to the literature in order to study the important determinants of financial market participation. They find that higher levels of education and cognitive ability cause increased participation—however, financial literacy education does not. Key concepts include: The relationship between education and savings is difficult to measure, because both are affected by many factors (motivation, ability, etc.). This paper documents an important causal relationship between education and financial market participation. A set of financial literacy education programs, mandated by state governments, did not have an effect on individual savings decisions. It is imperative to conduct rigorous evaluations of financial literacy education programs to measure their efficacy. Closed for comment; 0 Comment(s) posted.