Why is Financial Literacy Declining? The Role of Survey Delivery Method

Last registered on July 29, 2024
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Pre-Trial

Trial Information

General Information

Title
Why is Financial Literacy Declining? The Role of Survey Delivery Method
RCT ID
AEARCTR-0014002
Initial registration date
July 19, 2024

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
July 29, 2024, 4:33 PM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

Country
United States of America
Region

Primary Investigator

Name
Jeremy Burke
Affiliation
University of Southern California, Center for Economic and Social Research
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Other Primary Investigator(s)

PI Name
Carly Urban
PI Affiliation
Montana State University
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PI Name
Olivia Valdes
PI Affiliation
FINRA Investor Education Foundation
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Additional Trial Information

Status
In development
Start date
2024-07-24
End date
2024-09-18
Keywords
Finance & Microfinance
Additional Keywords
Financial Literacy, Survey Methodology
JEL code(s)
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
Recent survey evidence indicates a steady decline in U.S adults’ financial literacy over the past decade, in part due to a sharp increase in the selection of “don’t know” as a response choice. Are these trends driven by increased use of mobile phone data collection? Building on descriptive, within-individual evidence from a longitudinal panel showing a strong correlation between mobile phone survey completion and DK/incorrect responses, this project will conduct a randomized experiment to examine how survey delivery methods influence estimated financial knowledge, and how survey design can improve accurate assessment.
External Link(s)

Registration Citation

Citation
Burke, Jeremy, Carly Urban and Olivia Valdes. 2024. "Why is Financial Literacy Declining? The Role of Survey Delivery Method." AEA RCT Registry. July 29. https://doi.org/10.1257/rct.14002-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
Participants in a longitudinal survey panel will be randomized to complete a survey either using a smartphone or another web connected device.
Intervention Start Date
2024-07-24
Intervention End Date
2024-09-18

Primary Outcomes

Primary Outcomes (end points)
Measured financial literacy
Primary Outcomes (explanation)
Financial literacy will be measured using 5 questions from Lusardi and Mitchell (2014)

Secondary Outcomes

Secondary Outcomes (end points)
Survey attention, responses to general knowledge questions, reported survey distractions
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
Survey panelists will be randomized (with equal probability) to complete a survey either using a smartphone or another web connected device
Experimental Design Details
Randomization Method
Randomization done by a computer prior to survey administration
Randomization Unit
Individual
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
4000
Sample size: planned number of observations
4000
Sample size (or number of clusters) by treatment arms
2000
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
BRANY SBR IRB
IRB Approval Date
2023-12-11
IRB Approval Number
IRB00010793
Analysis Plan

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Post-Trial

Post Trial Information

Study Withdrawal

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Intervention

Is the intervention completed?
No
Data Collection Complete
Data Publication

Data Publication

Is public data available?
No

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials