The effects of financial education in the workplace: Evidence from a survey of employers

We examine the effects of education on financial decision-making skills by identifying an interesting source of variation in pertinent training. During the 1990s, an increasing number of individuals were exposed to programs of financial education provided by their employers. If, as some have argued, low saving frequently results from a failure to appreciate economic vulnerabilities, then education of this form could prove to have a powerful effect on behavior. The current article undertakes an analysis of these programs using a previously unexploited survey of employers. We find that both participation in and contributions to voluntary savings plans are significantly higher when employers offer retirement seminars. The effect is typically much stronger for nonhighly compensated employees than for highly compensated employees. The frequency of seminars emerges as a particularly important correlate of behavior. We are unable to detect any effects of written materials, such as newsletters and summary plan descriptions, regardless of frequency. We also present evidence on other determinants of plan activity. © 2008 Western Economic Association International.

The Diary of Mary McKeon, an Irish American Domestic Servant in Nineteenth Century America

What did young, single, unaccompanied Irish women experience when immigrating to the United States in the late nineteenth century? In this final project, I will explore primary and secondary sources that address their experiences, focusing on a diary written in 1883 by a young Irish domestic servant working in New Haven, Connecticut. Mary McKeon, a sixteen-year-old girl from County Leitrim, Ireland, recorded her experiences as a domestic servant for two different families, as well as her own personal thoughts. Mary wrote down her personal experiences, providing a glimpse of what her life was like both inside and outside of her employer’s home. Though much of my research will show that many young women like Mary would be subjected to prejudice and discrimination due to their lack of understanding middle-class American values, which would give rise to the “Bridget” stereotype of a brutish, ill-mannered and incompetent domestic servant, not all Irish women experienced that discrimination and prejudice. Mary is one example of a domestic servant that was treated kindly by her employers and her story documents a more positive and supportive environment for this newly arrived young, single immigrant. Her diary also reveals her to be a young woman who worked to improve her language skills and her situation. And, through her diary, we get a glimpse of her strategies for ensuring an active social life, including access to courtship and marriage. By analyzing Mary’s diary and sharing my results in this final project, I hope to provide a more comprehensive view into the lives of these young women.