Many employers have tried to educate their employees to make better decisions or supplied tools to help them improve their choices. The empirical evidence does not suggest that these methods are, in and of themselves, adequate solutions to the problems. The same large employer discussed above that offered its employees the chance to switch from a defined benefit to a defined contribution plan offered its employees a financial education program free of charge. The employer measured the effectiveness of this education by administering a before-and-after test of financial literacy. The quiz used a True/False format, so random answers would receive,.
