学术界和政策制定者希望通过金融教育提升金融素养，改善家庭和社会福利。金融教育在英文文献中已有非常丰富的研究，但尚未引起中文文献的足够重视。本文系统回顾了发表于权威英文学术期刊的随机控制实验和准实验金融教育文献，并结合关于金融素养的理论和实证研究，探讨金融教育的有效性及其影响因素。本文发现，学术文献虽然有一定分歧，但总体上认为金融教育显著提升金融素养，改善储蓄、借贷、保险、退休计划等金融行为，有助于家庭财富积累；教育时点、内容、方式是影响金融教育效果的重要因素。早期的金融教育和金融决策对财富积累具有持续性的影响；数学训练可以改善认知水平，是金融教育的基础；持续和个性化教育、支持和激励有助于可持续的行为变化。基于实验和准实验证据，本文提出改善金融教育的政策建议，并讨论了进一步研究方向。

This paper provides the first piece of empirical evidence regarding the impact of health cost risk on individuals' annuitization decisions. We find that health cost risk increases the probability of individuals' pension participation but decreases the amount of pension contributions. We show that the substitution effect of informal insurance on pensions leads to these seemingly contradictory results. The impact of health cost risk on pension participation and contributions is negative and consistent with the mainstream theory after accounting for the effect of informal insurance. The substitution effect of informal insurance on pensions is stronger, and thus mitigates the impact of health cost risk more pronounced for households that have better-educated children, lower incomes, and more informal social networks and in regions that have a higher male–female ratio, that have higher mobility, or are less developed; but this substitution effect does not differ depending on their children's gender. This study improves our understanding of the relationship between health cost risk and individuals' annuitization decisions as well as the role of informal insurance in this relationship.