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How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors
Hastings, Justine S. - 2011
Two competing explanations for why consumers have trouble with financial decisions are gaining momentum. One is that people are financially illiterate since they lack understanding of simple economic concepts and cannot carry out computations such as computing compound interest, which could...
Persistent link: https://www.econbiz.de/10013130966
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The Role of Financial Literacy in Determining Retirement Plans
Clark, Robert L. - 2010
Workers nearing retirement face many important, and often irreversible, choices. We collected detailed demographic and financial literacy data on over 1,500 workers nearing retirement at three large companies to assess how individuals are planning for retirement. Many respondents display limited...
Persistent link: https://www.econbiz.de/10013134999
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Financial Knowledge and Financial Literacy at the Household Level
Gustman, Alan L. - 2010
of findings. First, the more valuable the pension, the more knowledgeable are covered workers about their pensions. We … suggest that causality is more likely to run from pension wealth to pension knowledge, rather than the other way around …. Second, most measures of cognitive ability, including numeracy, are not significant determinants of pension and Social …
Persistent link: https://www.econbiz.de/10013136556
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Financial Literacy, Schooling, and Wealth Accumulation
Behrman, Jere - 2010
Financial literacy and schooling attainment have been linked to household wealth accumulation. Yet prior findings may be biased due to noisy measures of financial literacy and schooling, as well as unobserved factors such as ability, intelligence, and motivation that could enhance financial...
Persistent link: https://www.econbiz.de/10013137029
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What Does Financial Literacy Training Teach Us?
Carlin, Bruce I. - 2010
This paper uses a quasi natural experiment to explore how financial education changes savings, investment, and consumer behavior. We use data from a Junior Achievement Finance Park to measure the effect of a financial literacy program on students who are assigned fictitious life situations and...
Persistent link: https://www.econbiz.de/10013139151
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Household Stock Market Beliefs and Learning
Kezdi, Gabor - 2011
defined benefit pension plans, for example, possess beliefs that are considerably closer to what historical time series would …
Persistent link: https://www.econbiz.de/10013118132
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Financial Literacy, Retirement Planning, and Household Wealth
van Rooij, Maarten - 2011
There is ample empirical evidence documenting widespread financial illiteracy and limited pension knowledge. At the …
Persistent link: https://www.econbiz.de/10013121050
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Financial Literacy and Retirement Planning in Germany
Bucher-Koenen, Tabea - 2011
We examine financial literacy in Germany using data from the SAVE survey. We find that knowledge of basic financial concepts is lacking among women, the less educated, and those living in East Germany. In particular, those with low education and low income in East Germany have little financial...
Persistent link: https://www.econbiz.de/10013123985
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Americans' Financial Capability
Lusardi, Annamaria - 2011
This paper examines Americans' financial capability, using data from a new survey. Financial capability is measured in terms of how well people make ends meet, plan ahead, choose and manage financial products, and possess the skills and knowledge to make financial decisions. The findings...
Persistent link: https://www.econbiz.de/10013124201
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Financial Literacy and Retirement Planning in the United States
Lusardi, Annamaria - 2011
We examine financial literacy in the United States using the new National Financial Capability Study, wherein we demonstrate that financial literacy is particularly low among the young, women, and the less-educated. Moreover, Hispanics and African-Americans score the least well on financial...
Persistent link: https://www.econbiz.de/10013124228