This paper studies the factors that determine the financial literacy level of the Portuguese individual investors and explores the relation between financial literacy and financial behavior, particularly portfolio diversification. Our results suggest that the average financial literacy level of...

This paper contributes for an initial study on the empirical determinants of the portfolio allocation of retirement savings in Brazil. To this end, the work makes use of a database with disaggregated data on the allocation profile of employees participating in the closed pension fund of a major...