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How ordinary consumers make complex economic decisions: Financial literacy and retirement readiness

Lusardi, Annamaria; Mitchell, Olivia S. - 2010

This paper explores who is financially literate, whether people accurately perceive their own economic decision-making skills, and where these skills come from. Self-assessed and objective measures of financial literacy can be linked to consumers' efforts to plan for retirement in the American...

Persistent link: https://www.econbiz.de/10010303685

The Role of Permanent Income and Demographics in Black/White Differences in Wealth

Altonji, Joseph G.; Doraszelski, Ulrich - 2000

black wealth models. Our analysis of growth models of wealth suggests that differences in savings behavior and/or rates of …

Persistent link: https://www.econbiz.de/10010369199

Precautionary savings and the importance of business owners

Hurst, Erik; Kennickell, Arthur; Lusardi, Annamaria; … - 2006

business owners and non-business owners the size of precautionary savings with respect to labor income risk is modest and … artificially high estimate of the importance of precautionary savings. Data from the Survey of Consumer Finances further confirms … that precautionary savings account for less than ten percent of total wealth for both business owners and non …

Persistent link: https://www.econbiz.de/10010298330

Financial literacy: An essential tool for informed consumer choice?

Lusardi, Annamaria - 2008

Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper demonstrates widespread financial illiteracy...

Persistent link: https://www.econbiz.de/10010298402

Income inequality and saving

Alvarez-Cuadrado, Francisco; el Attar, Mayssun - 2012

Over the last three decades, average income for the bottom half of the US distribution increased by 8% while their average saving rate decreased by eight percentage points. Over the same period the US experienced a substantial increase in inequality and a continuous decrease in the aggregate...

Persistent link: https://www.econbiz.de/10010291404

Testing for convergence in stock markets: a non-linear factor approach

Caporale, Guglielmo Maria; Erdogan, Burcu; Kuzin, … - 2009

This paper applies the Phillips and Sul (2007) method to test for convergence in stock returns to an extensive dataset including monthly stock price indices for five EU countries (Germany, France, the Netherlands, Ireland and the UK) as well as the US over the period 1973-2008. We carry out the...

Persistent link: https://www.econbiz.de/10010274513

Testing for convergence in stock markets : a non-linear factor approach

Caporale, Guglielmo Maria; Erdogan, Burcu; Kuzin, … - 2009

Persistent link: https://www.econbiz.de/10010274514

The impact of individual investment behavior for retirement welfare: evidence from the United States and Germany

Post, Thomas; Gründl, Helmut; Schmit, Joan; Zimmer, Anja - 2008

Much of the industrialized world is undergoing a significant demographic shift, placing strain on public pension systems. Policymakers are responding with pension system reforms that put more weight on privately managed retirement funds. One concern with these changes is the effect on individual...

Persistent link: https://www.econbiz.de/10010263734

Entry costs and stock market participation over the life cycle

Alan, Sule - 2005

Several explanations for the observed limited stock market participation have been offered in the literature. One of the most promising one is the presence of market frictions mostly in the form of fixed entry and/or transaction costs. Empirical studies strongly point to a significant structural...

Persistent link: https://www.econbiz.de/10010293050

The disappearing gender gap: The impact of divorce, wages, and preferences on education choices and women's work

Fernández, Raquel; Wong, Joyce Cheng - 2011

Women born in 1935 went to college significantly less than their male counterparts and married women's labor force participation (LFP) averaged 40% between the ages of thirty and forty. The cohort born twenty years later behaved very differently. The education gender gap was eliminated and...

Persistent link: https://www.econbiz.de/10010286870