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Predicting retirement savings using survey measures of exponential-growth bias and present bias
Goda, Gopi Shah; Levy, Matthew; Flaherty Manchester, … - 2018
In a nationally-representative sample, we predict retirement savings using survey-based elicitations of exponential … present over the future, are highly significant and economically meaningful predictors of retirement savings. These … calculations suggest that eliminating EGB and PB would increase retirement savings by approximately 12 percent. …
Persistent link: https://www.econbiz.de/10011902764
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Financial literacy, economic preferences, and adolescents' field behavior
Razen, Michael; Huber, Jürgen; Hueber, Laura; … - 2020
Financial literacy and economic preferences are considered to be important drivers of health, income, and general well-being. In this paper we bridge the gap between studies on financial literacy and research on economic preferences by how they interplay with each other and the field behavior of...
Persistent link: https://www.econbiz.de/10012203420
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Digital finance and financial literacy: an empirical investigation of Chinese households
Yang, Junhong; Wu, Yu; Huang, Bihong - 2020
Using the 2015 and 2017 waves of the China Household Finance Survey (CHFS), we measured financial literacy and study its relationship to households' demand for digital finance. We found that a majority of households in the People's Republic of China possess limited financial literacy. The low...
Persistent link: https://www.econbiz.de/10012403880
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Financial literacy and intertemporal arbitrage
Oberrauch, Luis; Kaiser, Tim - 2020
We study the role of financial literacy for inter-temporal decision-making using an adapted version of the Convex Time Budget Protocol (Andreoni and Sprenger 2012). While we find no evidence of dynamically inconsistent preferences in the aggregate, we document substantial heterogeneity in...
Persistent link: https://www.econbiz.de/10012308896
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Credit counseling : a substitute for consumer financial literacy?
Disney, Richard; Gathergood, John; Weber, Jörg - 2014
Is financial literacy a substitute or complement for financial advice? In this paper we analyze the decision by consumers to seek financial advice in the form of credit counseling concerning their credit and debt. Credit counseling is an important component of the consumer credit sector for...
Persistent link: https://www.econbiz.de/10010429152
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It Takes Two to Tango : Households' Response to Financial Advice and the Role of Financial Literacy
Stolper, Oscar Anselm - 2017
Using a unique dataset of over 6,000 clients of a German advisory firm who have received rule-based financial advice on basic retirement provision and the insurance of major life risks, we investigate households' response to advice when the risk of product misselling is effectively minimized....
Persistent link: https://www.econbiz.de/10012970878
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Financial literacy and mutual fund retail investing : evidence from Korea during the 2008 financial crisis
Chung, Jongwoo; Kim, Booyuel - 2022
We investigate the heterogeneous effects of financial literacy on individual investment decisions during and after the 2008 financial crisis. While differentiating objective and subjective financial knowledge, we find that only subjective knowledge is positively related to participation in...
Persistent link: https://www.econbiz.de/10013198206
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Actual and perceived financial sophistication and wealth accumulation : the role of education and gender
Bannier, Christina E.; Neubert, Milena - 2016
This study examines the role of actual and perceived financial sophistication (i.e., financial literacy and confidence) for individuals' wealth accumulation. Using survey data from the German SAVE initiative, we find strong gender- and education-related differences in the distribution of the two...
Persistent link: https://www.econbiz.de/10011417255
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Financial literacy and financial behavior : evidence from the emerging Asian middle class
Grohmann, Antonia - 2017 - This version: November, 2017
countries, but understanding of more advanced financial concepts is lower. Similarly, savings accounts are held by most people …
Persistent link: https://www.econbiz.de/10011755401
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Financial Literacy and Pension Plan Participation in Italy
Fornero, Elsa - 2011
By requiring individuals to decide whether to participate in (newly established) pension funds, how much to contribute and how to invest their retirement wealth, pension reforms have raised concerns about the ability of households to deal with financial decisions. Using the Bank of Italy's...
Persistent link: https://www.econbiz.de/10013127003