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...

We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial...

When people exchange ideas, both truths and falsehoods can proliferate. We study the role of explanations for the spread of truths and falsehoods in 15 financial decision tasks. We pay participants to record the reasoning behind each of their answers, providing over 6,900 unique verbal...

Recent and ongoing advancements in the field of ICT have led to the introduction of increasingly diversified financial products, and their use is improving people's level of financial knowledge and skills. This article aims at assessing the effect of Fintech on the level of financial literacy of...

This paper examines data on financial sophistication among the U.S. older population, using a special-purpose module implemented in the Health and Retirement Study. We show that financial sophistication is deficient for older respondents (aged 55+). Specifically, many in this group lack a basic...