Using data from the 2013 Survey of Consumer Finances, the current study evaluates the potential effect of using financial planners on household portfolio performance, which was measured by Sharpe Ratio. Results revealed that households that reported using financial planners demonstrated better...

In this study, we employ the 2001-2013 Survey of Consumer Finances to examine how prior investment outcomes affect portfolio allocation in defined contribution (DC) plans. Results show that investors with prior gains are more likely to invest all DC plan assets in stocks. Factors such as risk...

We extend previous studies of retirement adequacy by testing the effect of financial sophistication on projected retirement adequacy. In an analysis of the 2010 Survey of Consumer Finances (SCF) dataset, we found that only 42% of households are adequately prepared for retirement compared to 58%...

The current study investigates the impact of substantial economic fluctuations on household portfolios and analyzes how the fluctuations influence households' propensities to meet the capital accumulation ratio threshold of 25%. The 1992 to 2007 Survey of Consumer Finances datasets were analyzed...

Cryptocurrency has been increasingly popular with investors in US financial market. Using the 2018 National Financial Capability Study Investor survey, this study examined the association between investment literacy and cryptocurrency investment. About 13% of investors invested in cryptocurrency...

Using a sample of 1,215 US retail investors, we provide evidence on the effect of investment literacy and of investment literacy overconfidence on the likelihood of purchasing securities on margin, and also, among those who had purchased securities on margin, the likelihood of experiencing a...