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Financial Literacy, Retirement Planning, and Household Wealth
van Rooij, Maarten - 2011
savings plan has been shown to boost wealth. Overall, financial literacy, both directly and indirectly, is found to have a …
Persistent link: https://www.econbiz.de/10013119479
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Financial Literacy, Retirement Planning, and Household Wealth
van Rooij, Maarten - 2011
savings plan has been shown to boost wealth. Overall, financial literacy, both directly and indirectly, is found to have a …
Persistent link: https://www.econbiz.de/10013120915
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Confidence, Financial Literacy and Investment in Risky Assets : Evidence from the Survey of Consumer Finances
Cupák, Andrej - 2020
We employ recent Survey of Consumer Finances (SCF) microdata from the US to analyze the impacts of confidence in one's own financial knowledge, confidence in the economy, and objective financial literacy on investment in risky financial assets (equity and bonds) on both the extensive and...
Persistent link: https://www.econbiz.de/10012834179
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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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Household's overindebtedness during the COVID-19 crisis : the role of debt and financial literacy
Kurowski, Łukasz - In: Risks : open access journal 9 (2021) 4, pp. 1-19
The COVID-19 pandemic has shown how important it is to prepare one's own financial budget for the unexpected loss of income. In this dimension, the financial education of the society plays an invaluable role. It allows us to account for events that may adversely affect personal finances in our...
Persistent link: https://www.econbiz.de/10012508620
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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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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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Knowing what not to do : financial literacy and consumer credit choices ; conference paper
Dick, Christian D.; Jaroszek, Lena M. - 2014
We analyze whether the frequent use of credit lines is rational or influenced by behavioral traits of households. We consider the special case of Germany where credit lines on current accounts are available to 80% of the population. We document that the excessive usage of costly credit lines is...
Persistent link: https://www.econbiz.de/10010484414
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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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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