In this paper, we provide an analysis of financial literacy in Peru and Uruguay. We find that the knowledge of simple concepts at the basis of financial decision-making is low in both countries. Not only is financial illiteracy widespread, but it is particularly acute among women, rural...

"Murphy and Musalem conduct an empirical study of the effect of the accumulation of pension fund financial assets on national saving using a panel of 43 industrial and developing countries. The authors find evidence suggesting that the accumulation of pension fund financial assets might increase...

How do renters approaching retirement respond to their absence of housing equity? Traditional life cycle accumulation theory suggests compensation by increased investment in other asset classes. Behavioral “mental accounting” suggests that there may be no affect on investment in other asset...