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The Smart Money is in Cash? Financial Literacy and Liquid Savings Among U.S. Families
Bhutta, Neil; Blair, Jacqueline; Dettling, Lisa J. - 2022
liquid savings. We find that financial literacy is strongly predictive of having three months of liquid savings, controlling … for income, income variability, and even parental resources. We also find that financial literacy predicts liquid savings … income. Finally, financial literacy is predictive of liquid savings even among high illiquid wealth households. This suggests …
Persistent link: https://www.econbiz.de/10013309614
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The Effects of Financial Literacy Overconfidence on the Mortgage Delinquency of US Households
Kim, Kyoung Tae - 2019
This study investigated the effect of objective and subjective financial literacy on mortgage payment delinquency using the 2015 National Financial Capability Study dataset. A hierarchical model showed a substantial negative effect of objective literacy on delinquency, but subjective literacy...
Persistent link: https://www.econbiz.de/10012897977
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Household debt and saving during the 2007 recession
Chakrabarti, Rajashri; Lee, Donghoon; Klaauw, Wilbert … - 2011
increase in saving - at least in 2009 - did not materialize through an increase in contributions to retirement and savings …
Persistent link: https://www.econbiz.de/10008935752
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Savings and wealth of the lifetime rich : evidence from the UK and US
Bozio, Antoine; Emmerson, Carl; O'Dea, Cormac; Tetlow, Gemma - 2013
Whether higher lifetime income households do save a larger share of their income is one of the longstanding empirical questions in economics that has been surprisingly difficult to answer. We use both consumption data and a new dataset containing both individual survey data on wealth holdings...
Persistent link: https://www.econbiz.de/10010222359
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Financial literacy and retirement planning: New evidence from the Rand American Life Panel
Lusardi, Annamaria; Mitchell, Olivia S. - 2007
The present paper introduces a new dataset, the Rand American Life Panel (ALP), which offers several appealing features for an analysis of financial literacy and retirement planning. It allows us to evaluate financial knowledge during workers' prime earning years when they are making key...
Persistent link: https://www.econbiz.de/10010298382
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Financial literacy: An essential tool for informed consumer choice?
Lusardi, Annamaria - 2008
Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper demonstrates widespread financial illiteracy...
Persistent link: https://www.econbiz.de/10010298402
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Selection into financial literacy programs : evidence from a field study
Meier, Stephan (contributor); Sprenger, Charles (contributor) - 2007
As financial literacy has been shown to correlate with good financial decisions, policymakers promote educational programs to improve individuals’ financial decisions. But who selects into educational programs and who acquires information about personal finance? This paper, in a field study...
Persistent link: https://www.econbiz.de/10003713629
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Financial sophistication in the older population
Lusardi, Annamaria; Mitchell, Olivia S.; Curto, Vilsa - 2012
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...
Persistent link: https://www.econbiz.de/10009572844
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Financial Literacy and High-Cost Borrowing in the United States
Lusardi, Annamaria - 2015
In this paper, we examine high-cost methods of borrowing in the United States, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own shops, and offer a portrait of borrowers who use these methods. Considering a representative sample of more than 26,000...
Persistent link: https://www.econbiz.de/10013025525
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Inflation expectations and behavior : do survey respondents act on their beliefs?
Armantier, Olivier; Bruine de Bruin, Wändi; Topa, Giorgio - 2011
We compare the inflation expectations reported by consumers in a survey with their behavior in a financially incentivized investment experiment designed such that future inflation affects payoffs. The inflation expectations survey is found to be informative in the sense that the beliefs reported...
Persistent link: https://www.econbiz.de/10009266720