Reportgreen2009

Financial Literacy and Financial Sophistication Among Older Americans

Annamaria Lusardi · Olivia S. Mitchell · Vilsa E. Curto

76 citations0/0 files storedNational Bureau of Economic Research

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics Financial Literacy and Behavior

Abstract

This paper analyzes new data on financial literacy and financial sophistication from the 2008 Health and Retirement Study.We show that financial literacy is lacking among older individuals and for the first time explore additional questions on financial sophistication which proves even scarcer.For this sample of older respondents over the age of 55, we find that people lack even a rudimentary understanding of stock and bond prices, risk diversification, portfolio choice, and investment fees.In view of the fact that individuals are increasingly required to take on responsibility for their own retirement security, this lack of knowledge has serious implications.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 76 citations exist upstream.

References

2007Financial Literacy and Stock Market Participation 1991Investor Diversification and International Equity Markets 2006Household Finance 2007Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth 2003Household Financial Management: The Connection between Knowledge and Behavior 2007Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education 2008Planning and Financial Literacy: How Do Women Fare?2011Financial Literacy and Planning: Implications for Retirement Wellbeing

Cited by

2012Sinking, Swimming, or Learning to Swim in Medicare Part D 2012Can 'High Costs'' Justify Weak Demand for the Home Equity Conversion Mortgage?2011Old Age and the Decline in Financial Literacy 2011Optimal Financial Literacy and Saving for Retirement 2023The Importance of Financial Literacy: Opening a New Field 2011Aging and Strategic Learning: The Impact of Spousal Incentives on Financial Literacy

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.