How ordinary consumers make complex economic decisions: financial literacy and retirement readiness
This paper explores who is financially literate, whether people accurately perceive their own economic decision-making skills, and where these skills come from. Self-assessed and objective measures of financial literacy can be linked to consumers’ efforts to plan for retirement in the American Life Panel, and causal relationships with retirement planning examined by exploiting information about respondent financial knowledge acquired in school. Results show that those with more advanced financial knowledge are those more likely to be retirement-ready. JEL Classification: D91 Keywords: Financial Knowledge, Financial Sophistication, Retirement Planning
| Author: | Annamaria Lusardi, Olivia S. Mitchell |
|---|---|
| URN: | urn:nbn:de:hebis:30-78630 |
| Series (Serial Number) | CFS working paper series (2010, 11) |
| Document Type: | Working Paper |
| Language: | English |
| Date of Publication (online): | 19.08.2010 |
| Year of first Publication: | 2010 |
| Publishing Institution: | Univ.-Bibliothek Frankfurt am Main |
| Tag: | Financial Knowledge ; Financial Sophistication ; Retirement Planning |
| HeBIS PPN: | 226435482 |
| Institutes: | Center for Financial Studies (CFS) |
| Dewey Decimal Classification: | 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Licence (German): |  Veröffentlichungsvertrag für Publikationen ohne Print on Demand |
