TY  - UNPD
A1  - Lusardi, Annamaria
A1  - Mitchell, Olivia S.
T1  - Financial literacy and retirement planning: new evidence from the Rand American Life Panel
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2007,33
N2  - 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 financial decisions, and it offers detailed financial literacy and retirement planning questions, permitting a finer assessment of respondents’ financial literacy than heretofore feasible. We can also compare respondents’ self-assessed financial knowledge levels with objective measures of financial literacy, and most valuably, we can investigate prior financial training which permits us to identify key causal links. By every measure, and in every sample we examine, financial literacy proves to be a key determinant of retirement planning. We also find that respondent literacy is higher when they were exposed to economics in school and to company-based financial education programs. JEL Classification: D91
T3  - CFS working paper series - 2007, 33 
KW  - Financial Literacy
KW  - Retirement Planning
KW  - Financial Education
Y1  - 2007
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3508
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-51363
IS  - October 2007
ER  -