TY  - UNPD
A1  - Lusardi, Annamaria
A1  - Mitchell, Olivia S.
A1  - Curto, Vilsa
T1  - Financial literacy among the young: evidence and implications for consumer policy
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2010,09
N2  - We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial literacy was strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings was about 45 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy. These findings have implications for consumer policy. JEL Classification: D91
T3  - CFS working paper series - 2010, 09 
KW  - Financial Knowledge
KW  - Peer Effects
KW  - Family Background
Y1  - 2010
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/7903
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-78626
ER  -