Financial sophistication in the older population

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 
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 grasp of asset pricing, risk diversification, portfolio choice, and investment fees. Subpopulations with particular deficits include women, the least educated, persons over the age of 75, and non-Whites. In view of the fact that people are increasingly being asked to take on responsibility for their own retirement security, such lack of knowledge can have serious implications.
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Metadaten
Author:Annamaria Lusardi, Olivia S. Mitchell, Vilsa Curto
URN:urn:nbn:de:hebis:30:3-256577
Parent Title (German):Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2012,08
Series (Serial Number):CFS working paper series (2012, 08)
Publisher:CFS
Place of publication:Frankfurt am Main
Document Type:Working Paper
Language:English
Year of Completion:2012
Year of first Publication:2012
Publishing Institution:Univ.-Bibliothek Frankfurt am Main
Release Date:2012/08/15
Tag:Financial Knowledge; Male and Female Differences; Older Population; Question Framing; Retirement Security
Issue:Version February 2012
Pagenumber:30
Institutes:Center for Financial Studies (CFS)
Dewey Decimal Classification:330 Wirtschaft
JEL-Classification:D91 Intertemporal Consumer Choice; Life Cycle Models and Saving
G11 Portfolio Choice; Investment Decisions
Sammlungen:Universitätspublikationen
Licence (German):License Logo Veröffentlichungsvertrag für Publikationen

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