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.

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Metadaten
Author:Annamaria Lusardi, Olivia S. MitchellORCiDGND
URN:urn:nbn:de:hebis:30-78630
Parent Title (German):Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2010,11
Series (Serial Number):CFS working paper series (2010, 11)
Document Type:Working Paper
Language:English
Year of Completion:2010
Year of first Publication:2010
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2010/08/19
Tag:Financial Knowledge; Financial Sophistication; Retirement Planning
GND Keyword:Finanzplanung; Kenntnis; Ruhestand
HeBIS-PPN:226435482
Institutes:Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Sammlungen:Universitätspublikationen
Licence (German):License LogoDeutsches Urheberrecht