Latest documents http://publikationen.ub.uni-frankfurt.de/index/index/ Wed, 15 Aug 2012 17:45:00 +0200 Wed, 15 Aug 2012 17:45:00 +0200 http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/25657 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. Annamaria Lusardi; Olivia S. Mitchell; Vilsa Curto workingpaper http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/25657 Wed, 15 Aug 2012 17:45:00 +0200