TY  - UNPD
A1  - Deuflhard, Florian
A1  - Georgarakos, Dimitris
A1  - Inderst, Roman
T1  - Financial literacy and savings account returns
T2  - Working paper series / Institute for Monetary and Financial Stability ; 88
N2  - Savings accounts are owned by most households, but little is known about the performance of households’ investments. We create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data on account-specific interest rates and characteristics. We document considerable heterogeneity in returns across households, which can be partly explained by financial sophistication. A one-standard deviation increase in financial literacy is associated with a 13% increase compared to the median interest rate. We isolate the usage of modern technology (online accounts) as one channel through which financial literacy has a positive association with returns.
T3  - Working paper series / Institute for Monetary and Financial Stability - 88 
KW  - financial literacy
KW  - savings accounts
KW  - interest rates
KW  - household finance
Y1  - 2015
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/37480
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-374802
UR  - http://www.imfs-frankfurt.de/fileadmin/user_upload/IMFS_WP/IMFS_WP_88_Inderst.pdf
IS  - January 2014
PB  - Johann Wolfgang Goethe-Univ., Inst. for Monetary and Financial Stability
CY  - Frankfurt am Main
ER  -