Financial literacy and retirement planning: new evidence from the Rand American Life Panel
- The present paper introduces a new dataset, the Rand American Life Panel (ALP), which offers several appealing features for an analysis of financial literacy and retirement planning. It allows us to evaluate financial knowledge during workers’ prime earning years when they are making key financial decisions, and it offers detailed financial literacy and retirement planning questions, permitting a finer assessment of respondents’ financial literacy than heretofore feasible. We can also compare respondents’ self-assessed financial knowledge levels with objective measures of financial literacy, and most valuably, we can investigate prior financial training which permits us to identify key causal links. By every measure, and in every sample we examine, financial literacy proves to be a key determinant of retirement planning. We also find that respondent literacy is higher when they were exposed to economics in school and to company-based financial education programs. JEL Classification: D91
Author: | Annamaria Lusardi, Olivia S. MitchellORCiDGND |
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URN: | urn:nbn:de:hebis:30-51363 |
Parent Title (German): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2007,33 |
Series (Serial Number): | CFS working paper series (2007, 33) |
Document Type: | Working Paper |
Language: | English |
Year of Completion: | 2007 |
Year of first Publication: | 2007 |
Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
Release Date: | 2007/11/24 |
Tag: | Financial Education; Financial Literacy; Retirement Planning |
Issue: | October 2007 |
Page Number: | 35 |
HeBIS-PPN: | 194778223 |
Institutes: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
Licence (German): | Deutsches Urheberrecht |