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 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.
| Verfasserangaben: | Annamaria Lusardi, Olivia S. MitchellORCiDGND, Vilsa Curto |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-256577 |
| Titel des übergeordneten Werkes (Deutsch): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2012,08 |
| Schriftenreihe (Bandnummer): | CFS working paper series (2012, 08) |
| Verlag: | CFS |
| Verlagsort: | Frankfurt am Main |
| Dokumentart: | Arbeitspapier |
| Sprache: | Englisch |
| Jahr der Fertigstellung: | 2012 |
| Jahr der Erstveröffentlichung: | 2012 |
| Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Datum der Freischaltung: | 15.08.2012 |
| Freies Schlagwort / Tag: | Financial Knowledge; Male and Female Differences; Older Population; Question Framing; Retirement Security |
| Ausgabe / Heft: | Version February 2012 |
| Seitenzahl: | 30 |
| HeBIS-PPN: | 348141319 |
| Institute: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
| DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Lizenz (Deutsch): |  Deutsches Urheberrecht |
