Financial literarcy and retirement preparedness: evidence and implications for financial education programs

  • Economists are beginning to investigate the causes and consequences of financial illiteracy to better understand why retirement planning is lacking and why so many households arrive close to retirement with little or no wealth. Our review reveals that many households are unfamiliar with even the most basic economic concepts needed to make saving and investment decisions. Such financial illiteracy is widespread: the young and older people in the United States and other countries appear woefully under-informed about basic financial concepts, with serious implications for saving, retirement planning, mortgages, and other decisions. In response, governments and several nonprofit organizations have undertaken initiatives to enhance financial literacy. The experience of other countries, including a saving campaign in Japan as well as the Swedish pension privatization program, offers insights into possible roles for financial literacy and saving programs. JEL Classification: D80, D91, G11

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Metadaten
Author:Annamaria Lusardi, Olivia S. MitchellORCiDGND
URN:urn:nbn:de:hebis:30-38250
Parent Title (German):Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2007,15
Series (Serial Number):CFS working paper series (2007, 15)
Document Type:Working Paper
Language:English
Year of Completion:2007
Year of first Publication:2007
Publishing Institution:Universit├Ątsbibliothek Johann Christian Senckenberg
Release Date:2007/02/23
Tag:Financial Decisionmaking; Financial and Economics Knowledge; Retirement Seminars
GND Keyword:Haushalt; Ruhestand; Finanzplanung
Issue:January 2007
Page Number:28
HeBIS-PPN:190112042
Institutes:Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS)
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Licence (German):License LogoDeutsches Urheberrecht