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.
| Author: | Annamaria Lusardi, Olivia S. MitchellORCiDGND, Vilsa Curto |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-256577 |
| Parent Title (German): | Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2012,08 |
| Series (Serial Number): | CFS working paper series (2012, 08) |
| Publisher: | CFS |
| Place of publication: | Frankfurt am Main |
| Document Type: | Working Paper |
| Language: | English |
| Year of Completion: | 2012 |
| Year of first Publication: | 2012 |
| Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Release Date: | 2012/08/15 |
| Tag: | Financial Knowledge; Male and Female Differences; Older Population; Question Framing; Retirement Security |
| Issue: | Version February 2012 |
| Page Number: | 30 |
| HeBIS-PPN: | 348141319 |
| Institutes: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Licence (German): |  Deutsches Urheberrecht |
