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Financial literacy around the world: an overview.

Authors :
LUSARDI, ANNAMARIA
MITCHELL, OLIVIA S.
Source :
Journal of Pension Economics & Finance; Oct2011, Vol. 10 Issue 4, p497-508, 12p
Publication Year :
2011

Abstract

In an increasingly risky and globalized marketplace, people must be able to make well-informed financial decisions. New international research demonstrates that financial illiteracy is widespread in both well-developed and rapidly changing markets. Women are less financially literate than men, the young and the old are less financially literate than the middle-aged, and more educated people are more financially knowledgeable. Most importantly, the financially literate are more likely to plan for retirement. Instrumental variables estimates show that the effects of financial literacy on retirement planning tend to be underestimated. In sum, around the world, financial literacy is critical to retirement security. [ABSTRACT FROM AUTHOR]

Details

Language :
English
ISSN :
14747472
Volume :
10
Issue :
4
Database :
Complementary Index
Journal :
Journal of Pension Economics & Finance
Publication Type :
Academic Journal
Accession number :
66555668
Full Text :
https://doi.org/10.1017/S1474747211000448