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Financial literacy around the world: an overview

  • ANNAMARIA LUSARDI (a1) and OLIVIA S. MITCHELL (a2)
Abstract
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.

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This list contains references from the content that can be linked to their source. For a full set of references and notes please see the PDF or HTML where available.

Adele Atkinson , Stephen McKay , Elaine Kempson , and Sharon Collard (2007) Levels of financial capability in the UK: results of a baseline survey. Public Money & Management, 27(1): 2936.

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Annamaria Lusardi and Jason Beeler (2007) Saving between cohorts: the role of planning. In B. Madrian , O. Mitchell and B. Soldo (eds), Redefining Retirement: How Will Boomers Fare? Oxford: Oxford University Press. pp. 271295.

Annamaria Lusardi and Olivia S. Mitchell (2007 a) Baby boomer retirement security: the role of planning, financial literacy, and housing wealth. Journal of Monetary Economics, 54: 205224.

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Annamaria Lusardi and Olivia S. Mitchell (2008 a) Planning and financial literacy. How do women fare? American Economic Review, 98(2): 413417.

Annamaria Lusardi and Olivia S. Mitchell (2011) Financial literacy and planning: implications for retirement wellbeing. In A. Lusardi and O. S. Mitchell (eds), Financial Literacy: Implications for Retirement Security and the Financial Marketplace. Oxford: Oxford University Press. Forthcoming.

Annamaria Lusardi , Olivia S. Mitchell , and Vilsa Curto (2010) Financial literacy among the young. Journal of Consumer Affairs, 44(2):358380.

Maarten van Rooij , Annamaria Lusardi , and Rob Alessie (2011) Financial literacy and stock market participation. Journal of Financial Economics, 101(2):449472.

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Journal of Pension Economics & Finance
  • ISSN: 1474-7472
  • EISSN: 1475-3022
  • URL: /core/journals/journal-of-pension-economics-and-finance
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