Financial literacy around the world: an overview

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 y...

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Bibliographic Details
Published inJournal of pension economics & finance Vol. 10; no. 4; pp. 497 - 508
Main Authors LUSARDI, ANNAMARIA, MITCHELL, OLIVIA S.
Format Journal Article
LanguageEnglish
Published Cambridge, UK Cambridge University Press 01.10.2011
Subjects
Data collection
Decision making
Diversification
Financial literacy
Impact analysis
Interest rates
Knowledge
Life expectancy
Longitudinal studies
Pensions
Polls & surveys
Retirement planning
Risk management
Savings accounts
Studies
Financial literacy
cross country analysis
retirement planning
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Summary: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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ISSN:1474-7472
1475-3022
DOI:10.1017/S1474747211000448