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Financial Literacy and Economic Outcomes: Evidence and Policy Implications

Olivia S. Mitchell and Annamaria Lusardi
The Journal of Retirement Summer 2015, 3 (1) 107-114; DOI: https://doi.org/10.3905/jor.2015.3.1.107
Olivia S. Mitchell
is a professor at the Wharton School of the University of Pennsylvania in Philadelphia, PA.
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  • For correspondence: mitchelo@wharton.upenn.edu
Annamaria Lusardi
is the Denit Trust Chair of Economics and Accountancy at the George Washington University School of Business in Washington, DC.
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  • For correspondence: alusardi@gwu.edu
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Abstract

This article reviews what we have learned over the past decade about financial literacy and its relationship to financial decision making around the world. We used three questions to survey people in several countries about their level of fundamental knowledge of economics and finance, which they need to function as effective decision makers. We find that levels of financial literacy are low not only in the United States but also in many other countries, including those with well-developed financial markets. Moreover, financial illiteracy is particularly acute for some demographic groups, especially women and those who are less educated. These findings are important, since financial literacy is linked to borrowing, saving, and spending patterns. We also offer new evidence on financial literacy among high school students, drawing on the 2012 Programme for International Student Assessment implemented in 18 countries. Last, we discuss the implications of this research for policy.

TOPICS: Wealth management, legal/regulatory/public policy, developed markets

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The Journal of Retirement: 3 (1)
The Journal of Retirement
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Financial Literacy and Economic Outcomes: Evidence and Policy Implications
Olivia S. Mitchell, Annamaria Lusardi
The Journal of Retirement Jun 2015, 3 (1) 107-114; DOI: 10.3905/jor.2015.3.1.107

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Financial Literacy and Economic Outcomes: Evidence and Policy Implications
Olivia S. Mitchell, Annamaria Lusardi
The Journal of Retirement Jun 2015, 3 (1) 107-114; DOI: 10.3905/jor.2015.3.1.107
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  • Article
    • Abstract
    • LITERACY OVERVIEW
    • WHY FINANCIAL LITERACY MATTERS
    • THE QUESTION OF CAUSALITY
    • WHAT WORKS?
    • POLICY IMPLICATIONS
    • ENDNOTES
    • REFERENCES
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