This paper explores who is financially literate, whether people accurately perceive their own
economic decision-making skills, and where these skills come from. Self-assessed and …

We compare wealth holdings across two cohorts of the Health and Retirement Study: the
early Baby Boomers in 2004, and individuals in the same age group in 1992. Levels and …

By Annamaria Lusardi and Olivia S. Mitchell* but such efforts have had only a very mixed
effect on saving patterns (Lusardi and Mitchell 2007c). One-size-fits-all programs are unlikely …

This paper undertakes an assessment of a rapidly growing body of economic research on
financial literacy. We start with an overview of theoretical research, which casts financial …

We examined financial literacy among the young using the most recent wave of the 1997
National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one‐…

Relatively little is known about why people fail to plan for retirement and whether planning
and information costs might affect retirement saving patterns. This paper reports on a purpose-…

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 …

We examine financial literacy in the US using the new National Financial Capability Study,
wherein we demonstrate that financial literacy is particularly low among the young, women, …

We show that financial knowledge is a key determinant of wealth inequality in a stochastic
life cycle model with endogenous financial knowledge accumulation, where financial …

This study isolates the causal effects of financial literacy and schooling on wealth accumulation
using a new household dataset and an instrumental variables (IV) approach. Financial …