FINANCIAL LITERACY: PAST ISSUES AND

Size: px
Start display at page:

Download "FINANCIAL LITERACY: PAST ISSUES AND"

Transcription

1 FINANCIAL LITERACY: PAST ISSUES AND FUTURE TRENDS, A REVIEW Carlos Pinho Universidade de Aveiro, GOVCOPP Mara Madaleno Universidade de Aveiro, GOVCOPP Presentation prepared for: Elisabete Vieira ISCA-Universidade de Aveiro, GOVCOPP 4ª Conferência Internacional de educação Financeira Universidade de Aveiro 25 e 26 outubrode 2013

2 Financial Literacy: Definitions Set of skills, knowledge and attitudes Allowing individuals to make informed and effective financial decisions Set of attitudes relevant for financial decision-making, behavior and knowledge Application of knowledge, understandings, skills and values in financial contexts Related decisions with impact on self, others, the community and the environment A skill for life with significant benefits independently of age or income(taylor et al., 2009) Decisions include when to: Save Spend Managing a budget Choose the right financial products Other decisions include: Finance children s education Secure financial wellbeing Retirement planning Meet financial goals Essential for social inclusion(lusardi, 2011)

3 Benefitsoffinancial literacy Better financial allocations Increased control over income Improves economic performance Contribution to broader economic growth and development(kefela, 2010) Economic health of society: Improved household savings performance Reduced dependence on government allowances Lower levels of problematic debt

4 MCEETYA (2003) - Ministerial CouncilonEducation, Employment, Training and Youth Affairs Improved financial literacy can increase economic participation, drive competition and marketefficiencyin thefinancial servicessector and potentially reduce regulatory intervention empowers investors to make informed financial consumer decisions and to manage effectively their personal financial resources

5 OECD (2006) recommends Education(financial knowledge has to be taught) Skills and attitudes have to be supported from education to lifelong learning Studiesexploringcountries launchedinitiativesto promotefinancial literacyamongpopulation(fox et al., 2004; Habschicket al., 2007; Sheraddenet al., 2007; Tomásskováet al., 2011; Atkinson and Messy, 2011; Lusardi and Mitchell, 2011).

6 Financial LiteracyLiteraturePerspectives Measuring levels of financial literacy Impacts of financial literacy on financial behaviors and attitudes(stock returns; investments) Influential characteristics on financial literacy (education, income, gender and age) Evaluation of curriculum effectiveness in schools or educational programs Household Finance Financial literacy around the world Existent Databases Theportuguese context(mendes and Abreu, 2006; BES, 2006; CMVM, 2009; Bancode Portugal, 2010; Henriques, 2010)

7 Financial literacyandhousehold finance Campbell(2006): Household finance asks how households use financial instruments to attain their objectives given that households must plan over long but finite horizons Understanding how financial literacy affects investment decision, which have major implications for improving social welfare and avoiding the harmful consequences of misuse of financial instruments => Goal: significantly enhance social welfare Conclusions: Although some households invest effectively, others take investment decisions that are not in accordance with standard financial theory, make investment mistakes (Campbell, 2006; Calvetet al., 2007), namely in what concerns the under-diversification, inertia in risk taking and the disposition effect in direct stockholding (Calvetet al., 2009a).

8 Financial LiteracyaroundtheWorld Habschicket al. (2007) report presents a summary of 180 financial literacy schemes in the 27 EU Member States. Main findings: The distribution of financial literacy schemes varies significantly throughout the EU. The core schemes were found in the UK, Germany and Austria; The major targets are children and young adults; About 25% of the schemes are specifically oriented to lowincome or low-education groups; The most used channel used is the internet; The majority of the schemes resort to intermediaries services; Frequently, the schemes cover several content areas of financial services and basic money issues and provide information about bank accounts and basic money issues; Some of the schemes are exclusive, being designed for specific target groups or purposes. O'Connell (2006) makes a review of what is being done around the world to measure the effectiveness of many different types of financial education. Fox et al. (2004) study the effectiveness of financial education programs that include activities for workers, students and the population as a whole.

9 Financial Literacyaroundtheworld Atkinson and Messy, 2011; Lusardiand Mitchell, 2011a; Xuand Zia, 2012 Conclusions: Financial illiteracy is widespread even when financial markets are well developed There are remarkable differences across countries Common patterns: women are less financially literate than men and more educated people are more informed. Ethnic, racial and regional differences have a significant impact in financial knowledge. Young people becomes a more attractive consumer segment in the economy worldwide (Altintas, 2011). According to Chen and Volpe (1998), young adults need to have the basic knowledge and skills to make important personal financial decisions.

10 Education, Income, GenderandAge Gender does not influence financial knowledge(atkinson and Messy, 2011; Wagland and Taylor, 2009; Bucher- Koenen and Lusardi, 2011). Genderinflencesfinancial knowledge(bordenetal., 2008; male students had more financial knowledge than female students)(chen and Volpe, 2002; Al-Tamimiand Kalli, 2009; Fornero and Monticone, 2011; Jappelli and Padula, 2013) Almenbergand Säve-Söderbergh(2011) show that financial literacy levels in Sweden are lower among women, older people, and those with low earnings and education. For the United States, Lusardiand Mitchell (2011b) find that financial knowledge is especially low among the young, women, and the less-educated.

11 Education, Income, GenderandAge The lack of financial capability can impact not only young people, but also family life (Jorgensen and Savla, 2010). Consistent with Allen et al. (2007) results, Jorgensen and Savlafind that both explicit and implicit reported learning increased students financial attitudes and behaviors. With Turkish university students Altintas(2011)shows an inadequate knowledge on personal finance and financial management, also affected by class rank, age, family s income level, and students discussion potential with their parents about financial subjects. Research undertaken worldwide, particularly in the US and in the UK has reached to the similar conclusion that young people report poor financial literacy skills (Hoare, 2003).

12 Education, Income, GenderandAge Atkinson et al. (2007) conduct a survey directed to about 5,000 UK adults, from 2006 to 2007, developing an index for financial literacy and found that, globally, lower income respondents fell in the middle or bottom levels of financial literacy. Buckland (2010) interviews and surveys a group of low-income Canadian adults, showing evidence of financial illiteracy among low-income respondents. Overall, empirical studies find evidence that financial literacy is lower among young people, women, and people in lower income and education class ranks (Chen and Volpe, 1998, 2002; Atkinson et al., 2007; Al-Tamimiand Kalli, 2009; Buckland, 2010; Bank of Portugal, 2010; Almenberg and Säve- Söderbergh, 2011; Altintas, 2011; Bucher-Koenenand Lusardi, 2011; Forneroand Monticone, 2011; Lusardiand Mitchell, 2011b; Jappelliand Padula, 2013).

13 Education, Income, GenderandAge There is a systematic lack of personal finance education in the education system. Jorgensen and Savla(2010) Willis (2008) contends that the costs of financial education programs outweigh potential benefits. Other studies support a relationship between financial education, financial literacy and positive financial outcomes (Fox et al., 2005; Lusardi 2003). Conclusion: not all financial education programs are equally effective; factors other than financial literacy contribute to financial distress But. Literature on the cause and effect relationship between financial education and financial literacy is particularly limited (Huston, 2010). Oehlerand Werner (2008) carried out an evaluation in England and in Germany, concluding that financial education in the form of advice and training can be effective in the sense of inducing behavioral change.

14 Education, Income, GenderandAge Chen and Volpe (1998) suggest that students in lower class ranks, with little work experience and female present lower levels of financial knowledge, limiting their ability to make informed financial decisions. Sheraddenet al. (2007) examined a college saving program for public elementary school children, called I can save, to conclude that teachers, children, and their families learned a lot with that saving program. Tomásskováet al. (2011) suggests the introduction of a financial literacy subject on students curricula. Jorgensen and Savla(2010) study the parental influence on the financial literacy of young adults, based on a sample consisting of 420 college students, finding no effect on financial knowledge, a direct and significant influence on financial attitude, and an indirect and moderately significant influence on financial behavior (in accordance to Clarke et al. (2005), concluding that many parents do not teach their children financial knowledge.

15 Education, Income, GenderandAge In the European context, Almenberg and Säve- Söderbergh(2011) empirical analysis shows that financial literacy levels in Sweden are lower among women, older people, and those with low earnings and education. Bucher-Koenenand Lusardi(2011) demonstrate that knowledge of basic financial concepts is missing among women, the less educated, and those living in East Germany. => Regional differences! Forneroand Monticone(2011) find that among Italian males, the more educated individuals and the residents in the Centre-North possess higher literacy. Wolfe-Hayes (2010) describes the effectiveness of sample financial education programs for adults

16 Financial literacyandinvestments Van Rooijiet al. (2012): significant relationship between financial literacy and wealth accumulation, which is likely due to the fact that financial knowledge increases the probability of investing in the stock market, allowing investors to take advantage of the equity premium and to the fact that financial literacy is positively related to retirement planning (Lusardiand Mitchell, 2011b), which improves wealth.financial literacy lowers the costs of collecting and processing information, reducing the planning costs. Jappelli and Padula(2013) present an intertemporal consumption model of consumer investment in financial literacy, finding a strong effect of financial literacy on wealth accumulation and national saving. Stockholding increases with age (e.g., Wang and Hanna, 1997); contrary to standard finance.

17 Financial literacyandinvestments Van Rooijet al. (2011b) analyze the relationship between households financial literacy and stock market participation for the Netherlands, finding that those with low financial literacy are much less likely to invest and diversify in the stock market. Calvetet al. (2007) report that low-education and low-wealth investors are likely to hold poorly diversified portfolios, which is consistent with the results of Christeliset al. (2010). Bucher-Koenenand Lusardi(2011) and Van Rooijet al. (2011a) conclude that there is a positive and strong relationship between financial knowledge and retirement planning, in the context of Germany and Netherlands, respectively. (Christeliset al., 2010; Bucher-Koenenand Lusardi, 2011; Lusardiet al., 2011a, 2011b; Poterbaet al., 2013). In contrast, Almenbergand Säve-Söderbergh(2011), not controlling for demographic variables, and Crossanet al. (2011) found that financial literacy is not related with retirement planning, respectively, in Sweden and New Zealand. Planning has also been associated with higher wealth even among better educated people (Ameriks et al., 2003).

18 Financial literacyandinvestments Financial literacy and retirement planning (Almenbergand Säve-Söderbergh, 2011; Bucher-Koenenand Lusardi, 2011; Crossanet al., 2011; Forneroand Monticone, 2011; Lusardiand Mitchell, 2011a, 2011b; Van Rooijet al., 2011a) Relationship between financial literacy and investment decisions (e.g., Al-Tamimiand Kalli, 2009; Van Rooijet al., 2011b). Overall, empirical results show that households with higher financial literacy are more likely to invest and diversify in the stock market because they better understand the principle of risk diversification (Calvetet al., 2007; Goetzmannand Kumar, 2008; Guiso and Jappelli; 2008; Christelis et al., 2010; Van Rooij et al., 2011b, 2012; Arrondelet al., 2012). Recent studies find that the lower the level of financial sophistication, the poorer the risk diversification, the higher the inefficient portfolio allocations and the lower the wealth accumulation(calvetet al., 2007, 2009a; Hackethalet al., 2012; Van Rooij et al., 2011b).

19 Financial literacyandinvestments People with higher financial literacy are more likely to invest in risky assets (Campbell, 2006; Calvetet al., 2009b; Jappelli and Padula, 2013) Higher financial literacy households invest in lower cost funds (Hastings et al., 2010; Hastings and Mitchell, 2011) Individuals with poor financial literacy borrow more on consumer credit and are more likely to lack confidence when interpreting credit terms (Disney and Gathergood, 2013). Stangoand Zinman(2009) find that more-biased households borrow more, save less, favor shorter maturities, and benefit more from financial advice.

20 Financial literacyandinvestments Some studies focus on the investment mistakes of households. Campbell (2006) argue that some households make serious investment mistakes, namely nonparticipation in risky asset markets, underdiversification of risky portfolios, and failure to exercise options to refinance mortgages, which may inhibit financial innovation. The author suggests that poorer and less educated households are more likely to make mistakesthan wealthier and better educated households. In the same line of research, Calvetet al. (2009a) find that Swedish households with low financial literacy are more likely to make financial mistakes and Agarwalet al. (2009) conclude that these mistakes are most prevalent among the young and the old households. Guisoand Jappelli(2008) focus their study on poor financial literacy as one potential factor explaining lack of portfolio diversification. Disney and Gathergood(2013): survey data from a sample of UK households, analyzing the relationship between financial literacy and consumer credit portfolios. Results show that individuals with poor financial literacy borrow more on consumer credit and are more likely to lack confidence when interpreting credit terms than those with higher literacy.

21 Resultsandcommonpatterns These studies highlight some common patterns in the determinants and the effects of financial literacy and they indicate that financial literacy: - is lower among younger and older individuals. - is lower among female individuals -is usually higher for self-employed and individuals working in business related sectors - is higher for higher income individuals -is higher for individuals that are good in math and in numeracy -increases with education (schooling) but the actual relationship can be complex - affects positively the probability to plan for retirement -affects positively, other things being equal, the accumulation of wealth -is positively correlated with the degree of portfolio diversification -is positively correlated with the participation to the stock market.

22 Some existentdatabases Survey of Health, Ageing, Retirement in Europe (SHARE) that covers a sample of individuals with age 50 and older in 11 European countries SHARELIFE, a retrospective survey of the same individuals (not including Portugal); actually in its fourth wave including 19 European countries but only considers data related to health, psychology, economic situation and social conditions of the population UnicreditCustomers Survey (Guisoand Jappelli, 2008; Italy) Several conducted surveys through countries or specific groups Dimmockand Kouwenberg(2010) use survey data and a dataset from The Netherlands containing data on household portfolios Banco Espírito Santo - BES, 2006 results Portuguese Committee on Securities Market -CMVM(2009) conduct a survey of about 15,000 families residing in Portugal, between January and April, concluding that financial knowledge of Portuguese residents is quite low and that families have a low participation in the securities market. Bancode Portugal (2010; Bank of Portugal) survey results show that Portuguese people have positive attitudes, which do not always correspond to an appropriate financial behavior.

23 Remainingquestions Big challenge: measurement of household characteristics Global financial crisis and the increased complexity of financial productsandservices(globalization) intensifies the asymmetry of information between financial institutions and costumers, which justifies the need to acquire competences concerning financial issues, as well as be informed about the increasing complexity and diversity of financial products. How to promote citizens savings and avoid families over-indebtedness, especially in Portugal? More research on the effect of financial literacy on household investment decision and wealth is needed Study the relationship between wealth accumulation and financial literacy is still needed

24 Remainingquestions Need for more cross-country evidence(see: Bumcrot et al., 2011) Detailed analysis of financial education programs which went well can give insigths for others implementation According to Campbell (2006, p. 1576), an important remaining question is to what extent the results for Sweden describe household behavior in other countries. More research relating financial literacy and public policy is needed (Altman, 2012) Stronger databases able to make inferences about financial literacy and investment attitudes as Becchettiet al. (2013); Disney and Gathergood(2013); Fort et al., (2013) Financial literacy and information flows (Bönteand Filipiak, 2012 is a good principle or Cooney and Hiris, 2013) Financial education and the debt behavior (see: Brown et al., 2013 or Calcagno and Brancati, 2013 or Gathergood, 2012) Financial literacy and company valuation as measured by stock returns

25 Remainingquestions Howare consumptionhabits, behaviors, use of credit cards, insurance and retirement planning related to financial literacy? What parental factors can be associated with financial capabilities and financial literacy? Whatistherole ofparentsin financial education? What factors prevent parent s from teaching their children s? How can we solve this issue? Should we teach parent s or kidsfirst? Underwhichcorrectpolicies?

Impact of Financial Education on Financial Literacy Levels and diversity of Investment Choices

Impact of Financial Education on Financial Literacy Levels and diversity of Investment Choices Impact of Financial Education on Financial Literacy Levels and diversity of Investment Choices Ali BAYRAKDAROĞLU, Faculty of Management, Muğla Sıtkı Koçman University, Turkey. E-mail: ali.bayrakdaroglu@hotmail.com

More information

THE IMPACT OF CHILDHOOD HEALTH AND COGNITION ON PORTFOLIO CHOICE

THE IMPACT OF CHILDHOOD HEALTH AND COGNITION ON PORTFOLIO CHOICE THE IMPACT OF CHILDHOOD HEALTH AND COGNITION ON PORTFOLIO CHOICE Dimitris Christelis, Loretti Dobrescu, Alberto Motta 214-2010 5 The Impact of Childhood Health and Cognition on Portfolio Choice Dimitris

More information

International Journal of Engineering, Business and Enterprise Applications (IJEBEA) www.iasir.net

International Journal of Engineering, Business and Enterprise Applications (IJEBEA) www.iasir.net International Association of Scientific Innovation and Research (IASIR) (An Association Unifying the Sciences, Engineering, and Applied Research) International Journal of Engineering, Business and Enterprise

More information

The Effects of Financial Education on Short-term and Long-term Financial Behaviors

The Effects of Financial Education on Short-term and Long-term Financial Behaviors The Effects of Financial Education on Short-term and Long-term Financial Behaviors Jamie Wagner Ph.D. Candidate University of Nebraska Lincoln Department of Economics P.O. Box 880489 Lincoln, NE 68588-0489

More information

Financial Literacy and Retirement Planning in Germany

Financial Literacy and Retirement Planning in Germany Financial Literacy and Retirement Planning in Germany Tabea Bucher-Koenen Joint work with Annamaria Lusardi NETSPAR Pension Workshop Zürich, 11.06.2010 Financial Literacy around the World NETSPAR Theme

More information

Financial Literacy of College Students

Financial Literacy of College Students Financial Literacy of College Students Study Case: Students of the University of Porto Ana Filipa Costa Mendes Dissertation of Master in Finance Supervisors Professora Doutora Cláudia Ribeiro Professora

More information

Household Finance. Household Finance, JF August 2006

Household Finance. Household Finance, JF August 2006 Household Finance Household Finance, JF August 2006 Down or Out: Assessing the Welfare Costs of Household Investment Mistakes, with Laurent Calvet and Paolo Sodini, JPE October 2007 Fight or Flight? Rebalancing

More information

On the Determinants of Household Debt Maturity Choice

On the Determinants of Household Debt Maturity Choice On the Determinants of Household Debt Maturity Choice by Wolfgang Breuer*, Thorsten Hens #, Astrid Juliane Salzmann +, and Mei Wang Abstract. This paper jointly analyzes a traditional and a behavioral

More information

By Annamaria Lusardi and Olivia S. Mitchell*

By Annamaria Lusardi and Olivia S. Mitchell* American Economic Review: Papers & Proceedings 2008, 98:2, 413 417 http://www.aeaweb.org/articles.php?doi 10.1257/aer.98.2.413 By Annamaria Lusardi and Olivia S. Mitchell* Many baby boomers are approaching

More information

Financial Literacy, and the Financial Crisis

Financial Literacy, and the Financial Crisis Who lost the most? Financial Literacy, and the Financial Crisis Tabea Bucher-Koenen Michael Ziegelmeyer SAVE Conference Deidesheim June 16, 2010 1 Research Questions How severely are private households

More information

READING 14: LIFETIME FINANCIAL ADVICE: HUMAN CAPITAL, ASSET ALLOCATION, AND INSURANCE

READING 14: LIFETIME FINANCIAL ADVICE: HUMAN CAPITAL, ASSET ALLOCATION, AND INSURANCE READING 14: LIFETIME FINANCIAL ADVICE: HUMAN CAPITAL, ASSET ALLOCATION, AND INSURANCE Introduction (optional) The education and skills that we build over this first stage of our lives not only determine

More information

Addressing women s needs for financial education

Addressing women s needs for financial education Addressing women s needs for financial education The INFE is a network of public experts on financial education established by the OECD in 2008. The INFE currently gathers 240 public institutions from

More information

Numeracy, Financial Literacy, and Financial Decision-Making

Numeracy, Financial Literacy, and Financial Decision-Making Numeracy Advancing Education in Quantitative Literacy Volume 5 Issue 1 Article 2 1-4-2012 Numeracy, Financial Literacy, and Financial Decision-Making Annamaria Lusardi George Washington University, alusardi@gwu.edu

More information

Financial education Improving financial skills for prosperity

Financial education Improving financial skills for prosperity Financial education Improving financial skills for prosperity Financial education: key to facing financial instability and decreasing risk Àn investment in knowledge always pays the best interest. Benjamin

More information

Insights: American Financial Capability

Insights: American Financial Capability A REPORT FROM THE FINRA INVESTOR EDUCATION FOUNDATION Insights: American Financial Capability APRIL 2012 Author: Gary R. Mottola, Ph.D. What s Inside: Summary 1 Background 1 Gender and Credit Card Behavior

More information

TRENDS AND ISSUES FINANCIAL LITERACY: EVIDENCE AND IMPLICATIONS FOR FINANCIAL EDUCATION MAY 2009

TRENDS AND ISSUES FINANCIAL LITERACY: EVIDENCE AND IMPLICATIONS FOR FINANCIAL EDUCATION MAY 2009 TRENDS AND ISSUES MAY 2009 FINANCIAL LITERACY: EVIDENCE AND IMPLICATIONS FOR FINANCIAL EDUCATION Annamaria Lusardi Dartmouth College NBER TIAA-CREF Institute Fellow Olivia S. Mitchell The Wharton School,

More information

Does Financial Sophistication Matter in Retirement Preparedness of U.S Households? Evidence from the 2010 Survey of Consumer Finances

Does Financial Sophistication Matter in Retirement Preparedness of U.S Households? Evidence from the 2010 Survey of Consumer Finances Does Financial Sophistication Matter in Retirement Preparedness of U.S Households? Evidence from the 2010 Survey of Consumer Finances Kyoung Tae Kim, The Ohio State University 1 Sherman D. Hanna, The Ohio

More information

RETAIL FINANCIAL SERVICES

RETAIL FINANCIAL SERVICES Special Eurobarometer 373 RETAIL FINANCIAL SERVICES REPORT Fieldwork: September 211 Publication: April 212 This survey has been requested by the European Commission, Directorate-General Internal Market

More information

THE RESPONSIBILITY TO SAVE AND CONTRIBUTE TO

THE RESPONSIBILITY TO SAVE AND CONTRIBUTE TO PREPARING FOR RETIREMENT: THE IMPORTANCE OF PLANNING COSTS Annamaria Lusardi, Dartmouth College* THE RESPONSIBILITY TO SAVE AND CONTRIBUTE TO a pension is increasingly left to the individual worker. For

More information

BS2551 Money Banking and Finance. Institutional Investors

BS2551 Money Banking and Finance. Institutional Investors BS2551 Money Banking and Finance Institutional Investors Institutional investors pension funds, mutual funds and life insurance companies are the main players in securities markets in both the USA and

More information

By Alister Steele September 2012

By Alister Steele September 2012 A New Role for Housing Associations By Alister Steele September 2012 Introduction Housing association s core role is providing housing for those in greatest need underpinned by traditionally high levels

More information

FINANCIAL LITERACY AND PENSION INVESTMENT DECISIONS

FINANCIAL LITERACY AND PENSION INVESTMENT DECISIONS Financial Accountability & Management, 27(3), August 2011, 0267-4424 FINANCIAL LITERACY AND PENSION INVESTMENT DECISIONS NATALIE GALLERY, GERRY GALLERY, KERRY BROWN, CRAIG FURNEAUX AND CHRISANN PALM INTRODUCTION

More information

Viliam Páleník. Kristína Petríková. Institute of Economic Research SAS European Economic and Social Committee. Institute of Economic Research SAS

Viliam Páleník. Kristína Petríková. Institute of Economic Research SAS European Economic and Social Committee. Institute of Economic Research SAS Viliam Páleník Institute of Economic Research SAS European Economic and Social Committee Kristína Petríková Institute of Economic Research SAS Motivation Introduction Context Financial Services Equity

More information

Financial Literacy and Stock Market Participation

Financial Literacy and Stock Market Participation Financial Literacy and Stock Market Participation Maarten van Rooij, De Nederlandsche Bank and Netspar Annamaria Lusardi, Dartmouth College and NBER Rob Alessie, Utrecht University, Netspar and Tinbergen

More information

MEASURING THE FINANCIAL SOPHISTICATION OF HOUSEHOLDS. By Laurent E. Calvet, John Y. Campbell and Paolo Sodini

MEASURING THE FINANCIAL SOPHISTICATION OF HOUSEHOLDS. By Laurent E. Calvet, John Y. Campbell and Paolo Sodini MEASURING THE FINANCIAL SOPHISTICATION OF HOUSEHOLDS By Laurent E. Calvet, John Y. Campbell and Paolo Sodini Many households invest in ways that are hard to reconcile with standard financial theory and

More information

RETAIL FINANCIAL SERVICES

RETAIL FINANCIAL SERVICES Special Eurobarometer 373 RETAIL FINANCIAL SERVICES REPORT Fieldwork: September 211 Publication: March 212 This survey has been requested by Directorate-General Internal Market and Services and co-ordinated

More information

An Improved Measure of Risk Aversion

An Improved Measure of Risk Aversion Sherman D. Hanna 1 and Suzanne Lindamood 2 An Improved Measure of Risk Aversion This study investigates financial risk aversion using an improved measure based on income gambles and rigorously related

More information

FINANCIAL LITERACY AND PERSONAL INVESTMENT DECISIONS OF RETAIL INVESTORS IN DELHI

FINANCIAL LITERACY AND PERSONAL INVESTMENT DECISIONS OF RETAIL INVESTORS IN DELHI FINANCIAL LITERACY AND PERSONAL INVESTMENT DECISIONS OF RETAIL INVESTORS IN DELHI Swati Narula Research Scholar, Department of Business Administration, University of Rajasthan, Jaipur, (India) ABSTRACT

More information

How Can Financial Literacy Improve Retirement Planning?

How Can Financial Literacy Improve Retirement Planning? 2015 ICI Retirement Summit Washington, D.C. April 8, 2015 How Can Financial Literacy Improve Retirement Planning? Annamaria Lusardi The George Washington University School of Business Academic Director,

More information

Planning for Retirement: The Importance of Financial Literacy

Planning for Retirement: The Importance of Financial Literacy Planning for Retirement: The Importance of Financial Literacy Annamaria Lusardi Americans increasingly are in charge of their own financial security after retirement. With the shift from defined benefit

More information

PERSONAL FINANCIAL LITERACY OF ACADEMIC SUPPORT - EMPLOYEE IN CHIANG MAI UNIVERSITY

PERSONAL FINANCIAL LITERACY OF ACADEMIC SUPPORT - EMPLOYEE IN CHIANG MAI UNIVERSITY PERSONAL FINANCIAL LITERACY OF ACADEMIC SUPPORT - EMPLOYEE IN CHIANG MAI UNIVERSITY Suchanphin Suwanaphan Chiang Mai University, Thailand suchanphin@gmail.com Abstract: A person s ability to manage the

More information

Life Insurance Demand. Evidence from Italian households with a gender twist

Life Insurance Demand. Evidence from Italian households with a gender twist Life Insurance Demand. Evidence from Italian households with a gender twist Elisa Luciano Federico Petri Mariacristina Rossi University of Turin and CeRP-CCA CINTIA International Conference, Turin, Italy

More information

Life Insurance Demand and Financial Inclusion Evidence from Italian households

Life Insurance Demand and Financial Inclusion Evidence from Italian households Life Insurance Demand and Financial Inclusion Evidence from Italian households Elisa Luciano* Joint work with Mariacristina Rossi *University of Turin, CeRP-CCA and Netspar Summer School on Gender, Economics

More information

FACTORS AFFECTING ASSET ALLOCATION DECISIONS IN DEFINED CONTRIBUTION PENSION PLANS

FACTORS AFFECTING ASSET ALLOCATION DECISIONS IN DEFINED CONTRIBUTION PENSION PLANS Factors Affecting Asset Allocation Decisions in Defined Contribution Pension Plans FACTORS AFFECTING ASSET ALLOCATION DECISIONS IN DEFINED CONTRIBUTION PENSION PLANS Richard F. Bieker, Delaware State University

More information

The saving rate has fallen precipitously in the United States in the past two decades.

The saving rate has fallen precipitously in the United States in the past two decades. Introduction Annamaria Lusardi The saving rate has fallen precipitously in the United States in the past two decades. From a level of about 8 percent in the mid-1980s, the personal saving rate has dropped

More information

Improving Financial Literacy

Improving Financial Literacy Deniss Rabtšinski Improving Financial Literacy Case Study of Financial Education in Schools in Estonia Helsinki Metropolia University of Applied Sciences Degree Bachelor of Business Administration Degree

More information

Monitoring the social impact of the crisis: public perceptions in the European Union (wave 6) REPORT

Monitoring the social impact of the crisis: public perceptions in the European Union (wave 6) REPORT Eurobarometer Monitoring the social impact of the crisis: public perceptions in the European Union (wave 6) REPORT Fieldwork: December 2011 Publication: April 2012 This survey has been requested by Directorate-General

More information

Financial Knowledge and Capability in Hong Kong: A Foundation Study

Financial Knowledge and Capability in Hong Kong: A Foundation Study Financial Knowledge and Capability in Hong Kong: A Foundation Study June 2013 A research report commissioned by the Securities and Futures Commission and conducted by the Nielsen Company for the foundation

More information

Headline. Financial Literacy, Financial Education, and Downstream Financial Behaviors. Daniel Fernandes. Aflatoun Nov. 18, 2014

Headline. Financial Literacy, Financial Education, and Downstream Financial Behaviors. Daniel Fernandes. Aflatoun Nov. 18, 2014 Headline Financial Literacy, Financial Education, and Downstream Financial Behaviors Daniel Fernandes Aflatoun Nov. 18, 2014 A More Dangerous Financial World Consumers financial world was more forgiving

More information

Financial Literacy Among our Students: Assessing and Improving Their Knowledge

Financial Literacy Among our Students: Assessing and Improving Their Knowledge Financial Literacy Among our Students: Assessing and Improving Their Knowledge October 2014 Valeria Martinez* Fairfield University JEL: A22, I22. * For Correspondence: Valeria Martinez, Charles F. Dolan

More information

AGE position on financial inclusion: age limits in access to financial products

AGE position on financial inclusion: age limits in access to financial products 23 May 2008 AGE position on financial inclusion: age limits in access to financial products Most cases of exclusion from access to financial products reported by our members and experts relate to age limits

More information

WHO LOST THE MOST? FINANCIAL LITERACY, COGNITIVE ABILITIES,

WHO LOST THE MOST? FINANCIAL LITERACY, COGNITIVE ABILITIES, WHO LOST THE MOST? FINANCIAL LITERACY, COGNITIVE ABILITIES, AND THE FINANCIAL CRISIS Tabea Bucher-Koenen, Michael Ziegelmeyer 234-2011 Who lost the most? Financial Literacy, Cognitive Abilities, and the

More information

The Rock Star of the Recovery : Explaining Sweden s Strong Economic Performance

The Rock Star of the Recovery : Explaining Sweden s Strong Economic Performance The Rock Star of the Recovery : Explaining Sweden s Strong Economic Performance Johan Berggren Political Advisor to the Swedish Ministry of Finance E urope is beset by economic and financial risks: uneven

More information

Investment Company Institute and the Securities Industry Association. Equity Ownership

Investment Company Institute and the Securities Industry Association. Equity Ownership Investment Company Institute and the Securities Industry Association Equity Ownership in America, 2005 Investment Company Institute and the Securities Industry Association Equity Ownership in America,

More information

Real Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate?

Real Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate? Real Estate as a Strategic Asset Class The Benefits of Illiquid Investments Real estate, a key asset class in a portfolio, can offer stable income returns, partial protection against inflation, and good

More information

No. 2013/12 Investment in Financial Literacy, Social Security and Portfolio Choice. Tullio Jappelli, Mario Padula

No. 2013/12 Investment in Financial Literacy, Social Security and Portfolio Choice. Tullio Jappelli, Mario Padula CFS WORKING PAPER No. 2013/12 Investment in Financial Literacy, Social Security and Portfolio Choice Tullio Jappelli, Mario Padula Center for Financial Studies Goethe University House of Finance Grüneburgplatz

More information

Financial Illiteracy and Mortgage Refinancing Decisions

Financial Illiteracy and Mortgage Refinancing Decisions Initial Draft: 18 December 2013 This Draft: 15 January 2014 Preliminary and incomplete version Please do not circulate Comments welcome Financial Illiteracy and Mortgage Refinancing Decisions EMANUELE

More information

A landscape of the different ways debt advice is provided in the EU

A landscape of the different ways debt advice is provided in the EU A landscape of the different ways debt advice is provided in the EU D. Vandone Consumer Summit, Brussels, 1 June 2015 Debt advisory services: the framework Definition: support, in the form of information

More information

Financial Literacy and Retirement Planning in Australia

Financial Literacy and Retirement Planning in Australia Numeracy Advancing Education in Quantitative Literacy Volume 6 Issue 2 Article 7 7-1-2013 Financial Literacy and Retirement Planning in Australia Julie R. Agnew The Mason School of Business, The College

More information

Sociability and stock market participation: a sociological study of investors from Bangalore

Sociability and stock market participation: a sociological study of investors from Bangalore International Journal of Humanities and Social Science Invention ISSN (Online): 2319 7722, ISSN (Print): 2319 7714 Volume 2 Issue 4 ǁ April. 2013ǁ PP.36-41 Sociability and stock market participation: a

More information

Out of Sight, Out of Mind: Financial Illiteracy and Sluggish Mortgage Refinancing

Out of Sight, Out of Mind: Financial Illiteracy and Sluggish Mortgage Refinancing Out of Sight, Out of Mind: Financial Illiteracy and Sluggish Mortgage Refinancing EMANUELE BAJO* MASSIMILIANO BARBI* This Draft: November 2014 Abstract We analyze the effect of an exogenous shock to the

More information

Over-Age, Under-Age, and On-Time Students in Primary School, Uganda

Over-Age, Under-Age, and On-Time Students in Primary School, Uganda Primary School Net and Gross Attendance Rates, Uganda More than three quarters of primary school age children in Uganda attend school and gender parity in attendance has been achieved. of children ages

More information

FINANCIAL LITERACY AND RETIREMENT PLANNING IN GERMANY

FINANCIAL LITERACY AND RETIREMENT PLANNING IN GERMANY FINANCIAL LITERACY AND RETIREMENT PLANNING IN GERMANY Tabea Bucher-Koenen, Annamaria Lusardi 239-2011 Financial Literacy and Retirement Planning in Germany! Tabea Bucher-Koenen a MEA, University of Mannheim,

More information

Americans Financial Capability. Annamaria Lusardi (Dartmouth College and NBER)

Americans Financial Capability. Annamaria Lusardi (Dartmouth College and NBER) Americans Financial Capability Annamaria Lusardi (Dartmouth College and NBER) Report Prepared for the Financial Crisis Inquiry Commission February 26, 2010 This document draws heavily from the work I did

More information

General Education Course_X Writing Intensive Course Service Learning. Laboratory Course Ohio TAG (Transfer Assurance Guide) Course

General Education Course_X Writing Intensive Course Service Learning. Laboratory Course Ohio TAG (Transfer Assurance Guide) Course I. College/School: Raj Soin College of Business Department: Finance and Financial Services II. Course Information Course Title: Personal Financial Decision Making Course Abbreviation and Number: FIN 2050

More information

FINANCIAL EDUCATION AND RETIREMENT SAVINGS. Robert L. Clark Professor North Carolina State University

FINANCIAL EDUCATION AND RETIREMENT SAVINGS. Robert L. Clark Professor North Carolina State University FINANCIAL EDUCATION AND RETIREMENT SAVINGS Robert L. Clark Professor North Carolina State University Madeleine B. d Ambrosio Executive Director TIAA-CREF Institute Ann A. McDermed Associate Professor Emeritus

More information

Retirement Savings Of Private And Public Sector Employees: A Comparative Study Swarn Chatterjee, University of Georgia, Athens, USA

Retirement Savings Of Private And Public Sector Employees: A Comparative Study Swarn Chatterjee, University of Georgia, Athens, USA Retirement Savings Of Private And Public Sector Employees: A Comparative Study Swarn Chatterjee, University of Georgia, Athens, USA ABSTRACT This study examines the retirement plan participation and savings

More information

Financial Advice and Stock Market Participation

Financial Advice and Stock Market Participation Financial Advice and Stock Market Participation Dimitris Georgarakos Roman Inderst University of Frankfurt and CFS University of Frankfurt (IMFS) and Imperial College London International Pension Workshop

More information

ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES

ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES by Gerry Dickinson Professor and Director, Centre for Insurance & Investment Studies, City University Business School,

More information

DC Investment and Choice: Lessons from U.S. 401(k) Plans

DC Investment and Choice: Lessons from U.S. 401(k) Plans DC Investment and Choice: Lessons from U.S. 401(k) Plans Alicia H. Munnell Pension Finance and Economics Seminar Institute of Actuaries, London February 10, 2006 Pay-as-you-go pension costs are rising

More information

July 2012 Decoding Global Investment Attitudes

July 2012 Decoding Global Investment Attitudes July 2012 Decoding Global Investment Attitudes Investment decisions and matters of personal wealth vary by gender, age and geographic region Globally, men are 36% more active than women with investments

More information

Discussion of Betermier, Calvet, and Sodini Who are the Value and Growth Investors?

Discussion of Betermier, Calvet, and Sodini Who are the Value and Growth Investors? Discussion of Betermier, Calvet, and Sodini Who are the Value and Growth Investors? NBER Summer Institute Asset Pricing Meeting July 11 2014 Jonathan A. Parker MIT Sloan finance Outline 1. Summary 2. Value

More information

Competency Profile Professional Wealth Advisor

Competency Profile Professional Wealth Advisor Proficiency Standard for a Professional Wealth Advisor: The professional wealth adviser discovers a client s personal life-style choices, financial needs and risk management profile and connects them to

More information

June 2013. Financial literacy and inclusion

June 2013. Financial literacy and inclusion June 2013 Financial literacy and inclusion Results of oecd/infe survey across CouNtRIes and by gender FINANCIAL LITERACY AND INCLUSION: RESULTS OF OECD/INFE SURVEY ACROSS COUNTRIES AND BY GENDER FOREWORD

More information

Insurance corporations and pension funds in OECD countries

Insurance corporations and pension funds in OECD countries Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance

More information

DNB W o r k i n g P a p e r. Financial Literacy and Retirement Planning in the Netherlands. No. 231 / November 2009

DNB W o r k i n g P a p e r. Financial Literacy and Retirement Planning in the Netherlands. No. 231 / November 2009 DNB Working Paper No. 231 / November 2009 Maarten van Rooij, Annamaria Lusardi and Rob Alessie DNB W o r k i n g P a p e r Financial Literacy and Retirement Planning in the Netherlands Financial Literacy

More information

Chiara Monticone Financial Literacy and Financial Advice. Theory and Empirical Evidence. PhD Thesis

Chiara Monticone Financial Literacy and Financial Advice. Theory and Empirical Evidence. PhD Thesis Chiara Monticone Financial Literacy and Financial Advice Theory and Empirical Evidence PhD Thesis 2011-007 Università degli Studi di Torino Università del Piemonte Orientale Financial Literacy and Financial

More information

On average, young retirees are not

On average, young retirees are not How Financially Secure Are Young Retirees and Older Workers? FIGURE 1 Financial Status of People Age 51 to 59, by Work Status THOUSS OF DOLLARS 14 1 8 6 $82 RETIREES WORKERS $99 4 $41 $24 MEDIAN MEDIAN

More information

4. Work and retirement

4. Work and retirement 4. Work and retirement James Banks Institute for Fiscal Studies and University College London María Casanova Institute for Fiscal Studies and University College London Amongst other things, the analysis

More information

Participant retirement readiness, demystified

Participant retirement readiness, demystified Participant retirement readiness, demystified Summary The key to participant retirement readiness is a simple proposition: save throughout your career and invest in a diversified mix of stocks, bonds and

More information

Endogenous financial literacy, saving and stock market participation

Endogenous financial literacy, saving and stock market participation Endogenous financial literacy, saving and stock market participation Luca Spataro * and Lorenzo Corsini Abstract Recent empirical literature provides evidence that financial literacy, human capital, savings

More information

Working Women s Financial Capability: An Analysis across Family Status and Career Stages

Working Women s Financial Capability: An Analysis across Family Status and Career Stages TIAA-CREF Institute Working Women s Financial Capability: An Analysis across Family Status and Career Stages May 2014 Carlo de Bassa Scheresberg Senior Research Associate, Global Financial Literacy Excellence

More information

HOUSING FINANCE IN TRANSITION ECONOMIES

HOUSING FINANCE IN TRANSITION ECONOMIES HOUSING FINANCE IN TRANSITION ECONOMIES OECD Workshop Warsaw, Poland December 5-6, 5 2002 Loïc Chiquier The World Bank 1 Challenge in Transition Economies! Key for growth, poverty, wealth (75 wealth),

More information

The Future European Constitution

The Future European Constitution Flash Eurobarometer European Commission The Future European Constitution Fieldwork : January 2004 Publication : February 2004 Flash Eurobarometer 159 - TNS Sofres / EOS Gallup Europe This survey was requested

More information

Chapter 1 The Investment Setting

Chapter 1 The Investment Setting Chapter 1 he Investment Setting rue/false Questions F 1. In an efficient and informed capital market environment, those investments with the greatest return tend to have the greatest risk. Answer: rue

More information

20-21 April 2016. Beurs van Berlage, Amsterdam, The Netherlands. Netherlands-OECD Global Symposium on FINANCIAL. RESILIENCE throughout Life

20-21 April 2016. Beurs van Berlage, Amsterdam, The Netherlands. Netherlands-OECD Global Symposium on FINANCIAL. RESILIENCE throughout Life 20-21 April 2016 Beurs van Berlage, Amsterdam, The Netherlands Netherlands-OECD Global Symposium on FINANCIAL RESILIENCE throughout Life PROGRAMME 20-21 APRIL PROGRAMME APRIL 20 TH 2016 10:00-10:50 OPENING

More information

Financial Literacy and Social Work Students: Knowledge is Power

Financial Literacy and Social Work Students: Knowledge is Power Journal of Financial Therapy Volume 3 Issue 2 Article 4 2012 Financial Literacy and Social Work Students: Knowledge is Power Martie Gillen University of Florida Diane N. Loeffler University of Kentucky

More information

Explaining why, right or wrong, (Italian) households do not like Reverse Mortgages

Explaining why, right or wrong, (Italian) households do not like Reverse Mortgages Explaining why, right or wrong, (Italian) households do not like Reverse Mortgages Elsa Fornero Mariacristina Rossi Maria Cesira Urzì Brancati Save PHF Conference on Demographic Trends, Saving and Retirement

More information

NBER WORKING PAPER SERIES PLANNING AND FINANCIAL LITERACY: HOW DO WOMEN FARE? Annamaria Lusardi Olivia S. Mitchell

NBER WORKING PAPER SERIES PLANNING AND FINANCIAL LITERACY: HOW DO WOMEN FARE? Annamaria Lusardi Olivia S. Mitchell NBER WORKING PAPER SERIES PLANNING AND FINANCIAL LITERACY: HOW DO WOMEN FARE? Annamaria Lusardi Olivia S. Mitchell Working Paper 13750 http://www.nber.org/papers/w13750 NATIONAL BUREAU OF ECONOMIC RESEARCH

More information

2.1 The financial structure

2.1 The financial structure Harnessing financial education to spur entrepreneurship and innovation 3 rd OECD/GFLEC Global Policy Research Symposium to Advance Financial Literacy (Paris, May 7, 2015) Special Governors session on advancing

More information

21 Household Finance: An Emerging Field *

21 Household Finance: An Emerging Field * CHAPTER 21 Household Finance: An Emerging Field * Luigi Guiso a and Paolo Sodini b a Einaudi Institute for Economics and Finance, Via Sallustiana 62-00187 Rome, Italy b Department of Finance, Stockholm

More information

Investor education and trading activity on the stock market

Investor education and trading activity on the stock market Baltic Journal of Economics ISSN: 1406-099X (Print) 2334-4385 (Online) Journal homepage: http://www.tandfonline.com/loi/rbec20 Investor education and trading activity on the stock market Kristjan Liivamägi

More information

Complexity as a Barrier to Annuitization

Complexity as a Barrier to Annuitization Complexity as a Barrier to Annuitization 1 Jeffrey R. Brown, Illinois & NBER Erzo F.P. Luttmer, Dartmouth & NBER Arie Kapteyn, USC & NBER Olivia S. Mitchell, Wharton & NBER GWU/FRB Financial Literacy Seminar

More information

PERCEPTION OF SENIOR CITIZEN RESPONDENTS AS TO REVERSE MORTGAGE SCHEME

PERCEPTION OF SENIOR CITIZEN RESPONDENTS AS TO REVERSE MORTGAGE SCHEME CHAPTER- V PERCEPTION OF SENIOR CITIZEN RESPONDENTS AS TO REVERSE MORTGAGE SCHEME 5.1 Introduction The present study intended to investigate the senior citizen s retirement planning and their perception

More information

EUROPEAN. Geographic Trend Report for GMAT Examinees

EUROPEAN. Geographic Trend Report for GMAT Examinees 2011 EUROPEAN Geographic Trend Report for GMAT Examinees EUROPEAN Geographic Trend Report for GMAT Examinees The European Geographic Trend Report for GMAT Examinees identifies mobility trends among GMAT

More information

FINANCIAL LITERACY AND RETIREMENT PLANNING: EVIDENCE FROM PUERTO RICO Karen C. Castro-González, University of Puerto Rico

FINANCIAL LITERACY AND RETIREMENT PLANNING: EVIDENCE FROM PUERTO RICO Karen C. Castro-González, University of Puerto Rico GLOBAL JOURNAL OF BUSINESS RESEARCH VOLUME 8 NUMBER 1 2014 FINANCIAL LITERACY AND RETIREMENT PLANNING: EVIDENCE FROM PUERTO RICO Karen C. Castro-González, University of Puerto Rico ABSTRACT This study

More information

WOMEN S PERSPECTIVES ON SAVING, INVESTING, AND RETIREMENT PLANNING

WOMEN S PERSPECTIVES ON SAVING, INVESTING, AND RETIREMENT PLANNING WOMEN S PERSPECTIVES ON SAVING, INVESTING, AND RETIREMENT PLANNING 1 WOMEN S PERSPECTIVES ON SAVING, INVESTING, AND RETIREMENT PLANNING November 2015 Insured Retirement Institute 2 WOMEN S PERSPECTIVES

More information

Ageing and Unused Capacity in Europe: Is There an Early Retirement Trap?

Ageing and Unused Capacity in Europe: Is There an Early Retirement Trap? AGEING AND UNUSED CAPACITY 1 Ageing and Unused Capacity in Europe: Is There an Early Retirement Trap? THIS VERSION: OCTOBER 23 rd 2008 Paper presented at the 48th Panel Meeting of Economic Policy in Paris

More information

Consumer Debt Among Older Adults in Rural Oklahoma

Consumer Debt Among Older Adults in Rural Oklahoma Consumer Debt Among Older Adults in Rural Oklahoma Eileen St. Pierre, Ph.D., CFA, CFP Personal Finance Specialist Department of Human Development & Family Science College of Human Environmental Sciences

More information

Values in NSW public schools

Values in NSW public schools Values in NSW public schools A Ministerial Statement by Hon Andrew Refshauge, MP, Deputy Premier Minister for Education and Training and Minister for Aboriginal Affairs March 2004 A Ministerial Statement

More information

Consumer Optimism and Saving Behavior

Consumer Optimism and Saving Behavior Consumer Optimism and Saving Behavior HanNa Lim, Ph.D. student, Consumer Sciences Department, Ohio State University. Sherman D. Hanna, Professor, Consumer Sciences Department, Ohio State University. Catherine

More information

Most people in Germany attain upper secondary education

Most people in Germany attain upper secondary education Education at a Glance: OECD Indicators is the authoritative source for accurate and relevant information on the state of education around the world. It provides data on the structure, finances, and performance

More information

Discussion of The Costs and Benefits of Financial Advice

Discussion of The Costs and Benefits of Financial Advice Discussion of The Costs and Benefits of Financial Advice Stephen Foerster, Juhani Linnainmaa, Brian Melzer, Alessandro Previtero Conference on Household Behavior in Risky Asset Markets: An International

More information

Human Capital, Asset Allocation and Life Insurance

Human Capital, Asset Allocation and Life Insurance Human Capital, Asset Allocation and Life Insurance Sunny Ng, CFA Research Director, Asia 2012 Morningstar, Inc. All rights reserved. Human capital and Investing Human capital is the cumulative value

More information

The Effect of Peer-Based Financial Education on Financial Decision Making: Experimental Evidence for Foreign Domestic Workers in Singapore

The Effect of Peer-Based Financial Education on Financial Decision Making: Experimental Evidence for Foreign Domestic Workers in Singapore The Effect of Peer-Based Financial Education on Financial Decision Making: Experimental Evidence for Foreign Domestic Workers in Singapore April 2013 Motivation Literature FDWs in Singapore The Intervention

More information

Financial Education in Schools

Financial Education in Schools Financial Education in Schools The INFE is a network of public experts on financial education established by the OECD in 2008. The INFE currently gathers 220 public institutions from close to 100 countries.

More information

Retirement Planning of Younger Baby-boomers: Who Wants Financial Advice? Swarn Chatterjee and Velma Zahirovic-Herbert University of Georgia

Retirement Planning of Younger Baby-boomers: Who Wants Financial Advice? Swarn Chatterjee and Velma Zahirovic-Herbert University of Georgia Abstract Retirement Planning of Younger Baby-boomers: Who Wants Financial Advice? Swarn Chatterjee and Velma Zahirovic-Herbert University of Georgia This paper uses a recent wave of a nationally representative

More information

Debt Literacy, Financial Experiences, and Overindebtedness* Annamaria Lusardi Dartmouth College and NBER Peter Tufano Harvard Business School and NBER

Debt Literacy, Financial Experiences, and Overindebtedness* Annamaria Lusardi Dartmouth College and NBER Peter Tufano Harvard Business School and NBER Debt Literacy, Financial Experiences, and Overindebtedness* Annamaria Lusardi Dartmouth College and NBER Peter Tufano Harvard Business School and NBER March 2009 We analyze a national sample of Americans

More information

How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness

How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness Annamaria Lusardi and Olivia S. Mitchell August 2009. This research was supported by a grant from the

More information

Equity Ownership in America

Equity Ownership in America Equity Ownership in America Investment Company Institute and the Securities Industry Association Equity Ownership in America Fall 999 Investment Company Institute and the Securities Industry Association

More information