The DOI matches its Crossref record; 42 of the 42 references it cites were found in a registry or an index.
Financial literacy and stock market participation
Open accessOverview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Claims other papers make about this one
Each is checked against this paper’s own text: does it say what the citing paper says it does?
The source backs part of the claim, not all of it — or backs it for a different population, condition or comparison.
In the citing paper
“the more financially literate are more likely to invest in the stock market, and hence, earn higher (risk-adjusted) returns on their investments (van Rooij, Lusardi, and Alessi 2011;Clark, Lusardi, and Mitchell 2017).”
From The Importance of Financial Literacy: Opening a New Field (2023) · cites this paper as van Rooij, Lusardi, and Alessi 2011
Experimental — accuracy not yet measuredThe source backs part of the claim, not all of it — or backs it for a different population, condition or comparison.
In the citing paper
“In fact, the percentage of correct answers doubled in the latter study when the wording for the third question of the Big Three was ''buying company stock usually provides a safer return than a stock mutual fund'' as compared to phrasing the question reversely”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as van Rooij et al. (2011b)
Experimental — accuracy not yet measuredThe cited source says what the claim attributes to it.
In the citing paper
“Specifically, Lusardi and Mitchell (2011a, b) and van Rooij et al. (2011b) document that the answers of survey participants differ significantly based on the wording of the test questions.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as van Rooij et al. (2011b)
The cited source says what the claim attributes to it.
In the citing paper
“Likewise, van Rooij et al. (2011b) find that both self-assessed and objectively measured financial literacy predict individuals' propensity to hold stocks.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as van Rooij et al. (2011b)
The cited source says what the claim attributes to it.
In the citing paper
“van Rooij et al. (2011b) who document a positive relationship between stock market participation and financial literacy”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as van Rooij et al. (2011b)
The cited source says what the claim attributes to it.
In the citing paper
“Another robust finding in the literature is a positive correlation between stock market participation and financial literacy (e.g., Kimball and Shumway 2006;Christelis et al. 2010;van Rooij et al. 2011b;Balloch et al. 2015;Clark et al. 2015).”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as van Rooij et al. 2011b
The cited source says what the claim attributes to it.
In the citing paper
“Specifically, van Rooij et al. (2011b) document that financial sophistication is positively related to stock market participation of retail investors in the Netherlands.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as van Rooij et al. (2011b)
The cited source says what the claim attributes to it.
In the citing paper
“van Rooij et al. (2011b) exploit the Dutch Household Survey (DHS) and show that people who are less financially literate rely more on informal sources of financial advice, such as friends and family.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as van Rooij et al. (2011b)
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Instrumental Variables Regression with Weak Instruments
Staiger, D., & Stock, J. H. (1997) · Econometrica · doi:10.2307/2171753 · Cited by 7,081
Instrumental Variables Regression with Weak Instruments
Staiger, D., & Stock, J. (1994) · doi:10.3386/t0151 · Cited by 5,302
Barsky, R. B., Juster, F. T., Kimball, M. S., & Shapiro, M. D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555280 · Cited by 2,400
Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth
Lusardi, A., & Mitchell, O. S. (2006) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2006.12.001 · Cited by 2,366
Self-citationCampbell, J. Y. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00883.x · Cited by 2,366
Guiso, L., Sapienza, P., & Zingales, L. (2005) · The Journal of Finance · doi:10.1111/j.1540-6261.2008.01408.x · Cited by 2,247
Social Interaction and Stock‐Market Participation
Hong, H. G., Kubik, J. D., & Stein, J. C. (2004) · The Journal of Finance · doi:10.1111/j.1540-6261.2004.00629.x · Cited by 1,828
(2003) · Federal Reserve Bulletin · Cited by 1,764
Consumption and Portfolio Choice over the Life Cycle
Cocco, J. F., Gomes, F., & Maenhout, P. J. (2005) · Review of Financial Studies · doi:10.1093/rfs/hhi017 · Cited by 1,617
Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education
Lusardi, A., & Mitchelli, O. S. (2007) · Business Economics · doi:10.2145/20070104 · Cited by 1,596
Self-citation
Flagged first, then by citations
Research works printed but not linked: 3
- Bernheim, D., 1995. Do households appreciate their financial vulnerabilities? An analysis of actions, perceptions, and public policy. In: Tax Policy and Economic Growth, American Council for Capital Formation, Washington, DC, pp. 1–30.
- Grinblatt, M., Keloharju, M., Linnainmaa, J., IQ and stock market participation. Journal of Finance, in press, http://www.afajof.org/afa/forthcoming/7875p.pdf.
- Hilgert, 2002, Financial knowledge, experience and learning preferences: preliminary results from a new survey on financial literacy, Consumer Interests Annual, 48, 1
Cited by
Sorted by citations
The Economic Importance of Financial Literacy: Theory and Evidence
Lusardi, A., & Mitchell, O. S. (2014) · Journal of Economic Literature · doi:10.1257/jel.52.1.5 · Cited by 4,698
“They found that people’s responses were, indeed, sensitive to how the question was worded in both the U.S. American Life Panel (Lusardi and Mitchell 2009) and the Dutch Central Bank Household Survey (DHS; van Rooij, Lusardi, and Alessie 2011).”
InfluentialSelf-citationFinancial Literacy, Financial Education, and Downstream Financial Behaviors
Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014) · Management Science · doi:10.1287/mnsc.2013.1849 · Cited by 2,152
“…10 and 15 years • Never • Don’t know • Refuse to answer Note: Items 1 and 2 are from Lusardi and Mitchell (2011); items 3, 4, 5, 10, 11, and 12 are from van Rooij et al. (2011); item 6 is from Agnew and Szykman (2005); items 7 and 8 are from Hung et al. (2009); item 9 is from Lusardi (2010);…”
BackgroundResultInfluentialFinancial Literacy among the Young
LUSARDI, A., MITCHELL, O. S., & CURTO, V. (2010) · Journal of Consumer Affairs · doi:10.1111/j.1745-6606.2010.01173.x · Cited by 1,804
Self-citationPISA 2018 Assessment and Analytical Framework
OECD (2019) · Programme for international student assessment/Internationale Schulleistungsstudie · doi:10.1787/b25efab8-en · Cited by 2,216
Planning and Financial Literacy: How Do Women Fare?
Lusardi, A., & Mitchell, O. S. (2008) · American Economic Review · doi:10.1257/aer.98.2.413 · Cited by 1,512
Self-citationFinancial literacy around the world: an overview
LUSARDI, A., & MITCHELL, O. S. (2011) · Journal of Pension Economics and Finance · doi:10.1017/s1474747211000448 · Cited by 2,000
“More financially literate individuals tend to include stocks in their portfolios, as they better understand the principle of risk diversification (Van Rooij et al. 2011; Christelis et al. 2010).”
Self-citationDebt literacy, financial experiences, and overindebtedness
LUSARDI, A., & TUFANO, P. (2015) · Journal of Pension Economics and Finance · doi:10.1017/s1474747215000232 · Cited by 1,412
“For example, the less financially literate are found to be less likely to plan for retirement (Lusardi and Mitchell, 2007, 2008, 2011a, c), to accumulate wealth (Stango and Zinman, 2009), and to participate in the stock market (Christelis et al., 2010; van Rooij et al., 2011; Yoong, 2011).”
Self-citationWhy Do Investors Hold Socially Responsible Mutual Funds?
RIEDL, A., & SMEETS, P. (2017) · The Journal of Finance · doi:10.1111/jofi.12547 · Cited by 1,378
Financial literacy: A systematic review and bibliometric analysis
Goyal, K., & Kumar, S. (2020) · International Journal of Consumer Studies · doi:10.1111/ijcs.12605 · Cited by 1,482
“Various studies confirm the causality between financial literacy and planning for post-retirement years (Bucher-Koenen & Lusardi, 2011; Klapper & Panos, 2011; Van Rooij et al., 2011b).”
Financial Literacy, Financial Education, and Economic Outcomes
Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013) · Annual Review of Economics · doi:10.1146/annurev-economics-082312-125807 · Cited by 1,041
“…both self-reported financial confidence and a test-based measure of financial literacy predict self-reported retirement planning and saving, and van Rooij et al. (2011) find that both self-perceived financial knowledge and a test-based measure of financial literacy predict stock market…”
Are Risk Aversion and Impatience Related to Cognitive Ability?
Dohmen, T., Falk, A., Huffman, D., & Sunde, U. (2010) · American Economic Review · doi:10.1257/aer.100.3.1238 · Cited by 1,332
Financial Literacy, Retirement Planning and Household Wealth†
van Rooij, M. V., Lusardi, A., & Alessie, R. (2012) · The Economic Journal · doi:10.1111/j.1468-0297.2012.02501.x · Cited by 364
“While the financial condition and knowledge of others are not under control of the respondent, witnessing financial problems of the oldest sibling or parents may provide strong motivation to acquire financial knowledge (van Rooij et al. , 2011 a ).”
InfluentialSelf-citationFinancial literacy and retirement planning in the United States
Lusardi, A., & Mitchell, O. S. (2011) · Journal of Pensions Economics and Finance · doi:10.1017/s147474721100045x · Cited by 918
“For example, the less financially literate participate less in the stock market (van Rooij et al. 2011); choose mutual funds with higher fees (Hastings and Tejeda-Ashton, 2008); select higher-cost pension managers (Hastings and Mitchell 2010); and amass less retirement wealth (Behrman et al. 2010).”
Self-citationThe Economic Importance of Financial Literacy: Theory and Evidence
Lusardi, A., & Mitchell, O. S. (2013) · National Bureau of Economic Research · doi:10.3386/w18952 · Cited by 872
Self-citationPISA 2012 Assessment and Analytical Framework
OECD (2013) · Programme for international student assessment/Internationale Schulleistungsstudie · doi:10.1787/9789264190511-en · Cited by 815
Keeping It Simple: Financial Literacy and Rules of Thumb
Drexler, A., Fischer, G., & Schoar, A. (2014) · American Economic Journal Applied Economics · doi:10.1257/app.6.2.1 · Cited by 800
“The first notable exception was Karlan and Valdivia (2011), which studies the impact of teaching basic finance concepts to micro-entrepreneurs.(8) Their study finds a large impact on clients’ knowledge of financial terms and reported business practices. Results are more mixed on real outcomes, such as sales or consump…”
InfluentialIQ and Stock Market Participation
Grinblatt, M. S., Keloharju, M., & Linnainmaa, J. T. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2011.01701.x · Cited by 718
Self-Control, Financial Literacy and Consumer Over-Indebtedness
Gathergood, J. (2012) · Journal of Economic Psychology · doi:10.1016/j.joep.2011.11.006 · Cited by 724
Optimal Financial Knowledge and Wealth Inequality
Lusardi, A., Michaud, P.-C., & Mitchell, O. S. (2017) · Journal of Political Economy · doi:10.1086/690950 · Cited by 690
“For instance, some authors surmise that lack of financial knowledge can explain people ’ s low participation in the stock market (van Rooij et al. 2011).”
Self-citationFinancial literacy and financial resilience: Evidence from around the world
Klapper, L. F., & Lusardi, A. (2019) · Financial Management · doi:10.1111/fima.12283 · Cited by 910
Self-citationInvestment in Financial Literacy and Saving Decisions
Jappelli, T., & Padula, M. (2013) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.03.019 · Cited by 646
“Van Rooij et al. (2007) estimate the relation between financial sophistication and wealth, relying on specific measures of financial literacy available in a special module of the Dutch DNB Household Survey.”
BackgroundThe Economic Importance of Financial Literacy: Theory and EvidencePreprint
Lusardi, A., & Mitchell, O. S. (2013) · SSRN Electronic Journal · doi:10.2139/ssrn.2260193 · Cited by 702
Self-citationTHE EFFECTS OF PERCEIVED AND ACTUAL FINANCIAL LITERACY ON FINANCIAL BEHAVIORS
Allgood, S., & Walstad, W. B. (2016) · Economic Inquiry · doi:10.1111/ecin.12255 · Cited by 620
How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness
Lusardi, A., & Mitchell, O. (2009) · doi:10.3386/w15350 · Cited by 587
Self-citationPrices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?
Cole, S. A., Sampson, T., & Zia, B. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2011.01696.x · Cited by 549
Exponential Growth Bias and Household Finance
STANGO, V., & ZINMAN, J. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01518.x · Cited by 828
How Does Household Portfolio Diversification Vary with Financial Literacy and Financial Advice?
GAUDECKER, H. V. (2015) · The Journal of Finance · doi:10.1111/jofi.12231 · Cited by 596
“…to thank CentERdata for help on numerous data questions; Mauro Mastrogiacomo for passing on code to prepare the DHS data; and Maarten van Rooij, Annamaria Lusardi, and Rob Alessie for providing the data and code used to construct the financial literacy scores in Rooij, Lusardi, and Alessie (2011).”
InfluentialHow Financially Literate Are Women? An Overview and New Insights
Bucher‐Koenen, T., Lusardi, A., Alessie, R. J. M., & van Rooij, M. (2016) · Journal of Consumer Affairs · doi:10.1111/joca.12121 · Cited by 620
“The gender gap in financial literacy is also evident when using a larger set of questions (up to 16) that assess understanding of both simple and complex financial concepts among Dutch, American, and German respondents (see Van Rooij, Lusardi, and Alessie 2011; Lusardi and Mitchell 2009; and Bucher-Koenen 2011, respec…”
BackgroundInfluentialSelf-citationFinancial literacy and retirement planning in Germany
Bucher‐Koenen, T., & Lusardi, A. (2011) · Journal of Pensions Economics and Finance · doi:10.1017/s1474747211000485 · Cited by 514
Self-citationEvidence for Countercyclical Risk Aversion: An Experiment with Financial Professionals
Cohn, A., Engelmann, J. B., Fehr, E., & Maréchal, M. A. (2013) · American Economic Review · doi:10.1257/aer.20131314 · Cited by 497
“We created our own test because existing financial literacy tests were primarily developed for the general population (e.g. van Rooij et al. 2011).”
Gomes, F., Haliassos, M., & Ramadorai, T. (2021) · Journal of Economic Literature · doi:10.1257/jel.20201461 · Cited by 396
Financial literacy, financial advice, and financial behavior
Stolper, O. A., & Walter, A. (2017) · Journal of Business Economics · doi:10.1007/s11573-017-0853-9 · Cited by 471
“Specifically, van Rooij et al. (2011b) document that financial sophistication is positively related to stock market participation of retail investors in the Netherlands.”
BackgroundMethodInfluentialGender, stock market participation and financial literacy
Almenberg, J., & Dreber, A. (2015) · Economics Letters · doi:10.1016/j.econlet.2015.10.009 · Cited by 517
“In a study of a representative sample of the Dutch population, van Rooij et al. (2011) find that many families shy away from the stock market because they have little knowledge of stocks and the stock market.2 It has also been shown that more basic measures of financial literacy, essentially…”
InfluentialDoes Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?
Kaiser, T., & Menkhoff, L. (2017) · The World Bank Economic Review · doi:10.1093/wber/lhx018 · Cited by 581
Xiao, J., & Porto, N. (2017) · International Journal of Bank Marketing · doi:10.1108/ijbm-01-2016-0009 · Cited by 365
Financial literacy and portfolio diversification
Abreu, M., & Mendes, V. (2010) · Quantitative Finance · doi:10.1080/14697680902878105 · Cited by 445
“Van Rooij et al. (2007) faced a similar problem and found that the bias is not relevant enough to change their results and conclusions.”
BackgroundInfluentialDefining and Measuring Financial Literacy
Hung, A., Parker, A. M., & Yoong, J. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1498674 · Cited by 835
“van Rooij et al. (2007) highlight the fact that many existing financial literacy measures are crude, typically with very few items.”
BackgroundFinancial Literacy and Retirement Planning: New Evidence from the Rand American Life PanelPreprint
Lusardi, A., & Mitchell, O. S. (2007) · SSRN Electronic Journal · doi:10.2139/ssrn.1095869 · Cited by 448
Self-citationFinancial literacy and its consequences: Evidence from Russia during the financial crisis
Klapper, L., Lusardi, A., & Panos, G. A. (2013) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.07.014 · Cited by 523
“Van Rooij et al. (2011) have used the financial literacy of others, such as siblings and parents, as instruments.”
BackgroundMethodResultInfluentialSelf-citationHow Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness
Lusardi, A., & Mitchell, O. S. (2017) · Quarterly Journal of Finance · doi:10.1142/s2010139217500082 · Cited by 399
Self-citationAmbiguity aversion and household portfolio choice puzzles: Empirical evidence
Dimmock, S. G., Kouwenberg, R., Mitchell, O. S., & Peijnenburg, K. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.01.003 · Cited by 318
“Alternatively, both stock ownership and stock market competence could be determined by some other factor (for a lucid discussion of potential endogeneity problems in studies of financial literacy, see van Rooij, Lusardi, and Alessie, 2011).”
Financial literacy among youth
Garg, N., & Singh, S. (2017) · International Journal of Social Economics · doi:10.1108/ijse-11-2016-0303 · Cited by 389
“…2013), do retirement planning (Lusardi and Mitchell, 2008, 2011; van Rooij et al., 2009; Herd et al., 2012), accumulate and manage assets well (van Rooij et al., 2007, 2008; Herd et al., 2012), prefer low cost borrowing (Lusardi and Tufano, 2009; Huston, 2012; Allgood and Walstad, 2013), plan and…”
BackgroundFinancial Education and the Debt Behavior of the Young
Brown, M., Grigsby, J., van der Klaauw, W., Wen, J., & Zafar, B. (2013) · Review of Financial Studies · doi:10.1093/rfs/hhw006 · Cited by 438
Financial literacy and pension plan participation in Italy
Fornero, E., & Monticone, C. (2011) · Journal of Pensions Economics and Finance · doi:10.1017/s1474747211000473 · Cited by 366
“Standard errors are clustered at the regional level. and the tendency to avoid over-indebtedness (Kimball and Shumway, 2007; Guiso and Jappelli, 2008; Lusardi and Tufano, 2008; van Rooij et al., 2011).”
Energy literacy, awareness, and conservation behavior of residential households
Brounen, D., Kok, N., & Quigley, J. M. (2013) · Energy Economics · doi:10.1016/j.eneco.2013.02.008 · Cited by 359
Measuring the Financial Sophistication of Households
Calvet, L. E., Campbell, J., & Sodini, P. (2009) · National Bureau of Economic Research · doi:10.3386/w14699 · Cited by 353
How does financial literacy impact on inclusive finance?
Hasan, M., Le, T., & Hoque, A. (2021) · Financial Innovation · doi:10.1186/s40854-021-00259-9 · Cited by 500
Economic Literacy: An International Comparison
Jappelli, T. (2010) · The Economic Journal · doi:10.1111/j.1468-0297.2010.02397.x · Cited by 351
Rai, K., Dua, S., & Yadav, M. P. (2019) · FIIB Business Review · doi:10.1177/2319714519826651 · Cited by 343
Financial Literacy, Information, and Demand Elasticity: Survey and Experimental Evidence from Mexico
Hastings, J., & Tejeda-Ashton, L. (2008) · National Bureau of Economic Research · doi:10.3386/w14538 · Cited by 334
“Using the answers we formed a financial literacy index that is the sum of correct answers across the three questions (Lusardi and Mitchell (2007), Alessie et al. (2007)).”
Numeracy, Financial Literacy, and Financial Decision-Making
Lusardi, A. (2012) · doi:10.3386/w17821 · Cited by 332
Self-citationVariables Influencing Cryptocurrency Use: A Technology Acceptance Model in Spain
Arias-Oliva, M., Borondo, J. P., & Clavero, G. M. (2019) · Frontiers in Psychology · doi:10.3389/fpsyg.2019.00475 · Cited by 359
“Van Rooij et al. (2011) show that financial literacy affects financial decision-making: people with low financial literacy are much less likely to invest in stocks.”
BackgroundFinancial Literacy, Portfolio Choice and Financial Well-Being
Chu, Z. Y., Wang, Z., Xiao, J. J., & Zhang, W. (2016) · Social Indicators Research · doi:10.1007/s11205-016-1309-2 · Cited by 353
Financial Literacy: An Essential Tool for Informed Consumer Choice?
Lusardi, A. (2008) · National Bureau of Economic Research · doi:10.3386/w14084 · Cited by 362
Self-citationFinancial literacy and consumer credit portfolios
Disney, R., & Gathergood, J. (2013) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.01.013 · Cited by 439
“…out on saving plans for retirement (Bernheim, 1998; Lusardi and Mitchell, 2007; Banks et al, 2010; Clark et al, 2011; Hastings et al, 2011) and stock market 2 participation and portfolio selection (Haliassos and Bertaut, 1995; Guiso and Jappelli, 2009; van Rooji et al., 2011a, 2011b; Yoong, 2011).”
BackgroundCan You Help Someone Become Financially Capable? A Meta-Analysis of the Literature
Miller, M. J., Reichelstein, J., Salas, C., & Zia, B. (2015) · The World Bank Research Observer · doi:10.1093/wbro/lkv009 · Cited by 368
“…Lusardi 2011; Lusardi and Mitchell 2012; 2007); investment decisions such as diversifica-tion (Abreu and Mendes 2010) and investments in equities (Van Rooij et al. 2011; Christelis et al. 2010); credit management and satisfaction; and mortgage performance (Gerardi et al. 2010; Quercia and Spader…”
BackgroundHow financial literacy and demographic variables relate to behavioral biases
Baker, H. K., Kumar, S., Goyal, N., & Gaur, V. (2018) · Managerial Finance · doi:10.1108/mf-01-2018-0003 · Cited by 430
How Does Financial Literacy Promote Sustainability in SMEs? A Developing Country Perspective
Ye, J.-M., & Kulathunga, K. (2019) · Sustainability · doi:10.3390/su11102990 · Cited by 313
Financial literacy and the demand for financial advice
Calcagno, R., & Monticone, C. (2015) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2014.03.013 · Cited by 345
Financial literacy and financial behavior: Evidence from the emerging Asian middle class
Grohmann, A. (2018) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2018.01.007 · Cited by 308
“The literature of financial literacy first developed to study the link between financial literacy and retirement planning (Ameriks et al., 2003, Lusardi and Mitchell, 2007, Bucher-Koenen and Lusardi, 2015, Van Rooij et al., 2011b).”
BackgroundFinancial literacy, financial inclusion, and savings behavior in Laos
Morgan, P., & Long, T. Q. (2020) · Journal of Asian Economics · doi:10.1016/j.asieco.2020.101197 · Cited by 307
Nature or nurture: What determines investor behavior?☆
Barnea, A., Cronqvist, H., & Siegel, S. (2010) · Journal of Financial Economics · doi:10.1016/j.jfineco.2010.08.001 · Cited by 304
The Importance of Financial Literacy: Opening a New Field
Lusardi, A., & Mitchell, O. S. (2023) · Journal of Economic Perspectives · doi:10.1257/jep.37.4.137 · Cited by 308
Self-citationFinancial Literacy and Financial Behavior among Young Adults: Evidence and Implications
de Bassa Scheresberg, C. (2013) · Numeracy · doi:10.5038/1936-4660.6.2.5 · Cited by 292
“A few studies in the literature have tried to account for these problems by using IV estimation, and they consistently report IV estimates of the effects of financial literacy that are larger than the ordinary least squares (OLS) estimates (Lusardi and Mitchell 2009; Alessie et al. 2011; Van Rooij et al. 2011, 2012).”
InfluentialFinancial literacy and retirement planning in Japan
Sekita, S. (2011) · Journal of Pensions Economics and Finance · doi:10.1017/s1474747211000527 · Cited by 291
“29 US and Dutch households' responses to similar questions are given in previous studies (Lusardi and Mitc hell (2009) and Van Rooij et al. (2007)).”
Financial Literacy Around the World: An OverviewPreprint
Lusardi, A., & Mitchell, O. S. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1810551 · Cited by 290
Self-citationFinancial Literacy and Portfolio Dynamics
Milo Bianchi, Y. (2017) · The Journal of Finance · doi:10.1111/jofi.12605 · Cited by 286
Financial literacy and retirement preparation in the Netherlands
Alessie, R. J. M., van Rooij, M., & Lusardi, A. (2011) · Journal of Pensions Economics and Finance · doi:10.1017/s1474747211000461 · Cited by 302
“4 Van Rooij et al. (2011a) also use these instruments. have higher financial literacy.5 In addition to the financial situation of siblings, we also consider parents’ understanding of financial matters as perceived by the respondent.”
BackgroundResultInfluentialSelf-citationFinancial literacy and youth entrepreneurship in South Africa
Oseifuah, E. K. (2010) · African Journal of Economic and Management Studies · doi:10.1108/20400701011073473 · Cited by 281
Attitudinal factors, financial literacy, and stock market participation
Sivaramakrishnan, S., Srivastava, M., & Rastogi, A. (2017) · International Journal of Bank Marketing · doi:10.1108/ijbm-01-2016-0012 · Cited by 305
Towards an understanding of consumers’ FinTech adoption: The case of Open Banking
Chan, R., Troshani, I., Rao Hill, S., & Hoffmann, A. (2022) · International Journal of Bank Marketing · doi:10.1108/ijbm-08-2021-0397 · Cited by 281
Financial literacy: Do people know the ABCs of finance?
Lusardi, A. (2015) · Public Understanding of Science · doi:10.1177/0963662514564516 · Cited by 306
“See Van Rooij et al. (2011) for detail.”
BackgroundMethodInfluentialSelf-citationPast behaviour, financial literacy and investment decision-making process of individual investors
Raut, R. K. (2020) · International Journal of Emerging Markets · doi:10.1108/ijoem-07-2018-0379 · Cited by 405
Who takes Risks When and Why: Determinants of Changes in Investor Risk Taking*
Weber, M., Weber, E. U., & Nosić, A. (2012) · European Finance Review · doi:10.1093/rof/rfs024 · Cited by 273
“Using cross-sectional UBS/Gallup surveys, Fisher and Statman (2002) and Vissing-Jorgensen (2003) showed that people’s long- and short-term return expectations change substantially over time.”
BackgroundMethodInfluentialOptimism, Financial Literacy and Participation
Anderson, A., Baker, F., & Robinson, D. T. (2014) · Journal of Financial Economics · doi:10.1016/j.jfineco.2017.07.008 · Cited by 288
“In all specifications, older, higher income respondents are more likely to have saved, as are more educated respondents, and respondents 9Van Rooij, Lusardi, and Alessie (2012) show that financial literacy is related to retirement planning in a sample of Dutch households.”
Limited and Varying Consumer Attention: Evidence from Shocks to the Salience of Bank Overdraft Fees
Stango, V., & Zinman, J. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhu008 · Cited by 290
Americans' Financial Capability
Lusardi, A. (2011) · National Bureau of Economic Research · doi:10.3386/w17103 · Cited by 264
Self-citationRestoring Rational Choice: The Challenge of Consumer Financial Regulation
Campbell, J. Y. (2016) · American Economic Review · doi:10.1257/aer.p20161127 · Cited by 245
Retail trader sophistication and stock market quality: Evidence from brokerage outages
Eaton, G. W., Green, T. C., Roseman, B., & Wu, Y. (2022) · Journal of Financial Economics · doi:10.1016/j.jfineco.2022.08.002 · Cited by 255
Adomako, S., Danso, A., & Damoah, J. O. (2015) · Venture Capital · doi:10.1080/13691066.2015.1079952 · Cited by 339
“Further, recent empirical evidence suggests a strong correlation between financial literacy and behaviour (Cole, Sampson, and Zia 2009) and that an important determinant of stock market participation is financial literacy (Van Rooij, Lusardi, and Alessie 2011).”
BackgroundInfluentialFinancial Literacy: An Essential Tool for Informed Consumer Choice?Preprint
Lusardi, A. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1336389 · Cited by 251
Self-citationFinancial Literacy and Financial Sophistication in the Older Population
Lusardi, A., Mitchell, O. S., & Curto, V. E. (2014) · Journal of Pension Economics and Finance · doi:10.1017/s1474747214000031 · Cited by 28
“…into financial knowledge among the older population by asking additional questions which have also been 2 For other examples of how to construct indexes of financial literacy and sophistication, see van Rooij et al. (2011), Lusardi and Mitchell (2009), Knoll and Houts (2012), and Seligman (2012).”
InfluentialSelf-citationFinancial Literacy and High-Cost Borrowing in the United States
Lusardi, A., & de Bassa Scheresberg, C. (2013) · doi:10.3386/w18969 · Cited by 250
Self-citationGender differences in financial risk taking: The role of financial literacy and risk tolerance
Bannier, C. E., & Neubert, M. (2016) · Economics Letters · doi:10.1016/j.econlet.2016.05.033 · Cited by 249
“Our choice of control variables follows Van Rooij et al. (2011).”
Financial literacy, confidence and financial advice seeking
Kramer, M. M. (2016) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2016.08.016 · Cited by 257
“To obtain scores on financial literacy for each respondent, we performed a factor analysis similar to Van Rooij et al. (2011a) on both our datasets.”
BackgroundMethodInderst, R., & Ottaviani, M. (2012) · Journal of Economic Literature · doi:10.1257/jel.50.2.494 · Cited by 238
Overconfidence and investment: An experimental approach
PIKULINA, E. S., Renneboog, L. D. R., & Tobler, P. N. (2017) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2017.01.002 · Cited by 234
“More numerate and financially literate individuals are more likely to participate in financial markets (Van Rooij et al. (2011), Almenberg and Dreber (2015)), make fewer mistakes in their investment strategies (Calvet et al. (2009)), engage in retirement planning and as a result accumulate more…”
BackgroundAhmad, M. O., & Shah, S. Z. A. (2020) · Journal of economic and administrative sciences. · doi:10.1108/jeas-07-2020-0116 · Cited by 366
Is knowledge that powerful? Financial literacy and access to finance
Hussain, J., Salia, S., & Karimu, A. (2018) · Journal of Small Business and Enterprise Development · doi:10.1108/jsbed-01-2018-0021 · Cited by 340
Measuring Uncertainty Based on Rounding: New Method and Application to Inflation Expectations
Binder, C. C. (2015) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2017.06.001 · Cited by 227
Assessing financial literacy in 12 countries: an OECD/INFE international pilot exercise
Atkinson, A., & Messy, F.-A. (2011) · Journal of Pensions Economics and Finance · doi:10.1017/s1474747211000539 · Cited by 232
“These knowledge questions were specifically chosen to be as close as possible to questions used widely in studies linking financial literacy to specific financial outcomes (see, e.g., Hilgert et al., 2003; van Rooij et al., 2011; Lusardi and Mitchell, 2008).”
The Psychology and Neuroscience of Financial Decision Making
Frydman, C., & Camerer, C. F. (2016) · Trends in Cognitive Sciences · doi:10.1016/j.tics.2016.07.003 · Cited by 267
“Planning for retirement also seems to be accelerated by personal experience, such as seeing the financial condition of older siblings and parents [5,102].”
Backgroundde Bruin, W. B., van der Klaauw, W., Downs, J. S., Fischhoff, B., Topa, G., & Armantier, O. (2010) · Journal of Consumer Affairs · doi:10.1111/j.1745-6606.2010.01174.x · Cited by 232
Financial Literacy around the World: An Overview
Lusardi, A., & Mitchell, O. S. (2011) · National Bureau of Economic Research · doi:10.3386/w17107 · Cited by 228
Self-citationFlattening the Illiquidity Curve: Retail Trading During the COVID-19 Lockdown
Ozik, G., Sadka, R., & Shen, S. (2021) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109021000387 · Cited by 229
Financial Literacy among Working Young in Urban India
Agarwalla, S. K., Barua, S. K., Jacob, J., & Varma, J. R. (2014) · World Development · doi:10.1016/j.worlddev.2014.10.004 · Cited by 363
Ambiguity Attitudes in a Large Representative Sample
Dimmock, S. G., Kouwenberg, R. R. P., & Wakker, P. P. (2015) · Management Science · doi:10.1287/mnsc.2015.2198 · Cited by 238
“We also measured stock market participation, risk aversion, trust (Guiso, Sapienza, and Zingales 2008), and financial literacy (van Rooij, Lusardi, and Alessie 2011).”
InfluentialFinancial Literacy and the Demand for Financial AdvicePreprint
Calcagno, R., & Monticone, C. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1884813 · Cited by 219
Financial Literacy, Financial Education and Economic Outcomes
Hastings, J., Madrian, B. C., & Skimmyhorn, W. (2012) · National Bureau of Economic Research · doi:10.3386/w18412 · Cited by 259
Financial Literacy and Retirement Planning in Switzerland
Brown, M., & Graf, R. (2013) · Numeracy · doi:10.5038/1936-4660.6.2.6 · Cited by 222
“Second, we examine whether the observed correlation between financial literacy and retirement savings carries over to other types of financial behavior, i.e., financial market participation (as in Van Rooij et al. 2011) and household borrowing (as in Lusardi and Tufano 2009; Gerardi et al. 2010).”
Background
Metadata
- Authors
- van Rooij, M., Lusardi, A., & Alessie, R.
- Affiliations
- Dartmouth College (US)
- University of Groningen (NL)
- Corresponding author
- Lusardi, Annamaria
- Venue
- Journal of Financial Economics
- Publisher
- Elsevier BV
- Published
- 2011-08
- Volume
- 101
- Issue
- 2
- Pages
- 449-472
- ISSN
- 0304-405X (ISSN-L)
- OpenAlex
- W3121918578
- Semantic Scholar
- 79807a99ddf557ff4b81d96e0add8f4a7674d1e8
- Cited by
- 3,554
- References
- 42
- Citations by year
- 2026: 288 · 2025: 324 · 2024: 366 · 2023: 316 · 2022: 300 · 2021: 291 · 2020: 275 · 2019: 207 · 2018: 178 · 2017: 180 · 2016: 142 · 2015: 166 · 2014: 136 · 2013: 120 · 2012: 91
- FWCI
- 88.88
- Type
- journal article
- Language
- en
- Open access
- green
- doi.org
- Locations
- Journal of Financial Economics (publishedVersion)
- SSRN Electronic Journal (publishedVersion)
- National Bureau of Economic Research (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Deep Blue (University of Michigan) (submittedVersion)
- Utrecht University Repository (Utrecht University) (submittedVersion, other-oa)
- Econstor (Econstor) (submittedVersion)
- University of Groningen research database (University of Groningen / Centre for Information Technology) (submittedVersion, other-oa)
- University of Groningen research database (University of Groningen / Centre for Information Technology) (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy and Behavior
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- financial literacy, stock market participation, household investment, financial numeracy, interest rates, financial instruments, bonds, mutual funds, risk diversification, survey question wording, retirement savings, financial decision-making
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
