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Financial literacy and stock market participation
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“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
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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)
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“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)
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“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)
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“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
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“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)
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“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)
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Citations
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Why Financial Advice Cannot Substitute for Financial Literacy?Preprint
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“However, several papers show that nancially unsophisticated investors tend to turn more often to informal sources of information such as family, friends or acquaintances rather than professional experts when they seek nancial guidance (van Rooij et al. 2011; Lusardi and Mitchell 2011a).”
What is Risk?Preprint
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Who Feels the Nudge? Knowledge, Self-Awareness and Retirement Savings Decisions
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Bongini, P. A., Cucinelli, D., & Soana, M. G. (2023) · Finance research letters · doi:10.1016/j.frl.2023.104511 · Cited by 28
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“A growing body of research indicates that financial literacy relates to household well-being, including in savings and investments (Van Rooij et al. 2011; Behrman et al. 2012) and retirement planning (Lusardi and Mitchell 2007a, b).”
InfluentialIs financial literacy a protection tool from online fraud in the digital era?
Isaia, E., Oggero, N., & Sandretto, D. (2024) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2024.100977 · Cited by 22
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Financial Literacy of Indian Youth: A Study on the Twin Cities of Hyderabad–Secunderabad
Mahapatra, M. S., Alok, S., & Raveendran, J. (2016) · IIM Kozhikode Society & Management Review · doi:10.1177/2277975216667096 · Cited by 21
“Similarly, van Rooij et al. (2011) observed that people with high levels of financial literacy tend to be involved in stock market.”
BackgroundDoes Information Acquisition Alleviate Market Anomalies? Categorization Bias in Stock Splits
Kong, D., Lin, C., & Liu, S. (2017) · European Finance Review · doi:10.1093/rof/rfx028 · Cited by 20
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Women are invisible?! A literature survey on gender gap and financial training
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“Many experimental studies showed that family and friends were the first choices for getting information to make a financial decision (Bernheim, 1998; Lusardi, 2007; Lusardi and Mitchell, 2014; Van Rooij et al., 2011).”
BackgroundLi, Y., Li, Z., Su, F., et al. (2020) · Complexity · doi:10.1155/2020/6696312 · Cited by 21
“researched on Dutch DHS data and found that the majority of respondents only understand basic financial knowledge, such as funds, which have higher returns than savings, and any investment is risky, but do not know about slightly professional financial knowledge, such as calculation of the interest rates of savings an…”
BackgroundIs Competition a Cure for Confusion? Evidence from the Residential Mortgage Market
Malliaris, S. G., Rettl, D. A., & Singh, R. (2019) · Real Estate Economics · doi:10.1111/1540-6229.12340 · Cited by 21
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Business school education, motivation, and young adults' stock market participation☆
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Role of financial literacy in investment choices of financial consumers: an insight from India
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Financial Literacy and Retirees' Resource Allocation Decisions in New Zealand
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Impact of financial investment on confidence in a happy future retirement
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Exploring the missing link:Financial literacy and Cognitive biases in Investment Decisions
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Metaknowledge of Experts Versus Nonexperts: Do Experts Know Better What They Do and Do Not Know?
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Multipart tariffs and bounded rationality: An experimental analysis of mobile phone plan choices
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Behavioral biases of finance professionals: Turkish evidence
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A spatial-temporal analysis of financial literacy in United States of America
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“This result is in line with van Rooij, Lusardi, and Alessie (2011), who survey a general sample of Dutch households and find that individuals with low financial literacy mainly rely on information from friends and family, and that the use of information from newspapers, financial magazines, guides,…”
ResultEdukacja finansowa i inkluzja bankowa w realizacji koncepcji Silver Economy
Kuchciak, I., Świeszczak, M., Świeszczak, K., & Marcinkowska, M. (2014) · Wydawnictwo Uniwersytetu Łódzkiego eBooks · doi:10.18778/7969-465-5 · Cited by 21
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“There may be pockets of effective utilization of digital financial resources among certain entrepreneurs, potentially due to factors such as proactive learning (Goyal & Kumar, 2021), peer influence (van Rooij et al., 2011) or specific needs that drive engagement with these.”
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“This discovery was substantiated and aligns harmoniously with previous investigations [9,39].”
BackgroundMethodResultInfluentialFinancial literacy and decision-making: The impact of knowledge gaps on financial outcomes
Merter, A. K., & Balcıoğlu, Y. S. (2025) · Borsa Istanbul Review · doi:10.1016/j.bir.2025.07.010 · Cited by 58
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“Similar difference in FL, in terms of sex, where a probability that women answered the questions of FL correctly was lower, was presented by authors of foreign studies (Lusardi et al., 2010; Rooij et al., 2007; Bucher-Koenen et al., 2014).”
A Study of Financial Literacy and Its Determinants: Evidence from India
Choudhary, K., & Kamboj, S. (2017) · Asian Journal of Accounting Perspectives · doi:10.22452/ajap.vol10no1.4 · Cited by 20
Impacts of Financial Literacy and Confidence on the Severity of Financial Hardship in Australia
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“This is justified by van Rooij et al (2011), in his research he showed that people with low financial literacy usually invest based on a desire or a momentary trend.”
MethodFirst results on financial literacy in Oman
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“A study by van Rooij et al. (2011) concluded that financial literacy affects financial decision-making, in that individuals with a low financial literacy are less likely to have investments in stocks.”
BackgroundWhy do individuals not participate in the stock market?
Veld‐Merkoulova, Y. V., & Veld, C. (2022) · International Review of Financial Analysis · doi:10.1016/j.irfa.2022.102292 · Cited by 20
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“…literacy can be observed in many countries (Bhutoria, Jerrim, and Vignoles 2018), which may produce a lack of retirement planning in many households (Van Rooij, Lusardi, and Alessie 2011) and high rates of bankruptcy, high consumer debt levels or low savings rates (Fox, Bartholomae, and Lee 2005).”
BackgroundRetail investors’ sensitivity to the development and promotion of CSR issues
Porzio, C., Salerno, D., & Stella, G. P. (2023) · Finance Research Letters · doi:10.1016/j.frl.2023.103642 · Cited by 20
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“…loans (Bajde & Rojas-Gaviria, 2021) and explained the relationship between financial literacy levels and income, age, gender, motivation, ethnicity, and life partner relationships (Lusardi & Mitchell, 2007; Mandell & Klein, 2007; van Rooij et al., 2011; Ward & Lynch, 2019; Stango & Zinman, 2009).”
Education and the local equity bias around the world
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“Education also helps in ncreasing participation in stock market investments (Van Rooij et al., 2011) and diversification of portfolios (Campbell, 006).”
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van Raaij, W. F. (2014) · Foundations and Trends® in Marketing · doi:10.1561/1700000039 · Cited by 27
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Kristjanpoller, W., & Olson, J. E. (2014) · Journal of Pensions Economics and Finance · doi:10.1017/s1474747214000213 · Cited by 21
Xu, C., Xiao, J. J., & Yi, J. (2017) · The Singapore Economic Review · doi:10.1142/s0217590817430032 · Cited by 20
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Pak, T. (2018) · International Journal of Consumer Studies · doi:10.1111/ijcs.12429 · Cited by 22
Bayumi, M. R., & Jaya, R. A. (2018) · Share Jurnal Ekonomi dan Keuangan Islam · doi:10.22373/share.v7i1.2293 · Cited by 28
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Financial Literacy, Health Engagement, and Residents’ Health: Evidence from China
Zheng, Q., Peng, Z. L., & Ding, S. (2021) · International Journal of Environmental Research and Public Health · doi:10.3390/ijerph18084202 · Cited by 22
“showed that financial literacy affects personal financial decision-making, and people with low financial literacy are less likely to participate in the stock market [4].”
BackgroundInvestors' personal characteristics and trading decisions under distressed market conditions
Gavish, L. R., Qadan, M., & Yagil, J. (2021) · Borsa Istanbul Review · doi:10.1016/j.bir.2021.04.005 · Cited by 21
Fooled by Randomness: Investor Perception of Fund Manager Skill
Heuer, J., Merkle, C., & Weber, M. (2016) · European Finance Review · doi:10.1093/rof/rfw011 · Cited by 20
Life-Cycle Asset Allocation with Ambiguity Aversion and LearningPreprint
Peijnenburg, K. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1785321 · Cited by 20
Deposit Withdrawals from Distressed Commercial BanksPreprint
Brown, M., Guin, B., & Morkoetter, S. (2014) · RePEc: Research Papers in Economics · Cited by 20
Do Contracts Impact Comprehensive Financial Advice?Preprint
Finke, M. S., Huston, S. J., & Waller, W. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1429807 · Cited by 20
Self-Control, Financial Literacy & the Co-Holding PuzzlePreprint
Gathergood, J., & Weber, J. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.2005031 · Cited by 20
Policy-effective financial knowledge and attitude factorsPreprint
Garber, G., & Koyama, S. M. (2016) · RePEc: Research Papers in Economics · Cited by 19
Financial Advice Seeking, Financial Knowledge and Overconfidence. Evidence from the Italian MarketPreprint
Gentile, M., Linciano, N., & Soccorso, P. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2802589 · Cited by 29
The impacts of emotions and personality on borrowers’ abilities to manage their debts
Rendall, S., Brooks, C., & Hillenbrand, C. (2021) · International Review of Financial Analysis · doi:10.1016/j.irfa.2021.101703 · Cited by 23
Does it pay to invest? The personal equity risk premium and stock market participation
Veld‐Merkoulova, Y. V., & Veld, C. (2021) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2021.106220 · Cited by 19
Language Skills and Stock Market Participation: Evidence From Immigrants
Gan, X., Song, F. M., & Zhou, Y. (2022) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109022000175 · Cited by 19
Too Old to Plan? Age Identity and Financial Planning Among the Older Population of China
Ye, Z., Zou, X., Post, T., Mo, W., & Yang, Q. (2021) · China Economic Review · doi:10.1016/j.chieco.2022.101770 · Cited by 19
Kasoga, P. S., & Tegambwage, A. G. (2022) · Journal of Money and Business · doi:10.1108/jmb-05-2022-0028 · Cited by 31
“Financial literacy was estimated by two items adopted from Van Rooij et al. (2011).”
MethodUnraveling the impact of financial literacy on investment decisions in an emerging market
Shroff, S. J., Paliwal, U. L., & Dewasiri, N. J. (2024) · Business Strategy & Development · doi:10.1002/bsd2.337 · Cited by 35
Overconfidence bias among retail investors: A systematic review and future research directions
Singh, D., Malik, G., & Jha, A. (2024) · Investment Management and Financial Innovations · doi:10.21511/imfi.21(1).2024.23 · Cited by 22
“A couple of publications contained in this group also address the significance of financial literacy (Van Rooij et al., 2011) and self-awareness (Dorn & Huberman, 2005) for investors, as these attributes could help prevent overconfidence bias and risky behavior (Nosić & Weber, 2010).”
BackgroundFinancial literacy, stock market participation, and financial wellbeing in Germany
Bucher‐Koenen, T., Janssen, B., Knebel, C., & Tzamourani, P. (2023) · Journal of Financial Literacy and Wellbeing · doi:10.1017/flw.2024.5 · Cited by 21
“This is in line with results previously documented in the literature (see, e.g., van Rooij et al. 2011, Bucher-Koenen et al. 2021).”
Financial literacy among Chinese rural households and its impact on stock-market participation
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“The financially illiterate also have no knowledge about portfolio management and risk 2014, Vol. 4, No. 2 www.macrothink.org/ijafr 319 minimisation techniques (Christelis et al., 2010; van Rooij et al., 2011).”
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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.
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