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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 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)
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“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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“Descriptive results from van Rooij et al. (2011) show that the proportion of respondents in the highest basic financial literacy quartile peaks in the 41–50 age category and is lowest among those ages 71 and older.”
InfluentialInternational Comparative Household Finance
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BackgroundLind, T., Ahmed, A. M., Skagerlund, K., Strömbäck, C., Västfjäll, D., & Tinghög, G. (2020) · Journal of Family and Economic Issues · doi:10.1007/s10834-020-09678-9 · Cited by 241
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“Other papers suggest connections between financial literacy and stock market participation, borrowing, and mutual fund selection (Lusardi and Tufano 2009; Christelis et al. 2010; van Rooij et al. 2011; Hastings and Mitchell 2011).”
BackgroundThakkar, A., & Chaudhari, K. (2020) · Information Fusion · doi:10.1016/j.inffus.2020.08.019 · Cited by 214
“…the market behaviours, deriving influential aspects, trading through stocks, predicting future market trend, recommending assets for portfolio management, etc., however, the lack of financial literacy and knowledge of fundamental economic principles can critically affect the investment returns [1].”
BackgroundThe Role of Experience Sampling and Graphical Displays on One's Investment Risk Appetite
Kaufmann, C., Weber, M., & Haisley, E. C. (2012) · Management Science · doi:10.1287/mnsc.1120.1607 · Cited by 213
“…risky allocation remains significant when we include control variables using OLS regression analysis7 (Table 1, Column (I)).8 Consistent with previous literature (Hong et al. 2005; Nosić/Weber 2010; van Rooij et al. 2011) self-reported risk attitude is a highly significant predictor of risk taking.”
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Mottola, G. (2013) · Numeracy · doi:10.5038/1936-4660.6.2.4 · Cited by 194
“For example, financial literacy has been linked to a number of important outcomes, including wealth accumulation (Stango and Zinman 2009), stock market participation (van Rooij et al. 2011; Yoong 2011), and retirement planning (Lusardi and Mitchell 2008).”
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“This finding is corroborated by Lusardi and Tufano (2009), who explored debt literacy for a representative U.S. sample; in studies of narrower samples (Agnew and Szykman 2005; Lusardi, Keller, and Keller 2008); and in studies of other countries (van Rooij, Lusardi, and Alessie 2007; Lusardi and Mitchell 2007b; Smith a…”
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French, D., & McKillop, D. G. (2016) · International Review of Financial Analysis · doi:10.1016/j.irfa.2016.08.004 · Cited by 236
“Financial literacy is predictive of investment behaviours including stock market participation (Van Rooij et al. 2011, Almenberg and Dreber 2011, and Arrondel et al. 2012), choosing a low fee investment portfolio (Choi et al. 2009), and better diversification and more frequent stock trading (Graham…”
BackgroundFinancial Literacy and Financial Planning: Evidence from India
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“Also, with an increasing number of working-class approaching retirement and most importantly, a changing focus on individual responsibility for personal finances, financial literacy has evolved into a necessary skill that everyone must possess in everyday life (van Rooij et al. 2011).”
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Grohmann, A., Kouwenberg, R., & Menkhoff, L. (2015) · Journal of Economic Psychology · doi:10.1016/j.joep.2015.09.002 · Cited by 289
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“…Hilgert et al. , 2003; Clark et al. , 2004; Mavrinac and Chin, 2004; Courchane and Zorn, 2005; Hogarth et al. , 2005; Kimball and Shumway, 2006; Lusardi, 2008; Lusardi and Mitchell, 2008; Lusardi and Tufano, 2009; Carpena et al. , 2011; Robb, 2011; van Rooij et al. , 2011, 2012; Xu and Zia, 2012).”
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“Lusardi and Mitchell (2007, 2008) measured financial literacy using three questions, Van Rooij et al. (2011) used five questions, and Stango and Zinman (2009) used only one question.”
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“…literacy is associated with higher wealth, higher probability to invest in the stock market and higher probability to plan for retirement. van Rooij et al. (2011a) using the same data concludes that individuals who attain higher levels of financial literacy are more likely to think about…”
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“Van Rooij et al. (2011) and Grinblatt et al. (2011) report that education and intelligence have a positive effect on the fraction of individuals participating in the stock market.”
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Financial Literacy in Japan: New Evidence Using Financial Knowledge, Behavior, and Attitude
Kadoya, Y., & Khan, M. S. R. (2020) · Sustainability · doi:10.3390/su12093683 · Cited by 137
Ponthieux, S., & Meurs, D. (2014) · Handbook of income distribution · doi:10.1016/b978-0-444-59428-0.00013-8 · Cited by 139
Financial Literacy and Mutual Fund Investments: Who Buys Actively Managed Funds?
Müller, S., & Weber, M. (2010) · Schmalenbach Business Review · doi:10.1007/bf03396802 · Cited by 134
Culture and financial literacy: Evidence from a within-country language border
Brown, M., Henchoz, C., & Spycher, T. (2018) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2018.03.011 · Cited by 153
Financial Literacy and the Financial CrisisPreprint
Klapper, L., Lusardi, A., & Panos, G. A. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.2038765 · Cited by 183
“Van Rooij, Lusardi, and Alessie (2011) have used the financial literacy of others, such as siblings and parents.”
InfluentialSelf-citationSelf-Control, Financial Literacy and Consumer Over-IndebtednessPreprint
Gathergood, J. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1873369 · Cited by 133
Determinants and Impacts of Financial Literacy in Cambodia and Viet Nam
Morgan, P., & Long, T. Q. (2019) · Journal of risk and financial management · doi:10.3390/jrfm12010019 · Cited by 170
“…literacy and daily financial management skills, while other studies found that the more numerate and financially literate are more likely to participate in financial markets, invest in stocks, and make precautionary savings (Christelis et al. 2010; van Rooij et al. 2011; de Bassa Scheresberg 2013).”
BackgroundEvidence for Countercyclical Risk Aversion: An Experiment with Financial ProfessionalsPreprint
Cohn, A., Engelmann, J. B., Fehr, E., & Maréchal, M. A. (2013) · SSRN Electronic Journal · doi:10.2139/ssrn.2327557 · Cited by 133
Visual tools and narratives: new ways to improve financial literacy
Lusardi, A., Samek, A. S., Kapteyn, A., Glinert, L., Hung, A., & Heinberg, A. (2015) · Journal of Pensions Economics and Finance · doi:10.1017/s1474747215000323 · Cited by 149
“…to a battery of questions measuring financial literacy, the majority of individuals fare particularly poorly on questions related to risk and risk diversification (see, e.g., Lusardi and Mitchell, 2009, 2011a, b, c, 2014; van Rooij et al., 2011, 2012; Heinberg et al., 2014; Lusardi et al., 2014).”
BackgroundSelf-citationNguyen, L. T. M., Gallery, G. T., & Newton, C. J. (2017) · Accounting and Finance · doi:10.1111/acfi.12295 · Cited by 156
Ward, A. F., & Lynch, J. G. (2018) · Journal of Consumer Research · doi:10.1093/jcr/ucy037 · Cited by 131
Personality traits and stock market participation
Conlin, A., Kyrolainen, P. J., Kaakinen, M., Järvelin, M., Perttunen, J., & Svento, R. (2015) · Journal of Empirical Finance · doi:10.1016/j.jempfin.2015.06.001 · Cited by 131
“Prior work on factors related to stock market participation include pecuniary costs (Vissing-Jørgensen (2003)), awareness (Guiso and Jappelli (2005)), and financial literacy (Van Rooij et al. (2011)).”
BackgroundFinancial literacy, financial advisors, and information sources on demand for life insurance
Lin, C., Hsiao, Y., & Yeh, C.-Y. (2017) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2017.04.002 · Cited by 143
Measuring financial well-being over the lifecourse
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Mattke, J., Maier, C., Reis, L., & Weitzel, T. (2020) · European Journal of Information Systems · doi:10.1080/0960085x.2020.1787109 · Cited by 129
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Kaplanski, G., Levy, H., Veld, C., & Veld‐Merkoulova, Y. V. (2012) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109014000416 · Cited by 130
“…panel data that are representative of the population of The Netherlands see, for example, Veld and Veld-Merkoulova (2008), Guiso, Sapienza, and Zingales (2008), Bellemaere, Kröger, and Van Soest (2008), Von Gaudecker, Van Soest, and Wengström (2011), and Van Rooij, Lusardi, and Alessie (2011).”
BackgroundFearless Woman: Financial Literacy and Stock Market Participation
Bucher‐Koenen, T., Alessie, R. J. M., Lusardi, A., & van Rooij, M. (2021) · National Bureau of Economic Research · doi:10.3386/w28723 · Cited by 134
“Traditional measures of financial literacy have shown that higher financial knowledge increases stock market participation (see Lusardi and Mitchell 2014 for a review and Van Rooij et al. 2011 for evidence on Dutch data).”
Self-citationGender differences and stereotypes in financial literacy: Off to an early start
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Altruism and egoism in investment decisions
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Gender differences in financial literacy: The role of stereotype threat
Tinghög, G., Ahmed, A. M., Barrafrem, K., Lind, T., Skagerlund, K., & Västfjäll, D. (2021) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2021.10.015 · Cited by 143
Social capital: mediator of financial literacy and financial inclusion in rural Uganda
Bongomin, G. O. C., Ntayi, J. M., Munene, J. C. K., & Nabeta, I. N. (2016) · Review of International Business and Strategy · doi:10.1108/ribs-06-2014-0072 · Cited by 127
Financial literacy, household portfolio choice and investment return
Li, J., Li, Q., & Xu, W. (2020) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2020.101370 · Cited by 126
Time is money: Rational life cycle inertia and the delegation of investment management
Kim, H. H., Maurer, R., & Mitchell, O. S. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.03.008 · Cited by 124
“For instance, Bilias et al. (2009) analyzed investor trading behavior in the 1 See Van Rooij, Lusardi, and Alessie 2011; related work includes Lusardi and Mitchell (2014) and Mitchell, Mottola, Utkus, and Yamaguchi (2006).”
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
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