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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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“Individuals who participated in stock market investments were found to be financially literate, showing that involvement in financial decision making increases financial knowledge (Van Rooij et al., 2011). RPI and being enrolled in other degrees are the only variables that significantly influence debt FB in university…”
BackgroundInfluentialFinancial Vulnerability, Financial Literacy, and the Use of Digital Payment Technologies
Seldal, M. M. N., & Nyhus, E. K. (2022) · Journal of Consumer Policy · doi:10.1007/s10603-022-09512-9 · Cited by 197
Kawamura, T., Mori, T., Motonishi, T., & Ogawa, K. (2021) · Journal of the Japanese and International Economies · doi:10.1016/j.jjie.2021.101131 · Cited by 161
Relationship between risk aversion, risky investment intention, investment choices
Aren, S., & Hamamcı, H. N. (2020) · Kybernetes · doi:10.1108/k-07-2019-0455 · Cited by 157
Financial Literacy and Financial Decision-Making at Older Ages
Fong, J. H. Y., Koh, B., Mitchell, O. S., & Rohwedder, S. (2020) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2020.101481 · Cited by 121
Wealth of Two Nations: The U.S. Racial Wealth Gap, 1860–2020
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Conscientiousness, Financial Literacy, and Asset Accumulation of Young Adults
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Fornero, E., & Monticone, C. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1810475 · Cited by 117
Pengaruh Literasi Keuangan dan Perilaku Keuangan terhadap Keputusan Investasi Mahasiswa
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Financial literacy and fraud detection*
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“…planning and wealth accumulation (Lusardi & Mitchell, 2007a,b, 2011; Klapper & Panos, 2011), more likely to participate in financial markets (Van Rooij et al., 2011; Yoong, 2011; Balloch et al., 2015) and better equipped to face macroeconomic shocks such as the financial crisis (Klapper &…”
Financial Literacy and Retirement Planning in GermanyPreprint
Bucher‐Koenen, T., & Lusardi, A. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1813744 · Cited by 113
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Agnew, S., & Cameron‐Agnew, T. (2015) · International Journal of Consumer Studies · doi:10.1111/ijcs.12179 · Cited by 112
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“Lusardi and Mitchell (2009) and van Rooij et al. (2011a) apply similar questions to evaluate financial literacy.”
BackgroundResultInfluentialFinancial Literacy, Human Capital and Stock Market Participation in Europe
Thomas, A., & Spataro, L. (2018) · Journal of Family and Economic Issues · doi:10.1007/s10834-018-9576-5 · Cited by 138
Agyapong, D., & Attram, A. B. (2019) · Journal of global entrepreneurship research · doi:10.1186/s40497-019-0191-1 · Cited by 171
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Financial Literacy and Retirement Planning in Germany
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“Other studies show indirect relationships between these two variables, as a result of the entrepreneurs’ financial skills and knowledge, which positively affect other performance drivers, such as the ability to access different sources of funding at better conditions [56] or to be able to use innovative financial serv…”
BackgroundMolina-García, A., Diéguez‐Soto, J., Galache-Laza, M. T., & Campos-Valenzuela, M. (2022) · Review of Managerial Science · doi:10.1007/s11846-022-00556-2 · Cited by 167
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“The literature indicates a relationship between financial knowledge and several economic behaviors (Lusardi and Mitchell, 2007a, 2007b, 2014; Mandell and Klein, 2009; Remund, 2010; Choi et al., 2010a, 2010b; Gathergood, 2011; Van Rooij et al., 2011a; Van Rooij et al., 2011b; OECD, 2016; Garber and Koyama, 2016).”
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“Model 1 shows that the total effect of the internal efficacy 5 Some of these questions were adapted from existing financial literacy measures (OECD, 2016; van Rooij et al., 2011).”
BackgroundOptimal Financial Knowledge and Wealth InequalityPreprint
Lusardi, A., Michaud, P., & Mitchell, O. S. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2585222 · Cited by 105
Self-citationLearning by doing: the role of financial experience in financial literacy
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“We observe that male respondents have a significantly higher financial literacy score (0.45 points higher) than female respondents, a finding that is corroborated by Dvorak and Hanley (2010) and Van Rooij et al. (2011a), among others.”
BackgroundResultInfluentialImpact of inflated perceptions of financial literacy on financial decision making
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“First, high educational attainment is associated with more financial knowledge and individuals with high financial knowledge are considerably less likely to consult their social environment about financial matters (van Rooij, Lusardi, and Alessie 2011).”
Experience wears the trousers: Exploring gender and attitude to financial risk
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“Income (Lusardi and Tufano, 2009) and wealth (van Rooij et al., 2011) have been shown to be positively associated with financial literacy.”
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Jariyapan, P., Mattayaphutron, S., Gillani, S. N., & Shafique, O. (2022) · Frontiers in Psychology · doi:10.3389/fpsyg.2021.814087 · Cited by 102
“Van Rooij et al. (2011) demonstrated that financial decision-making has been influenced by financial literacy.”
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Ke, D. (2017) · The Journal of Finance · doi:10.1111/jofi.13002 · Cited by 122
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Liao, L., Xiao, J. J., Zhang, W.-Q., & Zhou, C. (2017) · Accounting and Finance · doi:10.1111/acfi.12329 · Cited by 100
“Additional evidences from several countries show that both financial literacy and cognitive abilities are closely linked to decisions regarding stock investments (Christelis et al., 2010; Van Rooij et al., 2011).”
BackgroundMethodResultInfluentialFerilli, G. B., Palmieri, E., Miani, S., & Stefanelli, V. (2024) · Research in International Business and Finance · doi:10.1016/j.ribaf.2024.102218 · Cited by 102
Determinants of Financial Literacy of Micro Entrepreneurs in Davao City
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“…behavior and financial literacy have been carried out by Bhushan and Medury (2013); Lusardi and Mitchell (2014); de Bassa Scheresberg (2013); van Rooij et al. (2011); Hung et al. (2009); Kempson (2009); Nye and Hillyard (2013); Woodyard (2013); Priyadharshini (2017); and Taylor and Wagland…”
BackgroundMapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends
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Impact of Financial Literacy on Access to Financial Services in Kenya
Mwangi, I. W., & Kihiu, E. (2012) · Cited by 99
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Financial literacy and retirement planning in Finland
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“Further support for the relationship has also been found in Japan (Sekita, 2011), Italy (Fornero and Monticone, 2011; Ricci and Caratelli, 2017), Germany (Bucher-Koenen and Lusardi, 2011), the Netherlands (Alessie et al., 2011; Van Rooij et al., 2011b), Chile (Garabato Moure, 2016), and Canada (Boisclair et al., 2017).”
BackgroundResultInfluentialFinancial literacy and household finances: A Bayesian two-part latent variable modeling approach
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Financial Knowledge, Confidence, Credit Use, and Financial Satisfaction
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Jiang, J., Liao, L., Wang, Z., & Xiang, H. (2019) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2019.101242 · Cited by 97
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“( p l B t c c fi 2 W m m b a b t s o l t p H I f m d l t a i p ( t m t fi m 3 3 p H i a s h Lusardi and Tufano, 2009) and stock market-specific literacy (Van Rooij et al., 2011).”
Financial literacy and mortgage equity withdrawals
Duca, J. V., & Kumar, A. (2013) · Journal of Urban Economics · doi:10.1016/j.jue.2013.08.003 · Cited by 100
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BackgroundInfluentialFinancial knowledge and trust in financial institutions
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“Financial institutions, non-profit organizations, private companies, and governments have widely recognized the importance of financial literacy in developing countries through various financial literacy initiatives (Grohmann et al., 2018; Cucinelli et al., 2019; van Rooij et al., 2011).”
BackgroundFinancial knowledge and 401(k) investment performance: a case study
CLARK, R., LUSARDI, A., & MITCHELL, O. S. (2017) · Journal of Pension Economics and Finance · doi:10.1017/s1474747215000384 · Cited by 135
“In one study of Dutch respondents’ self-reports on stock and mutual fund holdings, van Rooij et al. (2011) did find a positive correlation between financial knowledge and self-reported stockholding.”
BackgroundSelf-citationOptimal Financial Knowledge and Wealth InequalityPreprint
Lusardi, A., Michaud, P., & Mitchell, O. S. (2013) · SSRN Electronic Journal · doi:10.2139/ssrn.2249725 · Cited by 95
Self-citationInvestment in financial literacy, social security, and portfolio choice
JAPPELLI, T., & PADULA, M. (2015) · Journal of Pension Economics and Finance · doi:10.1017/s1474747214000377 · Cited by 121
“Van Rooij et al. (2011) rely on a special module in the Dutch DNB Household Survey.”
BackgroundMethodInfluentialSelf-Control, Financial Literacy & the Co-Holding Puzzle
Gathergood, J., & Weber, J. (2014) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2014.04.018 · Cited by 102
“Recent studies have shown that lack of financial literacy leads to a range of other sub-optimal financial outcomes including under-saving and suboptimal portfolio allocations (Lusardi and Mitchell, 2007; Lusardi and Tufano, 2009; van Rooij et al., 2011a,b).”
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Attitudes towards socially and environmentally responsible investment
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Money Left on the Table: An Analysis of Participation in Employee Stock Purchase Plans
Babenko, I., & Sen, R. (2014) · Review of Financial Studies · doi:10.1093/rfs/hhu050 · Cited by 90
“…in ESPP plans have implications for the large literature that attempts to answer why a substantial fraction of households do not participate in equity markets (see, e.g., Mankiw and Zeldes (1991), Ang, Bekaert, and Liu (2005), Campbell (2006), Rooij, Lusardi, and Alessie (2011), among others).”
Restoring Rational Choice: The Challenge of Consumer Financial RegulationPreprint
Campbell, J. Y. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2719330 · Cited by 93
Financial Literacy in Nepal: A Survey Analysis from College Students
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“Basic financial literacy index was constructed by numeracy, compound interest rate, inflation, time value of money and money illusion questions (Rooij et al., 2007) and advance financial literacy index was developed by constituting questions related to financial statement, insurance, banking,…”
BackgroundMethodInfluentialFrom Patriarchy to Partnership: Gender Equality and Household Finance
Guiso, L., & Zaccaria, L. (2020) · Journal of Financial Economics · doi:10.1016/j.jfineco.2023.01.002 · Cited by 92
Gerrans, P., & Heaney, R. (2016) · Accounting and Finance · doi:10.1111/acfi.12247 · Cited by 106
Retirement Financial Behaviour: How Important Is Being Financially Literate?
Hauff, J., Carlander, A., Gärling, T., & Nicolini, G. (2020) · Journal of Consumer Policy · doi:10.1007/s10603-019-09444-x · Cited by 1
“Thus, individuals high in financial literacy are more likely than individuals low in financial literacy to invest in risky assets when saving for retirement (van Rooij et al. 2011).”
BackgroundResultInfluentialStrömbäck, C., Skagerlund, K., Västfjäll, D., & Tinghög, G. (2020) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2020.100339 · Cited by 126
Revisiting the determinants of individual sustainable investment—The case of Japan
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FINANCIAL LITERACY AND PENSION INVESTMENT DECISIONS
Gallery, N., Gallery, G., Brown, K., Furneaux, C. W., & Palm, C. T. (2011) · Financial Accountability and Management · doi:10.1111/j.1468-0408.2011.00526.x · Cited by 79
Financial literacy of high school students: Evidence from Germany
Erner, C., Goedde‐Menke, M., & Oberste, M. (2016) · The Journal of Economic Education · doi:10.1080/00220485.2016.1146102 · Cited by 96
“This held for both basic and sophisticated financial literacy (Van Rooij, Lusardi, and Alessie 2011).”
BackgroundMethodInfluentialVoluntary savings, financial behavior, and pension finance literacy: evidence from Chile*
Landerretche, O. M., & Martínez, C. (2013) · Journal of Pension Economics and Finance · doi:10.1017/s1474747212000340 · Cited by 79
“A particularly interesting strand of this literature studies the effects of peers on financial decisions, which is closely related to the findings of this paper (see for example Hong et al. 2004; Brown et al. 2008; van Rooij et al. 2011b).”
BackgroundEconomic literacy, inequality, and financial development
Prete, A. L. (2013) · Institutional Research Information System University of Turin (University of Turin) · doi:10.1016/j.econlet.2012.09.029 · Cited by 89
“In microeconomic data, Van Rooij et al. (2011) find that people with low financial literacy are less likely to access financial markets and invest in stocks.”
Optimal Financial Knowledge and Wealth Inequality
Lusardi, A., Michaud, P.-C., & Mitchell, O. (2013) · doi:10.3386/w18669 · Cited by 89
Self-citationDemmou, L., Calligaris, S., Franco, G., et al. (2021) · OECD Economics Department working papers · doi:10.1787/747a8226-en · Cited by 89
An Inquiry into the Financial Literacy and Cognitive Ability of Farmers: Evidence from Rural India
Gaurav, S., & Singh, A. (2012) · Oxford Development Studies · doi:10.1080/13600818.2012.703319 · Cited by 89
“Notes 1 See Behrman et al. (2010) and van Rooij et al. (2011, 2012) for the treatment of endogeneity.”
BackgroundIlieș, R., Yao, J., Curșeu, P. L., & Liang, A. X. (2018) · Applied Psychology · doi:10.1111/apps.12158 · Cited by 100
Measuring financial literacy: a literature review
Ouachani, S., Belhassine, O., & Kammoun, A. (2020) · Managerial Finance · doi:10.1108/mf-04-2019-0175 · Cited by 126
Financial Knowledge among Educated Women: Room for Improvement
Mahdavi, M., & Horton, N. J. (2014) · Journal of Consumer Affairs · doi:10.1111/joca.12032 · Cited by 88
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Xu, N., Shi, J., Rong, Z., & Yuan, Y. Z. (2019) · Finance research letters · doi:10.1016/j.frl.2019.101327 · Cited by 87
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Financial literacy, trust and retirement planning
Ricci, O., & Caratelli, M. (2015) · Journal of Pensions Economics and Finance · doi:10.1017/s1474747215000177 · Cited by 87
“As outlined in van Rooij et al. (2011b), the measures of financial literacy used in existing studies are generally quite crude.”
BackgroundMethodDo investors put their money where their mouth is? Stock market expectations and investing behavior
Merkle, C., & Weber, M. (2014) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2014.03.042 · Cited by 87
Financial Advice and Stock Market ParticipationPreprint
Georgarakos, D., & Inderst, R. (2014) · Social Science Research Network · doi:10.2139/ssrn.1641302 · Cited by 34
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Ru, H., & Antoinette Schoar, B. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2795030 · Cited by 87
Financial literacy and portfolio diversification: an observation from the Tunisian stock market
Mouna, A., & Jarboui, A. (2015) · International Journal of Bank Marketing · doi:10.1108/ijbm-03-2015-0032 · Cited by 83
Financial literacy, information flows, and caste affiliation: Empirical evidence from India
Bönte, W., & Filipiak, U. (2012) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2012.07.028 · Cited by 86
Nexus between financial literacy and financial inclusion
Bongomin, G. O. C., Munene, J. C. K., Ntayi, J. M., & Malinga, C. A. (2018) · International Journal of Bank Marketing · doi:10.1108/ijbm-08-2017-0175 · Cited by 86
“…Braunstein and Welch (2002), World Bank (2009), Lusardi and Mitchell (2011), Lusardi (2009), Lusardi and Tufano (2008), Stango and Zinman (2009), van Rooij et al. (2007), Cohen and Nelson (2011), Atkinson and Messy (2013), Holzmann (2010) provide evidence on the role of financial literacy in…”
Financial education and digital asset management: What's in the black box?
Litterscheidt, R., & Streich, D. J. (2020) · Journal of Behavioral and Experimental Economics · doi:10.1016/j.socec.2020.101573 · Cited by 90
Financial Literacy Externalities
Haliassos, M., Jansson, T., & Karabulut, Y. (2016) · Review of Financial Studies · doi:10.1093/rfs/hhz076 · Cited by 91
Economic Literacy and Inflation Expectations: Evidence from a Laboratory Experiment
Burke, M. A., & Manz, M. (2014) · Journal of money credit and banking · doi:10.1111/jmcb.12144 · Cited by 86
The impact of financial education on adolescents' intertemporal choices
Lührmann, M., Serra-García, M., & Winter, J. (2017) · doi:10.1920/wp.ifs.2014.1418 · Cited by 86
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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