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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.”
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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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“As a result, they are more likely to invest in the stock market (van Rooij, Lusardi and Alessie, 2011).”
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Household Portfolio Underdiversification and Probability Weighting: Evidence from the Field
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“Rooij et al. (2011) [11] found that those who display high levels of advanced literacy are much more likely to read newspapers and magazines, consult financial advisers, and seek information on the Internet.”
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Financial Literacy and Security-based Crowdfunding
Meoli, M., Rossi, A., & Silvio Vismara, A. (2020) · Corporate Governance An International Review · doi:10.1111/corg.12355 · Cited by 88
The effectiveness of smartphone apps in improving financial capability
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“Financial literacy is positively correlated with planning for retirement, savings and wealth accumulation (Hastings andMitchell 2011; Van Rooij, Lusardi, and Alessie 2012).”
BackgroundInfluentialDoes financial literacy mitigate gender differences in investment behavioral bias?
Hsu, Y.-L., Chen, H.-L., Huang, P.-K., & Lin, W.-Y. (2020) · Finance Research Letters · doi:10.1016/j.frl.2020.101789 · Cited by 60
Financial literacy and fraud detection——Evidence from China
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“…are further support for the findings in the literature that more experienced and literate investors are more likely to invest higher amounts and shares of their wealth in risky assets and establish better diversified portfolios (van Rooij et al. 2011; Graham et al. 2009; von Gaudecker 2015).”
Financial Literacy, Retirement Planning, and Household Wealth
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PREDICTING RETIREMENT SAVINGS USING SURVEY MEASURES OF EXPONENTIAL‐GROWTH BIAS AND PRESENT BIAS
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“32This association with equity replicates the main result of van Rooij et al. (2011).”
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“Research conducted by Van Rooij et al. (2011) found that financial literacy plays a very important role in the financial decision-making of individuals.”
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Can financial literacy reduce anxiety about life in old age?
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“Van Rooij et al. (2011) show that a small difference in the wording of literacy questions can have an important influence on the answers of the respondents.”
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“Following the two levels of financial knowledge measure in the literature (Lusardi, 2008; Lusardi & Mitchell, 2007; van Rooij et al., 2011), we created two separate sets of financial knowledge variables: basic financial knowledge and advanced investment knowledge.”
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“5 See, among others, Bernheim et al. (2001), Bernheim and Garrett (2003), Bertrand and Morse (2011), Cole et al. (2012), Duflo and Saez (2003), Lusardi (2004), Lusardi and Mitchell (2007a, 2007b), Lusardi and Tufano (2009), Stango and Zinman (2009), and van Rooij et al. (2007).”
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“…(Lusardi and Mitchell 2014; Banks et al. 2010; Hastings and Mitchell 2020), suboptimal savings decisions (Smith et al. 2010; Bucher-Koenen and Lusardi 2011; Fan and Chatterjee 2018), and an aversion to participate in financial markets (Van Rooij et al. 2011; Christelis et al. 2010).”
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Financial literacy amongst elderly Australians
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“Also, people with high financial literacy were more likely to invest in stock markets (Van Rooij et al. , 2011) and purchase financial products such as life insurance (Lin et al. , 2017).”
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Financial Literacy and Attitudes to CryptocurrenciesPreprint
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“4 van Rooij et al. (2011) report a certain lack of understand among retail investors about the differences between equities and bond investments, and a greater propensity to invest in the stock market. Christelis et al. (2010) also propose that higher cognitive abilities are positively related to direct stock ownershi…”
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Time Inconsistent Preferences and the Annuitization Decision
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“Earlier studies find that self-reported risk attitude on a Likert scale is a good predictor of actual risk taking (see e.g. van Rooij et al., 2011; Nosic and Weber, 2010).”
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“More importantly, such individuals tend to be more willing to take risks (Hsiao and Tsai, 2018; Van Rooij et al., 2011).”
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MethodMobile investment technology adoption among investors
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“The methodology used in most of these studies does not allow a causal interpretation of the link between financial literacy and financial behavior, but several more recent papers have provided evidence of a positive effect of financial literacy on stock market participation, wealth accumulation, and retirement plannin…”
BackgroundFinancial Competence and Expectations Formation: Evidence from Australia
Bateman, H., Eckert, C., Geweke, J. F., Louviere, J., Thorp, S., & Satchell, S. E. (2012) · Economic Record · doi:10.1111/j.1475-4932.2011.00766.x · Cited by 77
“…(Rand American Life Panel (ALP) and the Health and Retirement Survey (HRS)), and the Dutch Household Survey, the nancial literacy questions are in two parts (Lusardi &Mitchell 2009; van Rooij et al. 2011, 2009).2 One set of questions (Appendix I, Q6 to Q10) aims to assess basic nancial literacy.”
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Digital finance era: Will individual investors become better players?
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Mental accounting and behavioural hierarchy: Understanding consumer budgeting behaviour
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Role of Psychological Factors in Individuals Investment Decisions
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Gender differences in risky asset behavior: The importance of self-confidence and financial literacy
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Saving Behavior and Portfolio Choice After Retirement
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“Females are more risk averse and less experienced in making financial decisions regarding stock ownership; Van Rooij et al. (2011). Table 4 shows that there is indeed a clear association between wealth and the composition of the financial portfolio.”
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“Using special modules from the Dutch National Bank Household Survey, van Rooij et al. (2007) find that individuals with low literacy are significantly less likely to invest in stocks.”
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“Information literacy, or financial literacy in the context of financial decision-making, is considered central to improving the decision-making of consumers and even firms (Lusardi and Mitchelli, 2007; van Rooij et al., 2011).”
BackgroundConsumer confidence indices and stock markets' meltdowns
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Financial Literacy: The Role of the Local Context
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Foreign bank ownership and household credit
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Financial literacy, debt, risk tolerance and retirement preparedness: Evidence from New Zealand
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Digital vs. in-person financial education: What works best for Generation Z?
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“…perspective of transaction friction, asset price, background risks, and household characteristics, such as age, education, financial literacy, and marital status (Chen and Ji 2017; Christiansen, Joensen, and Rangvid 2015; Guiso, Jappelli, and Terlizzese 1996; Van Rooij, Lusardi, and Alessie 2011).”
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“2See Disney and Gathergood (2013) for consumer credit products, van Rooij et al. (2011) for stock market participation and Lusardi and Mitchell (2007) for checking and savings accounts, among others.”
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“They also participate more often in financial markets (van Rooij et al., 2011) and hold better diversified portfolios (Von Gaudecker, 2015).”
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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
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