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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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Financial Literacy and Retirement Planning in View of a Growing Youth Demographic: The Russian CasePreprint
Klapper, L. F., & Panos, G. A. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1809723 · Cited by 39
“This lather figure can be compared to 72% that correctly answered questions on interest compounding and inflation in the United States, 79% in the Netherlands, 52% in Indonesia, and 34% in Rural India (Lusardi and Mitchell, 2007a; van Rooij, et al. ; 2007, Cole et al. , 2009; respectively).”
Visual Tools and Narratives: New Ways to Improve Financial LiteracyPreprint
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“As mentioned previously, Van Rooij et al. (2011) find that financial literacy increases the rate of stock market participation.”
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A Proposal for a New Financial Literacy Questionnaire
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“…the willingness to invest in stocks, financial literacy also varies by education, along with age, race, and gender (Lusardi and Mitchell 2007; Van Rooij, Lusardi, and Alessie 2011)—characteristics that are directly tied to broader social, political, and economic vulnerabilities and disadvantages.”
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KNOWLEDGE CHANGES FATE: CAN FINANCIAL LITERACY ADVANCE POVERTY REDUCTION IN RURAL HOUSEHOLDS?
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Effect of Financial Literacy on Poverty Reduction Across Kenya, Tanzania, and Uganda
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Investment literacy, overconfidence and cryptocurrency investment
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Stockholding: Participation, location, and spillovers
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Ethics and the global financial crisis: why incompetence is worse than greed
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Growing Farther Apart: Racial and Ethnic Inequality in Household Wealth Across the Distribution
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Measuring and applying digital literacy: Implications for access for the elderly in rural China
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“To more intuitively show the association between digital literacy and sense of acquisition among the rural elderly, the idea of Rooij et al. (2011) study can be referenced by directly dividing digital literacy into four quartile intervals, while 1 of them indicates the lowest and 4 of them the…”
BackgroundExploring financial well-being of working professionals in the Indian context
Bhatia, S., & Singh, S. (2023) · Journal of Financial Services Marketing · doi:10.1057/s41264-023-00215-x · Cited by 56
“The scale of Van Rooij et al. (2011a) was used to measure the level of financial knowledge.”
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“First, we collected standard measures of financial literacy covering fundamental concepts of economics and finance which have been shown to affect complex financial decisions, including retirement planning and stock market participation.(9,10) The questions measure basic knowledge of interest rates (numeracy), inflati…”
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Building Up, Spending Down: Financial Literacy, Retirement Savings Management, and DecumulationPreprint
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“5 Lusardi and Mitchell (2007b) and van Rooij et al. (2007) report strong correlations (based on tabular data, rather than a correlation coefficient) between perceived and actual financial literacy, taking this as validation of the actual financial literacy factor score (a questionable assumption).”
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“…2014; Gathergood 2012), economic decisions (Klapper et al. 2013), stock market participation (Hsiao and Tsai 2018; Sivaramakrishnan et al. 2017; Van Rooij 2011; Xia et al. 2014), savings behavior (Pan et al. 2019), credit card debt management (Brown and Gray 2016; French and McKillop 2016;…”
Young Adults and Their Finances: An International Comparative Study on Applied Financial Literacy
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“…higher levels of financial literacy (measured with questions based on the ability to manipulate numbers) and two relevant economic decisions: save for retirement through a private pension plan (Fornero and Monticone, 2011; Lusardi and Mitchell, 2011) and holding stocks (Van Rooij et al., 2011).”
BackgroundKnow Your Subject: A Gendered Perspective on Investor Information Search
Loibl, C., & Hira, T. K. (2011) · Journal of Behavioral Finance · doi:10.1080/15427560.2011.600841 · Cited by 35
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Self-citationCognitive Biases Among Millennial Indian Investors: Do Personality and Demographic Factors Matter?
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“Stock market participation strongly increases with increase in income as well as wealth (Van Rooij et al., 2011).”
BackgroundInfluentialAlshebami, A. S., & Murad, M. (2022) · Frontiers in Psychology · doi:10.3389/fpsyg.2022.954841 · Cited by 60
Gerrans, P., Abisekaraj, S. B., & Liu, Z. F. (2023) · Journal of Financial Literacy and Wellbeing · doi:10.1017/flw.2023.6 · Cited by 44
“…the marginal effect of financial literacy is estimated with the instruments the estimated effect is larger, consistent with much empirical literature (Christiansen et al. 2007, Lusardi and Mitchell 2009; van Rooij et al. 2011b, van Rooij et al. 2012, van Rooij et al. 2011a, Grohmann et al. 2014).”
InfluentialHousehold financial literacy and retirement planning in rural China
Qian, Y., Tan, W.-Q., & Wu, J.-B. (2024) · International Review of Financial Analysis · doi:10.1016/j.irfa.2024.103130 · Cited by 38
An analysis of the effects of financial education on financial literacy and financial behaviors
Wagner, J. (2015) · Lincoln (University of Nebraska) · Cited by 34
Financial Vulnerability of Working Adults in Malaysia
Loke, Y. J. (2017) · Contemporary Economics · doi:10.5709/ce.1897-9254.237 · Cited by 34
Millennials’ Retirement Saving Behavior: Account Ownership and Balance
Yao, R., & Cheng, G. (2017) · Family and Consumer Sciences Research Journal · doi:10.1111/fcsr.12241 · Cited by 34
Fan, L., & Chatterjee, S. (2018) · Journal of Behavioral and Experimental Finance · doi:10.1016/j.jbef.2017.12.009 · Cited by 36
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Cross-Country Differences in Household Stock Market Participation: The Role of Gender Norms
Ke, D. (2018) · AEA Papers and Proceedings · doi:10.1257/pandp.20181097 · Cited by 34
Pemahaman Atas Investasi Memoderasi Pengaruh Motivasi dan Risiko Investasi Pada Minat Berinvestasi
Saraswati, K. R. A., & Wirakusuma, M. G. (2018) · E-Jurnal Akuntansi · doi:10.24843/eja.2018.v24.i02.p28 · Cited by 34
Risk sharing, siblings, and household equity investment: evidence from urban China
Wu, X., & Zhao, J. (2019) · Journal of Population Economics · doi:10.1007/s00148-019-00740-x · Cited by 34
Velasco, M. S., Moreno‐Herrero, D., & Sánchez‐Campillo, J. (2020) · International Journal of Finance & Economics · doi:10.1002/ijfe.2005 · Cited by 45
Empowering Financial Education by Banks—Social Media as a Modern Channel
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“2021, 14, 118 4 of 22 markets (Christiansen et al. 2008; Van Rooij et al. 2011) and having more diverse portfolios (Guiso and Jappelli 2008; Abreu and Mendes 2010).”
BackgroundInfluentialSuh, E. (2021) · Ageing and Society · doi:10.1017/s0144686x21000337 · Cited by 66
Brouwer, N., & de Haan, J. (2022) · Journal of Macroeconomics · doi:10.1016/j.jmacro.2022.103430 · Cited by 34
Foreign currency borrowing and knowledge about exchange rate risk
Beckmann, E., & Stix, H. (2015) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2014.12.015 · Cited by 35
“5 Previous research has noted the measurement error due to random guessing (van Rooij et al., 2011).”
BackgroundImpact of the Financial Crisis on Bank Run Risk - Danger of the Days After
Goedde‐Menke, M., Langer, T., & Pfingsten, A. (2012) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.11.028 · Cited by 35
STOCKHOLDING AND FINANCIAL LITERACY IN THE FRENCH POPULATION
Arrondel, L., Debbich, M., & Savignac, F. (2012) · DergiPark (Istanbul University) · Cited by 34
Financial Knowledge and 401(k) Investment Performance
Clark, R. L., Lusardi, A., & Mitchell, O. S. (2014) · National Bureau of Economic Research · doi:10.3386/w20137 · Cited by 34
Self-citationHorneff, V., Maurer, R., Mitchell, O. S., & Rogalla, R. (2013) · SSRN Electronic Journal · doi:10.2139/ssrn.2306615 · Cited by 34
“Accordingly, many households could benefit from enhancements to their financial literacy (van Rooij et al., 2011), as well as productswhich incorporate income and return guarantees into defined contribution pension plans (Feldstein, 2009).”
Limited and Varying Consumer Attention: Evidence from Shocks to the Salience of Bank Overdraft Fees
Stango, V., & Zinman, J. (2011) · National Bureau of Economic Research · doi:10.3386/w17028 · Cited by 36
Aging and Strategic Learning: The Impact of Spousal Incentives on Financial LiteracyPreprint
Hsu, J. W. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1824581 · Cited by 34
Political corruption, trust, and household stock market participation
Bu, D., Hanspal, T., & Liao, Y. (2022) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2022.106442 · Cited by 33
Sinnewe, E., & Nicholson, G. J. (2023) · Journal of Consumer Affairs · doi:10.1111/joca.12512 · Cited by 63
Does digital finance increase household risk-taking? Evidence from China
Hu, D., Guo, F., Shang, J., et al. (2024) · International Review of Economics & Finance · doi:10.1016/j.iref.2024.03.073 · Cited by 33
Fearless Woman: Financial Literacy, Confidence, and Stock Market Participation
Bucher‐Koenen, T., Alessie, R. J. M., Lusardi, A., & van Rooij, M. (2024) · Management Science · doi:10.1287/mnsc.2023.00425 · Cited by 41
“In other words, slightly more than 30% ((0.442 � 0.307)/0.442 � 0.305) of the financial literacy gender gap identified in the May module can be attributed to differences in confidence.”
InfluentialSelf-citationInequality and the finance you know: does economic literacy matter?
Prete, A. L. (2018) · Economia Politica · doi:10.1007/s40888-018-0097-3 · Cited by 34
“Van Rooij et al. (2011) document that in the Netherlands financial sophistication is associated to higher participation in stock markets.”
BackgroundKnow Thyself Financially: How Financial Self-awareness Can Benefit Consumers and Financial Advisors
Chowdhry, N., & Dholakia, U. M. (2019) · Financial Planning Review · doi:10.1002/cfp2.1069 · Cited by 40
Nguyen, T., & Nguyễn, K. (2020) · Journal of Asian Finance Economics and Business · doi:10.13106/jafeb.2020.vol7.no6.001 · Cited by 34
“This finding is in line with prior studies by Chu et al. (2017); Nguyen and Rozsa (2019); and van Rooij et al. (2011).”
ResultFinancial literacy and financial strategies: The mediating role of financial concerns
Xue, R., Gepp, A., O’Neill, T. J., Stern, S., & Vanstone, B. J. (2020) · Australian Journal of Management · doi:10.1177/0312896220940762 · Cited by 46
Innovative solutions in the development of households’ financial awareness: A Hungarian example
Sági, J., Vasa, L., & Lentner, C. (2020) · Economics & Sociology · doi:10.14254/2071-789x.2020/13-3/2 · Cited by 34
“…of planning their assets for the long term, households with high financial literacy consider the various alternative possibilities of investment, such as the purchase and holding of stock-exchange traded investment securities or pre-retirement savings (Van Rooij et al., 2011; Clark et al., 2006).”
BackgroundThe Behavioural Aspects of Financial Literacy
Gerth, F., Lopez, K., Reddy, K., Ramiah, V., Wallace, D., Muschert, G. W., Frino, A., & Jooste, L. (2021) · Journal of risk and financial management · doi:10.3390/jrfm14090395 · Cited by 44
“…market risk, and liquidity risk) and investments (i.e., diversification, asset allocation, clear financial goals, and number of meetings with clients) (Chowk et al. 2016; Delpachitra and Beal 2002; Frank 1935; Ng et al. 2011; van Rooij et al. 2011) also affect retirement planning decisions.”
BackgroundDoes financial literacy inevitably lead to access to finance services? Evidence from rural Ghana
Twumasi, M. A., Jiang, Y., Wang, P., Ding, Z., Frempong, L. N., & Acheampong, M. O. (2021) · Ciência Rural · doi:10.1590/0103-8478cr20210112 · Cited by 33
“From previous studies (COLE et al. 2011; JAPPELLI et al. 2013; LUSARDI & MITCHELL, 2007; MITCHELL & LUSARDI, 2015; VAN ROOIJ et al. 2011), lack of financial education might be the cause of rural households low demand for financial services including holding savings or transaction account, insurance…”
Financial literacy and household asset allocation: Evidence from micro‐data in China
Lu, X., Xiao, J., & Wu, Y. (2021) · Journal of Consumer Affairs · doi:10.1111/joca.12406 · Cited by 33
Social welfare issues of financial literacy and their implications for regulation
Williams, O. J., & Satchell, S. (2011) · Journal of Regulatory Economics · doi:10.1007/s11149-011-9151-6 · Cited by 35
FINANCIAL LITERACY AND RETIREMENT PLANNING
Andrade, C., Bazelais, W., & Das, N. (2014) · Journal of International Finance and Economics · doi:10.18374/jife-14-4.4 · Cited by 74
Suitability Checks and Household Investments in Structured Products
Chang, E. C. C., Tang, D. Y., & Zhang, M. B. (2015) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109015000265 · Cited by 33
Annuities, Financial Literacy, and Information Overload
Agnew, J. R., & Szykman, L. R. (2011) · Oxford University Press eBooks · doi:10.1093/acprof:oso/9780199696819.003.0009 · Cited by 33
OECD (2020) · OECD policy responses to coronavirus (Covid-19) · doi:10.1787/7806f078-en · Cited by 33
Why do Households Leave Money on the Table? The Case of Subsidized Pension Products
Meyll, T., Pauls, T., & Walter, A. (2019) · Journal of Behavioral Finance · doi:10.1080/15427560.2019.1692209 · Cited by 32
“Prior studies have shown that financially literate households are more likely to hold stocks (van Rooij, Lusardi, and Alessie 2011), better diversified portfolios (Goetzmann and Kumar 2008; Guiso and Jappelli 2008), and to be more likely to plan for their retirement (Bucher-Koenen and Lusardi 2011;…”
BackgroundAre crypto and non-crypto investors alike? Evidence from a comprehensive survey in Brazil
Colombo, J. A., & Yarovaya, L. (2024) · Technology in Society · doi:10.1016/j.techsoc.2024.102468 · Cited by 32
Financial literacy and use of payday loans in the United States
Kim, K. T., & Lee, J. (2017) · Applied Economics Letters · doi:10.1080/13504851.2017.1366635 · Cited by 35
“Following Lusardi and Mitchell (2009) and Van Rooij, Lusardi, and Alessie (2011), we generated factor loadings using iterated principal factor method that capture the extent to which each variable contributes to the shared variation among the financial literacy measures.”
MethodFarías, P. (2018) · Journal of business research · doi:10.1016/j.jbusres.2018.01.047 · Cited by 31
Abarcar, P., Barua, R., & Yang, D. (2019) · Economic Development and Cultural Change · doi:10.1086/703045 · Cited by 32
From academic abilities to occupation: What drives stock market participation?
Vaarmets, T., Liivamägi, K., & Talpsepp, T. (2019) · Emerging Markets Review · doi:10.1016/j.ememar.2019.04.004 · Cited by 32
The impact of wealth and income on the depression of older adults across European welfare regimes
Kourouklis, D., Verropoulou, G., & Tsimbos, C. (2019) · Ageing and Society · doi:10.1017/s0144686x19000679 · Cited by 33
“Further, the instrument proposed for financial literacy is the educational attainment of relatives (i.e. parents and siblings) (Van Rooij et al., 2011, 2012).”
BackgroundSavings goals and wealth allocation in household financial portfolios
Changwony, F. K., Campbell, K., & Tabner, I. T. (2020) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2020.106028 · Cited by 40
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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