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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)
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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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Financial Literacy and Financial Resilience: Evidence from Italy
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“…that financial knowledge helps individuals to save more effectively, participate in the stock market and enhance assets and wealth accumulation (Agarwal et al., 2010; Gathergood and Disney, 2011; Lusardi, 2008; Lusardi and Mitchell, 2006, 2011b; Lusardi and Tufano, 2009; van Rooij et al., 2007).”
BackgroundFinancial literacy and subjective expectations questions: A validation exercise
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“…assessments of financial literacy) are more likely to accumulate and manage wealth effectively (Hilgert et al., 2003; Banks and Oldfield, 2007; Banks et al., 2011), invest in the stock market (Van Rooij et al., 2011), and choose mutual funds with lower fees (Hastings and Tejeda-Ashton, 2008).”
BackgroundUnderstanding sociodemographic factors influencing households’ financial literacy in Tanzania
Lotto, J. (2020) · Cogent Economics & Finance · doi:10.1080/23322039.2020.1792152 · Cited by 31
“This observation is in line with Van Rooji et al. (2007) who found a negatively skewed relationship between financial literacy and age.”
ResultFinancial Literacy and Portfolio Diversity in China
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“…have been considered as possible drivers of this custom: rational expectations of future demand Chen & Wen (2017), competitive saving motive (Wei & Zhang, 2011), demographic changes (Curtis et al., 2015), the interaction between the decline in fertility rate and the senior insurance…”
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Financial Literacy and Gender Differences: Women Choose People While Men Choose Things?
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“…literacy is the significant factor which enables effective financial decision making with respect to investment (Lusardi & Mitchell, 2014; M. Rooij et al., 2011), retirement plans (Lusardi & Mitchell, 2007), borrowing (Disney & Gathergood, 2012; Huston, 2012), budgeting (Klapper et al.,…”
BackgroundResultHow does financial literacy influence undergraduates’ risk-taking propensity?
Molina-García, A., Ruiz, A. J. C., Subires, M. D. L., & Diéguez‐Soto, J. (2023) · The International Journal of Management Education · doi:10.1016/j.ijme.2023.100840 · Cited by 66
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“However, the results of Van Rooij et al. (2011a) show that our measures of financial literacy (such as the number of correct answers) are rather noisy proxies for the true level of financial knowledge.”
InfluentialSelf-citationCognitive abilities and portfolio choice
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“Cognition can affect participation by: a. Reducing information costs (Campbell (2006), Corniotis and Kumar (2006)) b. Reducing risk aversion (Frederick (2005), Benjamin et al. (2006), Dohmen et al (2007)) c. Leading misperception of risk, overconfidence (Barber and Odean (2001)) Cognition related to financial literacy…”
Factors affecting the adoption of cryptocurrencies for financial transactions
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“Following Van Rooij, Lusardi, and Alessie (2011), we first use the iterated principal factor method to measure financial planning ability.”
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Shimizutani, S., & Yamada, H. (2019) · The Journal of the Economics of Ageing · doi:10.1016/j.jeoa.2019.100214 · Cited by 34
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“Differences in financial literacy will have different effects on investors’ behavior (Van, Lusardi, and Alessie 2011; Allgood and Walstad 2013; Anthony, Catherine, and Rudy 2018).”
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“Hence, following many others in the literature, we treat this measure 9 Published by Scholar Commons, 2018 as a continuous variable (Chen and Volpe 1998; Van Rooij et al. 2011; Erner et al. 2016; Lusardi and Mitchell 2017).”
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“Van Rooij et al. (2007) provide evidence that a majority of Americans have only limited knowledge of bonds and stocks, the concept of risk diversification, and the working of financial markets.”
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“Van Rooij et al. (2011) asserted a relationship between stock participation and financial literacy.”
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“One characteristic that binds these three elements together is financial knowledge (Bayar et al. 2020; Bianchi 2018; Epaphra and Kiwia 2021; Van Rooij et al. 2011).”
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Past returns and the perceived Sharpe ratio
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How does working in a finance profession affect mortgage delinquency?
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The Urban–Rural Gap of Chinese Household Finance
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Household stock market participation during the great financial crisis
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Financial Self-Awareness: Who Knows What They Don't Know?
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To trust is good, but to control is better: How investors discipline financial advisors’ activity
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Financial Planning for Retirement: The Mediating Role of Culture
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“For instance, the concept of financial literacy was measured using objective questions adopted from Van Rooij et al. (2011b).”
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“However, for investments in the stock market, Van Rooij et al. [80] reported that those with low knowledge and awareness were not inclined to invest in stocks.”
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“Van Rooij et al. (2011) use the De Nederlandsche Bank Household Survey to see the relationship between financial literacy and stock market participation.”
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How do transaction costs influence remittances?
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Financial literacy in predicting investment decisions: do attitude and overconfidence influence?
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“Several research results showed that financial literacy affected community participation to invest in the stock market [7,8].”
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FINANCIAL LITERACY AND INFLUENCE OF PSYCHOSOCIAL FACTORS
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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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