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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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Irandoust, M. (2017) · Journal of Financial Counseling and Planning · doi:10.1891/1052-3073.28.1.155 · Cited by 27
“Van Rooij, Lusardi, and Alessie (2011) devised an extensive module of survey questions that measure the understanding of economic concepts such as compound interest and - ing of economics is limited among households and that low literacy levels deter stock market participation.”
BackgroundYao, R., & Xu, Y. (2015) · Journal of Family and Economic Issues · doi:10.1007/s10834-015-9455-2 · Cited by 27
“In particular, Van Rooij et al. (2011) pointed out that traditional socio-economic controls and life-cycle assumptions had not been adequately able to explain the puzzle as to why so many households did not participate in the securities market, especially the stock market (Campbell 2006).”
InfluentialMean–variance econometric analysis of household portfolios
Miniaci, R., & Pastorello, S. (2009) · Journal of Applied Econometrics · doi:10.1002/jae.1107 · Cited by 27
Ambiguity Aversion and Household Portfolio Choice: Empirical Evidence
Dimmock, S. G., Kouwenberg, R. R. P., Mitchell, O. S., et al. (2013) · National Bureau of Economic Research · doi:10.3386/w18743 · Cited by 27
“Finally, we control for financial literacy, as prior studies show it has a strong relation with financial decisions (c.f., Lusardi and Mitchell, 2007; van Rooij, Lusardi, and Alessie, 2011).”
Run, Walk, or Buy? Financial Literacy, Dual-Process Theory, and Investment BehaviorPreprint
Glaser, M., & Walther, T. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.2167270 · Cited by 31
“Van Rooij, Lusardi, and Alessie (2011a) state that stock market participants typically have a higher level of financial literacy compared to the average population.”
InfluentialVisibility Bias in the Transmission of Consumption Beliefs and Undersaving
Han, B., Hirshleifer, D. A., & Waldén, J. (2019) · National Bureau of Economic Research · doi:10.3386/w25566 · Cited by 27
Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice
Ambuehl, S., Bernheim, B. D., & Lusardi, A. (2014) · National Bureau of Economic Research · doi:10.3386/w20618 · Cited by 27
Self-citationImpact of gamification on mitigating behavioral biases of investors
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Financial literacy and sustainable finance decisions among Italian households
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BARRIERS TO FORMAL SAVING: MICRO‐ AND MACROECONOMIC EFFECTS
Giannatale, S. B. D., & Roa, M. J. (2018) · Journal of Economic Surveys · doi:10.1111/joes.12275 · Cited by 26
Is financial education an effective means to improve financial literacy? Evidence from rural China
ZHang, H., & Xiong, X. (2019) · Agricultural Finance Review · doi:10.1108/afr-03-2019-0027 · Cited by 26
Vaznyte, E., Andries, P., & Manigart, S. (2020) · Journal of Small Business Management · doi:10.1080/00472778.2020.1831808 · Cited by 26
“On the other hand, affluent people are not only more likely to participate in stock market and invest larger amounts (Van Rooij et al., 2011) but may also receive more signals about potential finance opportunities such as crowdfunding.”
BackgroundInfluentialLevantesi, S., & Zacchia, G. (2021) · Journal of risk and financial management · doi:10.3390/jrfm14030120 · Cited by 35
“For example, individuals with higher levels of financial knowledge are more likely to participate in financial markets and to invest in stocks (Christelis et al. 2010; Yoong 2011; Van Rooij et al. 2011), to have better diversified portfolios (Guiso and Jappelli 2008; Von Gaudecker 2015), and to earn higher yields on de…”
BackgroundMohta, A., & Shunmugasundaram, V. (2023) · International Journal of Social Economics · doi:10.1108/ijse-12-2022-0812 · Cited by 26
Fintech literacy among millennials: The roles of financial literacy and education
Khan, M. T. I., Liew, T. W., & Lee, X. Y. (2023) · Cogent Social Sciences · doi:10.1080/23311886.2023.2281046 · Cited by 42
“Referring to the financial literacy index measured by Van Rooij et al. (2011), the FTL index was measured by the sum of correct answers to 15 FTL questions.”
MethodPISA 2022 Mathematics Framework
OECD (2023) · Programme for international student assessment/Internationale Schulleistungsstudie · doi:10.1787/7ea9ee19-en · Cited by 39
Return expectations and risk aversion heterogeneity in household portfolios
Bucciol, A., Miniaci, R., & Pastorello, S. (2016) · Journal of Empirical Finance · doi:10.1016/j.jempfin.2016.08.002 · Cited by 26
Financial advice and asset allocation of individual investors
Zhang, A. C. (2014) · Pacific Accounting Review · doi:10.1108/par-04-2013-0030 · Cited by 27
Financial Literacy Level of Individuals and Its Relationships to Demographic Variables
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Institutional and individual investors: Saving for old age
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Evaluating Deliberative Competence: A Simple Method with an Application to Financial ChoicePreprint
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“The result of low financial knowledge (particularly about the stock) restricts people to invest in financial products such as stocks and bonds (Van Rooij et al., 2011).”
BackgroundGender differences in financial knowledge overconfidence among older adults
Kim, K. T., Lee, S. T., & Kim, H. (2021) · International Journal of Consumer Studies · doi:10.1111/ijcs.12754 · Cited by 28
Cognitive ability, financial literacy, and narrow bracketing in time-preference elicitation
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Personal bankruptcy and consumer credit delinquency: The case of personal finance education
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Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice
Ambuehl, S., Bernheim, B. D., & Lusardi, A. (2022) · American Economic Review · doi:10.1257/aer.20210290 · Cited by 57
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Financial Sophistication and Housing Leverage Among Older Households
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The Impact of Consumer Numeracy on the Purchase of Long-Term Care Insurance.
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“These relationships are in concordance with the finding that less numerate individuals are less likely to participate in the stock market, a relatively risky investment vehicle (Van Rooij, Lusardi, and Alessie 2011).”
ResultWinners, Losers, and Regulators in a Derivatives Market Bubble
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Are Indian professional women financially literate and prepared for retirement?
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Financial Literacy, Riester Pensions, and Other Private Old Age Provision in GermanyPreprint
Bucher‐Koenen, T. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.2014170 · Cited by 25
“…and Mitchell link financial literacy and the accumulation of retirement wealth in various studies.7 Furthermore, Lusardi and Mitchell (2011b), Van Rooij et al. (2011b) as well as Christelis et al. (2010) discover that individuals with less financial knowledge and numeracy have fewer risky…”
BackgroundMethodResultInfluentialSubjective Return Expectations, Information and Stock Market Participation: Evidence from FrancePreprint
Arrondel, L., Calvo-Pardo, H., & Tas, D. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2483909 · Cited by 25
“…of (i) coginitive ability (Christelis et al., 2010; Grinblatt et al., 2011), of (ii) the stock of speci…c knowledge, like …nancial literacy 20 (van Rooij et al., 2011), or of (iii) measures of sources of (ex. social interactions, Hong et al. (2004); time spent in acquiring …nancial information,…”
Financial Capability in the United States: Consumer Decision-Making and the Role of Social SecurityPreprint
Lusardi, A. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1707529 · Cited by 25
Self-citationThe Long-lasting Effects of Living under Communism on Attitudes towards Financial Markets
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Digital Finance and Financial Literacy: An Empirical Investigation of Chinese HouseholdsPreprint
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A systematic review and research agenda on the causes and consequences of financial overconfidence
Singh, D., Malik, G., Jain, P., & Abouraia, M. K. (2024) · Cogent Economics & Finance · doi:10.1080/23322039.2024.2348543 · Cited by 25
“Van Rooij et al. (2011) examined financial literacy ’ s relationship to the stock market and certified that financial literacy affects financial decision-making.”
Digital Financial Literacy and Rural Income Inequality
Guangshun, X., Lin, F., Wang, W., & Liang, Q. (2024) · SAGE Open · doi:10.1177/21582440241275642 · Cited by 36
“Although there has been considerable research on the impact of DFL on financial asset allocation (van Rooij et al., 2011) and entrepreneurship (Oggero et al., 2020), this study conducted on the effect of these two channels on rural income inequality.”
An, T., Xiao, J. J., Porto, N., & Cruz, L. (2024) · International Journal of Bank Marketing · doi:10.1108/ijbm-07-2024-0402 · Cited by 24
Behavioral biases and Fintech adoption: Investigating the role of financial literacy
Aftab, R., Fazal, A., & Andleeb, R. (2025) · Acta Psychologica · doi:10.1016/j.actpsy.2025.105065 · Cited by 42
Does Financial Skill Promote Economic Growth
Kurihara, Y., & Nagoya, H. N. (2013) · Cited by 24
Keep your customer knowledgeable: financial advisors as educators
Migliavacca, M. (2019) · European Journal of Finance · doi:10.1080/1351847x.2019.1700148 · Cited by 27
Women oppose sin stocks more than men do
Niszczota, P., & Białek, M. (2020) · Finance research letters · doi:10.1016/j.frl.2020.101803 · Cited by 26
Financial Literacy and Exercise Behavior: Evidence from Japan
Ono, S., Yuktadatta, P., Taniguchi, T., Iitsuka, T., Noguchi, M., Tanaka, S., Ito, H., Nakamura, K., Yasuhara, N., Miyawaki, C., et al. (2021) · Sustainability · doi:10.3390/su13084189 · Cited by 26
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Can Financial Literacy Explain Lack of Investment in Risky Assets in Japan?
Khan, M. S. R., Rabbani, N., & Kadoya, Y. (2021) · Sustainability · doi:10.3390/su132212616 · Cited by 24
“[8], used five questions; however, Stango and Zinman [19] used only one question to measure financial literacy.”
BackgroundMethodFinancial literacy for well-being: Scientific mapping and bibliometric analysis
Suri, A., & Jindal, L. (2022) · Citizenship Social and Economics Education · doi:10.1177/14788047221120917 · Cited by 27
“Studies suggest that financially literate individuals tend to make better financial choices related to Credit cards, Retirement planning, Debt management, and others, Hilgert et al. (2003); Santos and Abreu (2013); van Rooij et al. (2011).”
BackgroundFinancial literacy, education and risk aversion: a survey of French students
Fur, E. L., & Outreville, J. F. (2022) · Managerial Finance · doi:10.1108/mf-10-2021-0509 · Cited by 34
Gender differences in financial literacy among teenagers - Can confidence bridge the gap?
Blaschke, J. (2022) · Cogent Economics & Finance · doi:10.1080/23322039.2022.2144328 · Cited by 36
“Individuals who lack sufficient financial knowledge are more likely to engage in costly, unsophisticated and potentially harmful behavior or abstain completely from financial matters such as stock market participation (Bucher-Koenen et al., 2016; Cole et al., 2011; Lusardi & Mitchell, 2011; Van Rooij et al., 2011).”
BackgroundThe Impact of Financial Literacy on Household Health Investment: Empirical Evidence from China
Ling, X., Wang, L., Pan, Y., & Feng, Y. (2023) · International Journal of Environmental Research and Public Health · doi:10.3390/ijerph20032229 · Cited by 32
“They can reasonably arrange household savings according to the economic development environment, rationally choose financial products from formal financial institutions, and are more likely to plan for retirement [43].”
BackgroundAccounting and finance literacy and entrepreneurship: An exploratory study
Trombetta, M. (2023) · Journal of Accounting and Public Policy · doi:10.1016/j.jaccpubpol.2023.107078 · Cited by 24
Basic debt literacy and debt behavior
Galariotis, E., & Monne, J. (2023) · International Review of Financial Analysis · doi:10.1016/j.irfa.2023.102673 · Cited by 24
Seshan, G. K., & Yang, D. (2012) · Qatar Foundation Annual Research Forum Volume 2012 Issue 1 · doi:10.5339/qfarf.2012.aho3 · Cited by 24
Schmidt, N., & Schmidt, N. (2010) · Cited by 24
Kastamonu Üniversitesi Öğrencilerinin Ekonomi Okuryazarlığı
Dilek, S., Küçük, O., & Eleren, A. (2016) · İnsan ve Toplum Bilimleri Araştırmaları Dergisi · doi:10.15869/itobiad.259311 · Cited by 24
Keane, M. P., & Thorp, S. (2016) · Handbook of the economics of population aging · doi:10.1016/bs.hespa.2016.09.001 · Cited by 25
“Poor numeracy and financial literacy are also related to low rates of stock market participation (Christelis et al., 2010; van Rooij et al., 2011), higher rates of mortgage delinquency and defaults (Gerardi et al., 2013), and higher rates of mistakes in processing investment risk (Bateman, Eckert,…”
BackgroundBucher‐Koenen, T., & Lamla, B. (2017) · Economic Notes · doi:10.1111/ecno.12108 · Cited by 38
On Multidimensional Approaches to Financial Literacy Measurement
Hizgilov, A., & Silber, J. (2019) · Social Indicators Research · doi:10.1007/s11205-019-02227-4 · Cited by 24
Kadoya, Y., & Khan, M. S. R. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3067799 · Cited by 29
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Digital finance’s impact on household portfolio diversity: Evidence from Chinese households
Dong, J. (2024) · Finance research letters · doi:10.1016/j.frl.2024.106347 · Cited by 23
Peter, S., Geetha, E., & Vidya Bai, G. (2025) · Journal of the International Council for Small Business · doi:10.1080/26437015.2024.2432385 · Cited by 24
“Enhanced FL equips managers with the capacity to leverage credit and debt (Van Rooij et al., 2011), ensure timely procurement of raw material and its usage, manage fixed and variable costs (Reich & Berman, 2015), make strategic investment decisions (Greenspan, 2002), implement sound financial…”
Fuentes, O. M., Lafortune, J., Riutort, J., Tessada, J., & Villatoro, F. (2022) · Economic Development and Cultural Change · doi:10.1086/720718 · Cited by 25
“We then measured their fi nancial knowledge using the three typical questions in this literature (see Lusardi, Michaud, and Mitchell 2011; van Rooij, Lusardi, and Alessie 2011; S&P Global 2014): present value, compound interest, and in fl ation.”
MethodEffect of financial knowledge on performance of women farm enterprises in Kenya
Cherotich, J., Ayuya, O. I., & Sibiko, K. W. (2019) · Journal of Agribusiness in Developing and Emerging Economies · doi:10.1108/jadee-06-2018-0083 · Cited by 26
Can investment advisors promote rational investment? Evidence from micro-data in China
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Sustainable Financial Education and Consumer Life Satisfaction
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Parental roles, financial literacy and budgeting behaviour: a survey during the COVID-19 pandemic
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Geopolitical risk and household stock market participation
Lee, K. (2022) · Finance research letters · doi:10.1016/j.frl.2022.103328 · Cited by 23
Does Financial Education in High School Affect Retirement Savings in Adulthood?
Harvey, M., & Urban, C. (2022) · The Journal of the Economics of Ageing · doi:10.1016/j.jeoa.2023.100446 · Cited by 31
Hubris or talent? Estimating the role of overconfidence in Chinese households’ investment decisions
Xu, J., Khraiche, M., Mao, X., & Wang, X. (2023) · International Review of Financial Analysis · doi:10.1016/j.irfa.2023.102992 · Cited by 25
Positive mood and investment decisions: Evidence from comedy movie attendance in the U.S.
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The investment decisions of young adults under relaxed borrowing constraints
Insler, M. A., Compton, J., & Schmitt, P. M. (2015) · Journal of Behavioral and Experimental Economics · doi:10.1016/j.socec.2015.07.004 · Cited by 27
Brain Activity of the Investor's Stock Market Financial Decision
Vieito, J. P., da Rocha, A. F., & Rocha, F. (2015) · Journal of Behavioral Finance · doi:10.1080/15427560.2015.1064931 · Cited by 22
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Finansal Okuryazarlık ve Banka Müşteri Segmentasyonları Üzerine Bir Uygulama
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The role of financial literacy in retirement investment choice
Nguyen, T. A. N., Polách, J., & Vozňáková, I. (2019) · Equilibrium Quarterly Journal of Economics and Economic Policy · doi:10.24136/eq.2019.027 · Cited by 31
Internet and private insurance participation
Liu, Z., Li, W., & Zhang, T. (2020) · International Journal of Finance & Economics · doi:10.1002/ijfe.2227 · Cited by 23
The risk premium and long-run global imbalances
Chien, Y., & Naknoi, K. (2015) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2015.04.001 · Cited by 23
Dichev, I. D., Huang, K., & Zhou, D. (2014) · Journal of Accounting Auditing & Finance · doi:10.1177/0148558x14537826 · Cited by 23
The level of Financial Literacy in Pakistan
Ghaffar, S., & Sharif, S. (2016) · Journal of Education & Social Sciences · doi:10.20547/jess0421604204 · Cited by 26
Ambiguity Attitudes about Investments: Evidence from the Field
Anantanasuwong, K., Kouwenberg, R. R. P., Mitchell, O. S., et al. (2019) · National Bureau of Economic Research · doi:10.3386/w25561 · Cited by 23
“The DHS has previously been used extensively to provide insight into other household financial decisions (e.g., Guiso, Sapienza, and Zingales, 2008; Van Rooij, Lusardi, and Alessie, 2011; Von Gaudecker, 2015; and Dimmock et al., 2016).”
Financial Literacy and Financial Sophistication Among Older AmericansPreprint
Mitchell, O. S., Lusardi, A., & Curto, V. E. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1499844 · Cited by 23
Self-citationFinancial knowledge among Iranian investors
Cude, B. J., Chatterjee, S., & Tavosi, J. (2019) · International Journal of Consumer Studies · doi:10.1111/ijcs.12535 · Cited by 24
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Westermann, S., Niblock, S. J., Harrison, J. L., & Kortt, M. A. (2020) · Economic Papers A journal of applied economics and policy · doi:10.1111/1759-3441.12294 · Cited by 25
Social interactions and Chinese households’ participation in the risky financial market
Li, Q., Brounen, D., Li, J., et al. (2022) · Finance research letters · doi:10.1016/j.frl.2022.103142 · Cited by 22
Oh, E. Y., & Rosenkranz, P. (2022) · The Journal of FinTech · doi:10.1142/s2705109922500018 · Cited by 22
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Maroto, M. L., & Aylsworth, L. (2016) · Canadian Review of Sociology/Revue canadienne de sociologie · doi:10.1111/cars.12124 · Cited by 22
Gender Differences in Financial Education: Evidence from Primary School
Migheli, M., & Moscarola, F. C. (2017) · De Economist · doi:10.1007/s10645-017-9300-0 · Cited by 22
“A number of articles deal with its effect on individuals’ financial decisions (van Rooij et al., 2011), retirement choices (Lusardi and Mitchell, 2007 and van Rooij et al., 2012), participation to mutual and pension funds, and so forth.”
BackgroundIndividual heterogeneity and pension choices: Evidence from Italy
Gallo, G., Torricelli, C., & van Soest, A. (2018) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2018.02.016 · Cited by 22
“…CR IP T 21 contradict some studies in household finance highlighting that women have a higher probability to be financially excluded (Lusardi et al., 2010; van Rooij et al., 2011; Fornero and Monticone, 2011), but note that the gender effect in our regressions keeps financial literacy constant.”
BackgroundThe Importance of Financial Literacy towards Entrepreneurship Intention among University Students
Ahmad, N. L., Yusof, R., Ahmad, A. S., & Ismail, R. (2019) · International Journal of Academic Research in Business and Social Sciences · doi:10.6007/ijarbss/v9-i9/6266 · Cited by 27
“Previous studies showed that university students have little knowledge on financial literacy (Garg and Singh, 2016; Bartley, 2011; Dahlia et al., 2009; Rooij et al., 2009).”
Inequality of opportunity and household risky asset investment: Evidence from panel data in China
Song, Y., Wu, W., & Zhou, G. (2020) · China Economic Review · doi:10.1016/j.chieco.2020.101513 · Cited by 22
Assessing numerical reasoning provides insight into financial literacy
Sunderaraman, P., Barker, M. S., Chapman, S., & Cosentino, S. (2020) · Applied Neuropsychology Adult · doi:10.1080/23279095.2020.1805745 · Cited by 24
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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