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How Financial Literacy Affects Household Wealth Accumulation
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This study isolates the causal effects of financial literacy and schooling on wealth accumulation using a new household dataset and an instrumental variables (IV) approach. Financial literacy and schooling attainment are both strongly positively associated with wealth outcomes in linear regression models, whereas the IV estimates reveal even more potent effects of financial literacy. They also indicate that the schooling effect only becomes positive when interacted with financial literacy. Estimated impacts are substantial enough to imply that investments in financial literacy could have large wealth payoffs.
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“The differing effects across classes highlight behavioural heterogeneity, consistent with Behrman et al. (2012).”
From Drivers of willingness to repay Parish Revolving funds (PRF) under Uganda’s Parish Development Model: a Bayesian Latent Class Logistic Regression (LCLR) approach (2026) · cites this paper as Behrman et al. (2012)
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“A related strand of literature has also documented a positive relation between financial literacy and savings behavior (e.g., Lusardi and Mitchell 2011c;Chan and Stevens 2008;Behrman et al. 2012), i.e. providing additional evidence that financially literate individuals exhibit a greater tendency to plan ahead.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Behrman et al. 2012
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The Economic Importance of Financial Literacy: Theory and Evidence
Lusardi, A., & Mitchell, O. S. (2014) · Journal of Economic Literature · doi:10.1257/jel.52.1.5 · Cited by 4,698 · cited 1×
“ment are often about 10 percent, producing a bias towards zero of almost that magnitude (Behrman, Rosenzweig, and Taubman 1994). 6 Detailed descriptions of each of these variables are provided in Behrman et al. (2010). 7 For example, family background variables such as”
Self-citationBaby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth
Lusardi, A., & Mitchell, O. S. (2006) · Journal of Monetary Economics · doi:10.1016/j.jmoneco.2006.12.001 · Cited by 2,366
Self-citationFinancial Literacy Among the Young
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Self-citationFinancial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education
Lusardi, A., & Mitchelli, O. S. (2007) · Business Economics · doi:10.2145/20070104 · Cited by 1,596
Planning and Financial Literacy: How Do Women Fare?
Lusardi, A., & Mitchell, O. S. (2008) · American Economic Review · doi:10.1257/aer.98.2.413 · Cited by 1,512 · cited 1×
“Others report positive correlations between financial literacy and asset accumulation, but questions have been raised about whether these associations reflect causality (Lusardi and Mitchell 2008, 2010).”
Self-citationDoes Increasing Women's Schooling Raise the Schooling of the Next Generation?Preprint
Behrman, J., & Rosenzweig, M. (2005) · SSRN Electronic Journal · doi:10.2139/ssrn.294524 · Cited by 888
Self-citationWhat Accounts for the Variation in Retirement Wealth Among U.S. Households
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“A final set of questions touches on key aspects of the Chilean retirement system, including the mandatory contribution rate, minimum male and female retirement ages, how pension benefits are computed, whether people know about the welfare program for the elderly, and whether people know they can contribute to a Volunt…”
InfluentialSelf-citationFinancial Literacy and Retirement Planning: New Evidence from the Rand American Life PanelPreprint
Lusardi, A., & Mitchell, O. S. (2007) · SSRN Electronic Journal · doi:10.2139/ssrn.1095869 · Cited by 448 · cited 1×
“A second, more “sophisticated,” set of three questions was devised for a special HRS module (Lusardi and Mitchell, 2007c) to measure more complex concepts such as compound interest, inflation, and risk diversification.”
Self-citationFinancial Literacy Among the Young: Evidence and Implications for Consumer PolicyPreprint
Mitchell, O. S., Lusardi, A., & Curto, V. E. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1459141 · Cited by 327
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Financial Literacy and Formal Saving-Investment Behavior: Evidence from Pakistan
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Jia, X., Kanagaretnam, K., Lee, J., & Lim, C. Y. (2026) · Accounting and Finance · doi:10.1111/acfi.70212 · Cited by 1
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“These magnitudes are consistent with evidence that financially literate individuals exhibit greater sophistication in retirement planning (Behrman et al., 2012; Bernheim et al., 2001) and are more likely to overcome the informational barriers associated with equity investment (Calvet et al., 2007;…”
InfluentialLu, M.-P., Kosim, Z., & Yong, K.-C.-A. (2025) · Gadjah Mada International Journal of Business · doi:10.22146/gamaijb.v28i1.17993 · Cited by 1
“Mean-while, Behrman et al. (2012) raised concerns about whether FIL or schooling is more influential in wealth accumulation and found that FIL plays a crucial role in enhancing wealth accumulation.”
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Buelvas-Sierra, R. B., Narváez, A. R. A., & Sierra, C. F. D. (2025) · Revista Venezolana de Gerencia · doi:10.52080/vgluz.30.especial14.19 · Cited by 3
“La asociación positiva y creciente entre el estrato socioeconómico y la probabilidad de planificar (ORs > 2 para estratos medios/altos vs bajos) confirma hallazgos ampliamente documentados (Behrman et al., 2012; Zamora et al., 2018; Furnham & Cheng, 2019; Peñarreta-et al., 2024).”
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Financial Literacy and Electricity Contracts
Tocock, M., MacDonald, D. H., Tinch, D., & Rose, J. M. (2025) · Energy Journal · doi:10.1177/01956574251340291 · Cited by 1
“It has been shown to be correlated with effective retirement planning and positive savings behavior (Behrman et al. 2012; Clark, Lusardi and Mitchell 2015).”
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Hayward, D., & Hart, R. (2025) · Open Psychology · doi:10.1515/psych-2025-0008 · Cited by 1
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Orlov, D., Cupák, A., & Paradowski, P. R. (2024) · Ekonomické rozhľady – Economic Review · doi:10.53465/er.2644-7185.2024.4.243-267
“Although financial literacy is widely regarded as an individual wealth driver (see Behrman et al., 2012; Lusardi et al., 2017), its broader role in promoting financial inclusion has been increasingly recognized.”
Mastering Money: An Introduction to Financial Literacy
Patil, S. J. (2024) · International Journal For Multidisciplinary Research · doi:10.36948/ijfmr.2024.v06i06.31067 · Cited by 1
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“…Literacy of Rural Residents on Happiness: The level of financial literacy reflects the degree of mastery of financial knowledge and skills among residents, which significantly influences their ability to make reasonable financial decisions, avoid investment risks, and accumulate family wealth[20].”
BackgroundHighbrow heritage: the effects of childhood cultural capital on wealth
Six, E., & Schnetzer, M. (2024) · Review of Economics of the Household · doi:10.1007/s11150-024-09733-6 · Cited by 2
“There is evidence that fi nancial literacy has effects beyond formal education that result in higher wealth accumulation (Behrman et al. 2012).”
A Study on Modeling Financial Mathematics by Computational Program and Its Applications
(2024) · International Journal of Material and Mathematical Sciences · doi:10.34104/ijmms.024.01000111
What financial topics do people search for? An analysis of search queries using text mining
Jalil, N. A., & Hamid, S. (2024) · Journal of information science · doi:10.1177/01655515241227533 · Cited by 1
“More financially knowledgeable consumers are better at retirement planning [6,7] and are more probably to diversify their investments [8].”
Nchise, D. N., & Akosso, V. N. (2024) · International journal of business and management review · doi:10.37745/ijbmr.2013/vol12n485102 · Cited by 1
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Impact of Financial Education on Financial Wellness During COVID-19
Bhojak, N. P., Modi, A., Jani, D. J., & Momin, M. K. (2023) · Business Perspectives and Research · doi:10.1177/22785337231207927 · Cited by 1
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Cuevas, C., Bernhardt, D., & Sanclemente, M. (2023) · Canadian Journal of Economics/Revue canadienne d économique · doi:10.1111/caje.12684 · Cited by 1
How the provision of inflation information affects pension contributions: A field experiment
Büsing, P., Cordes, H., & Langer, T. (2023) · Journal of Risk and Insurance · doi:10.1111/jori.12434 · Cited by 1
Education for Financial Literacy on Children Educationonal Fund Among Housewives in West Jakarta
Ranteallo, A. T., Herawati, N., & Mulyani, A. (2022) · JIIP - Jurnal Ilmiah Ilmu Pendidikan · doi:10.54371/jiip.v5i12.1233 · Cited by 1
Schöberl, S., Brandstetter, B., & Winterwerb, M. (2022) · BCE Official Conference Proceedings · doi:10.22492/issn.2435-9467.2022.35 · Cited by 1
The nonlinear effect of financial literacy on wealth: evidence from Germany
Hou, J., & Schuler, S. (2022) · Empirica · doi:10.1007/s10663-022-09541-0 · Cited by 4
Consumer Financial Knowledge and Retirement Planning Behaviors
Chen, F., & Sun, Z. (2021) · Asian Journal of Economics Business and Accounting · doi:10.9734/ajeba/2021/v21i830417 · Cited by 1
“retirement saving have sparked considerable research interest and remained at the forefront of academic research across many countries, for retirement planning has a significant impact on household wealth [49].”
Background", Tulai, H. I., Făt, C. M., & Beju, D.-G. (2021) · Journal of Financial Studies · doi:10.55654/jfs.2021.6.10.02 · Cited by 1
Dlugosch, D., Gönenç, R., Kim, E. J., & Paciorek, A. M. (2020) · doi:10.1787/d132d949-en · Cited by 1
Blake, D. P., Duffield, M., Tonks, I., Haig, A., Blower, D., & MacPhee, L. (2020) · Social Science Research Network · doi:10.2139/ssrn.3552251 · Cited by 1
“This is strongly reinforced if individuals also have a high degree of financial literacy (Behrman et al. (2012), Lusardi and Mitchell (2014)). Financial literacy tends to be lower amongst the young, women, the less educated, and ethnic minorities (Lusardi and Mitchell (2011)).”
BackgroundMethodInfluentialDeciphering Ownership of Family Business Groups
Pihkala, T., Goel, S., Rautiainen, M., Mukherjee, K., & Ikävalko, M. (2018) · Springer eBooks · doi:10.1007/978-3-319-98542-8_10 · Cited by 7
“Economic theory posits (Behrman et al., 2012) that individuals maximize expected lifetime utility using economic information to build retirement assets over their working lives.”
BackgroundFinancial Literacy and Pension Planning A Comparative Study for Austria and SwitzerlandPreprint
Aubram, T., & Kovarova-Simecek, M. (2016) · SSRN Electronic Journal · doi:10.2139/ssrn.2892726 · Cited by 5
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Elliott, W. J., Zheng, H., Agyare, B. O., & Min, S. (2025) · Sociology Mind · doi:10.4236/sm.2025.154015 · Cited by 2
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Conte, A., Paiardini, P., & Temperini, J. (2024) · Social Science Research Network · doi:10.2139/ssrn.4706434 · Cited by 1
Business Education and Portfolio ReturnsPreprint
Altmejd, A., Jansson, T., & Karabulut, Y. (2024) · SSRN Electronic Journal · doi:10.2139/ssrn.4820816 · Cited by 1
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Polák, J., Kozubíková, Z., & Kozubík, A. (2020) · 6th ERAZ Selected Papers (part of ERAZ conference collection) · doi:10.31410/eraz.s.p.2020.61 · Cited by 1
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Enhancement of public fiscal competence as educational process tendency in Russia
Nikonova, E. N., & Shavaleeva, C. M. (2016) · doi:10.1051/shsconf/20162601045 · Cited by 1
Nuwagaba, S. S., & Mbowa, S. (2026) · Cogent Economics & Finance · doi:10.1080/23322039.2026.2648932
Financial 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
“Other empirical studies on stock holding have shown that controlling for educational attainment did enhance the significance of the variable financial literacy (Behrman et al. 2012; Lusardi and Scheresberg 2013; Van Rooij et al. 2011) underlying the observation that both general knowledge (education) and specialized k…”
BackgroundDivorce/Separation in Later-Life: A Fixed Effects Analysis of Economic Well-Being by Gender
Sharma, A. (2014) · Journal of Family and Economic Issues · doi:10.1007/s10834-014-9432-1
“And given that recent research suggested financial literacy was positively associated with wealth (Behrman et al. 2012; Clark et al. 2012), more effort should be put forth by high schools, community colleges, senior centers, and local banks to educate adults about financial planning.”
BackgroundGender stereotyping in financial advisors’ assessment of customers
Söderberg, I.-L. (2012) · Journal of Financial Services Marketing · doi:10.1057/fsm.2012.24 · Cited by 11
Information sources and participation in the Chinese insurance market: knowledge as a mediator
Lyu, Z., & Wei, L. (2020) · Geneva papers on risk and insurance. Issues and practice · doi:10.1057/s41288-020-00180-9
Linh, H. P., Loan, L. T. B., Lan, N. H., & Nguyen, T. D. (2026) · Social Sciences & Humanities Open · doi:10.1016/j.ssaho.2026.103731
Unlocking Teachers’ Financial Literacy: A Comparative Study with Non-Teaching Adults
Magante, M. T., Ravago, M., Cacnio, F. C. Q., Lubangco, C., & Romarate, M. E. G. (2026) · Journal of Education Finance and Law · doi:10.5406/30678560.50.4.04
“Given the multidimensional nature of financial literacy, these subcomponents are combined either using equal weights (Askar et al., 2020), nonparametric weight assignment, or principal component analysis (Behrman et al., 2012).”
Ring, P., & Hickman, E. (2026) · Journal of Financial Regulation and Compliance · doi:10.1108/jfrc-02-2026-0095
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“Finanzwissen (Lusardi & Mitchell, 2007; Behrman et al., 2012; van Rooij et al., 2012; Lusardi et al., 2017).”
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Abduramanov, A. Y., Кузина, О. Е., & Moiseeva, D. V. (2026) · Russian Journal of Economics · doi:10.32609/j.ruje.12.167840
Adepoju, A., & Gbadamosi, T. V. (2026) · Àgídìgbo: ABUAD Journal of the Humanities · doi:10.53982/agidigbo.2026.1409-j
“Financial literacy has been defined in three intersecting components – knowledge, attitude, and behaviour (Behrman et al., 2012; Ojelade et al., 2024; Enwuru and Gbadamosi, 2022).”
Uifălean, R. (2026) · FINANCIAL STUDIES · doi:10.65672/fs.2026.2.1
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“30 Financial literacy is related to socio-demographic variables 3 such as education, age, gender, income, and occupation.”
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“These differences are frequently linked to financial literacy, which tends to increase with income and wealth, though the causal nature of this relationship remains debated (Behrman et al., 2012; Lusardi & Mitchell, 2007; van Rooij et al., 2011, 2012).”
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Németh, E., Malatyinszki, S., & Kálmán, B. (2025) · Risks · doi:10.3390/risks13120229
“Findings concerning education level confirmed previous empirical evidence that higher education is associated with greater financial security and more effective saving and investment decisions (Behrman et al. 2012; Lusardi and Mitchell 2014; Mincer 1974).”
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InfluentialThe Effect of Financial Literacy on Entrepreneurship Orientation
Özyıldız, T. (2025) · İktisadi İdari ve Siyasal Araştırmalar Dergisi · doi:10.25204/iktisad.1687101
The socio-demographic profile of the poor population of the Republic of Tyva
Natsak, O. (2025) · Zhurnal Sotsiologii i Sotsialnoy Antropologii (The Journal of Sociology and Social Anthropology) · doi:10.31119/jssa.2025.28.2.2
Contribution of Financial Inclusion to Poverty Reduction in Ethiopia
Abate, T. (2025) · International Journal of Economics Finance and Management Sciences · doi:10.11648/j.ijefm.20251303.13
Chhangte, L., & Lalhmingsangi, K. A. (2025) · Cuestiones de Fisioterapia · doi:10.48047/yjaact69
FROM TEXTBOOKS TO CHEQUE BOOKS: CHARTING FINANCIAL LITERACY PATHS FOR UNIVERSITY STUDENTS
Osman, Z., Phang, I., & Razli, I. A. (2024) · Labuan Bulletin of International Business and Finance (LBIBF) · doi:10.51200/lbibf.v22i2.5865
“…literate individuals are better able to plan for their financial futures and avoid financial pitfalls, such as high debt or insufficient retirement savings (Lusardi & Mitchell, 2014) and they are more likely to save money and accumulate wealth over time (Behrman, Mitchell, Soo, & Bravo, 2012).”
Impact of Financial Behaviors on the Financial Wellbeing of Vegetable Farmers in Bhaktapur District
Subedi, D. P., & Bhandari, D. (2024) · The Batuk · doi:10.3126/batuk.v10i2.68148
“Gutter and Fontes (2006) and Behrman et al. (2012) indicated that individuals who actively engage in investment activities, such as purchasing livestock, machinery, or engaging in other agricultural improvements, tend to have higher financial wellbeing due to the potential for increased income and…”
BackgroundPropensity to plan of young students of management
Silva, F. D. D. S. E. (2024) · Revista Pensamento Contemporâneo em Administração · doi:10.12712/rpca.v18i2.61471
“At long-run, financially literate peoples tend to present a higher wealth accumulation due to investment in retirement plans (Behrman, Mitchell, Soo & Bravo, 2012).”
BackgroundHuang, S., & Kosnik, T. (2024) · Journal of student-scientists' research · doi:10.47611/jsrhs.v13i1.6108
“The same could be said about financial education; improved financial literacy schooling significantly improves financial behavior, above and beyond regular schooling (Behrman et. al, 2012).”
BackgroundComparison of Financial Literacy in Different Countries
Adiandari, A. M., & Fitriandari, M. (2023) · International Journal of Scientific Research in Science and Technology · doi:10.32628/ijsrst229687 · Cited by 1
Hatmawan, A. A., Suhendra, N., Tanjung, I. I., Ningsih, L., & Arisna, P. (2022) · INVENTORY JURNAL AKUNTANSI · doi:10.25273/inventory.v6i2.14260 · Cited by 1
“Bersamaan dengan hal tersebut, (Behrman et al., 2012) mengidentifikasi peran penting literasi keuangan dalam akumulasi kekayaan organisasi.”
Background--, S. (2022) · International Journal of Business Humanities Education and Social Sciences (IJBHES) · doi:10.46923/ijbhes.v3i2.127 · Cited by 1
“Knowledge is obtained from education or the environment [2], [3].”
BackgroundChen, F.-Z., & Zhang, D. (2021) · Asian Journal of Economics Business and Accounting · doi:10.9734/ajeba/2021/v21i2230522
“as the ability to deal with economic information and then make sensible decisions of household finances accordingly [13].”
BackgroundSakti, N., Legowo, M., Rinawati, H. S., Sadewo, F., Harianto, S., & Utami, D. (2020) · al-Uqud : Journal of Islamic Economics · doi:10.26740/al-uqud.v5n1.p60-75
“This should have been learned early on in families and educational institutions (Behrman et al., 2012; Bhatia & Chatterjee, 2010; Crain, 2013).”
BackgroundNew Approaches to the Analytical Methods on the Teaching of Reintegration
Xiao, X.-N. (2020) · doi:10.2991/assehr.k.201214.030
“Otherwise, it is called a Y-shaped area; (6) In osrder to obtain the double integral accurately and simply, the principle of selecting the type of integration area is to consider both the shape of the area D and the characteristics of the integrand ( , ) f x y [1-4].”
BackgroundAnalysing the Relationship Between Personal Time Discounting Factors and Risk Related Behaviour
Tigau, H. (2018) · International Journal of Applied Behavioral Economics · doi:10.4018/ijabe.2018100103
Metadata
- Authors
- Behrman, J. R., Mitchell, O. S., Soo, C. K., & Bravo, D.
- Affiliations
- University of Pennsylvania (US)
- University of Chile (CL)
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2012-05-01
- Volume
- 102
- Issue
- 3
- Pages
- 300-304
- ISSN
- 0002-8282 (ISSN-L)
- PMC
- PMC3554245
- OpenAlex
- W2153697104
- Cited by
- 582
- References
- 18
- Citations by year
- 2026: 34 · 2025: 62 · 2024: 83 · 2023: 48 · 2022: 65 · 2021: 72 · 2020: 44 · 2019: 43 · 2018: 25 · 2017: 27 · 2016: 20 · 2015: 31 · 2014: 12 · 2013: 10 · 2012: 4
- FWCI
- 69.97
- Type
- journal article
- Language
- en
- Open access
- green
- www.ncbi.nlm.nih.gov
- Locations
- American Economic Review (publishedVersion)
- PubMed (publishedVersion)
- PubMed Central (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- National Institute on Aging (R01AG023774)
- 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 › Sociology and Political Science › Income, Poverty, and Inequality
- Keywords
- financial literacy, household wealth accumulation, school education, returns to education, causal effects, household finance
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