The DOI matches its Crossref record; 14 of the 18 references it cites were found in a registry or an index.
How Financial Literacy Affects Household Wealth Accumulation
Open accessAbstract
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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Cites
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
Lusardi, A., Mitchell, O. S., & Curto, V. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1476982 · Cited by 1,804
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
Bernheim, B., Skinner, J. S., & Weinberg, S. (2001) · American Economic Review · doi:10.1257/aer.91.4.832 · Cited by 807
Behrman, J., Rosenzweig, M., & Taubman, P. (1994) · Journal of Political Economy · doi:10.1086/261966 · Cited by 518 · cited 9×
“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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4 of the 18 references couldn’t be matched to a known paper.
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- 10.1111/j.1745-6606.2010.01173.x · DOI · Paper page
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Items 401–421 of 421
A comparison of retirement saving using discretionary investment and Regulation 28
Willows, G., Burgers, T., & West, D. (2018) · South African Journal of Economic and Management Sciences · doi:10.4102/sajems.v21i1.1995
“Introduction Saving for retirement is an area that has been thoroughly researched in recent periods (Behrman et al. 2012; Benartzi & Thaler 2013).”
BackgroundTeaching Financial Literacy at University: Online and Face-to-Face EvaluationsPreprint
Gerrans, P., Ooi, E., & Wright, S. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3021787
“Research outside of the U.S. shows that financial literacy has a significantly positive correlation with improved household wealth accumulation (Behrman et al., 2012 in Chile), and retirement planning as well as stock market participation (Van Rooij et al., 2011 in the Netherlands).”
THE MULTIDIMENSIONAL DRIVERS OF FINANCIAL LITERACY OF ITALIAN STUDENTS
Longobardi, S., Pagliuca, M., & Regoli, A. (2017) · doi:10.21125/edulearn.2017.1481
“Indeed, individuals with high level of financial skills are able to make better decision regarding to savings and retirement planning ([1], [2]), wealth accumulation ([3]), mortgages ([4]) and stock market participation ([5]).”
BackgroundToward better understanding of financial well-being: A literature review
Coats, J. C., & Bajtelsmit, V. L. (2026) · Journal of Financial Literacy and Wellbeing · doi:10.1017/flw.2026.10011
Financial Knowledge, Attitudes and Behavior Towards Risk-Taking Propensity as a Mediating Variable
Sukarno, A., Ristono, A., Margahana, H., Ambarwati, S. D. A., Pamuji, W. A., & Yodhtama, M. (2025) · SHS Web of Conferences · doi:10.1051/shsconf/202521201003
“Previous literature has focused on the role of financial literacy in financial aspects such as retirement planning [12], [13], debt [3], [13], savings [13], [14], or participation in the stock market [1], [15].”
Timing Wealth Building to Maximize Return on Degree
Elliott, W., Agyare, B. O., & Min, S. (2025) · Sociology Mind · doi:10.4236/sm.2025.154013
Financial Literacy and Socio-Economic Status: Evidence from the Tribal Region in Central India
Singh, S., Mishra, A., & Prajapati, P. (2025) · Splint International Journal Of Professionals · doi:10.5958/2583-3561.2025.00028.9
Gałkiewicz, D. P., Situm, M., & Hartleif, L. (2024) · Eight International Scientific Conference ITEMA Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture · doi:10.31410/itema.s.p.2024.99
“People with good financial knowledge are more aware that they need to provide for their retirement and plan and save accordingly (Behrman et al., 2012; Breitbach & Walstad, 2016; Lusardi & Mitchell, 2011; van Rooij et al., 2012).”
Do Individuals Accept Fluctuations in Pension Income?Preprint
Bucher‐Koenen, T., Knebel, C., & Weber, M. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4458861 · Cited by 1
Thanasas, G. L. (2023) · Risk Governance and Control: Financial Markets & Institutions · doi:10.22495/rgcv13i3p6
Ali, H. J., Hasan, R., Sultana, M., Yousufi, N. A. S., Salsabil, R., & Hanif, M. B. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4637041
A study on financial literacy of students
Shanmugha, P. P. (2023) · i-manager's Journal on Economics & Commerce · doi:10.26634/jecom.3.3.19885
Boosting Financial Literacy in the 4th IR Amongst Working and Non-Working Women in India
Bhuttani, S., Srivastava, S., & Singh, V. (2022) · Advances in human resources management and organizational development book series · doi:10.4018/978-1-7998-8594-8.ch014
Xiao, X. (2022) · Proceedings of the 2022 International Conference on County Economic Development, Rural Revitalization and Social Sciences (ICCRS 2022) · doi:10.2991/aebmr.k.220402.003
“Such as the formulas and rules for finding higher derivative; Solving partial derivative of implicit function equations; Conditional extremum problem with multiple conditions; Solving problems of high-order linear equations (Systems) with constant coefficients [6-8].”
BackgroundFinancial Scams Through Ponzi Schemes
Asadov, A. (2021) · Handbook of Research on Theory and Practice of Financial Crimes · doi:10.4018/978-1-7998-5567-5.ch015
Strength in Differences: How Racial Integration Shapes Household Financial Decision-MakingPreprint
Vosse, M. M. (2021) · Social Science Research Network · doi:10.2139/ssrn.3931460
Inferring Financial Sophistication: Evidence Using Credit Card Balance Transfers and the CARD ActPreprint
Seok, Y. H., & Wang, J. J. D. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3606693
Why Study Young Adults’ Indebtedness?
Hauff, J., Gärling, T., & Lindblom, T. (2019) · Indebtedness in Early Adulthood · doi:10.1007/978-3-030-13996-4_1
EMAN 2019 – Economics & Management: How to Cope With Disrupted Times SELECTED PAPERS
Jereb, E., Urh, M., & Strojin, Š. (2019) · doi:10.31410/eman.s.p.2019
ON THE INFLUENCE OF FINANCIAL EDUCATION AT FINANCIAL LITERACY
Kozubíková, Z., Microeconomics, U., & Žilina, S. (2019) · EMAN 2019 – Economics & Management: How to Cope With Disrupted Times SELECTED PAPERS · doi:10.31410/eman.s.p.2019.45
“This is confirmed by the [12] study, which found that Financial literacy and schooling attainment have been linked to household wealth accumulation and that investments in financial literacy could have large positive effects on household wealth accumulation.”
BackgroundLópez, F. (2014) · Open Scholarship Institutional Repository (Washington University in St. Louis) · doi:10.7936/k7mp5192
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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