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
Self-citationFinancial Literacy: Implications for Retirement Security and the Financial Marketplace
Mitchell, O. S., & Lusardi, A. (2012) · Oxford University Press eBooks · doi:10.1093/acprof:oso/9780199696819.001.0001 · Cited by 284
Self-citationFraud Classification Using Principal Component Analysis of RIDITs
Brockett, P., Derrig, R., Golden, L. L., Levine, A., & Alpert, M. (2002) · Journal of Risk & Insurance · doi:10.1111/1539-6975.00027 · Cited by 206 · cited 4×
“Brockett, Patrick, Richard A. Derrig, Linda L. Golden, Arnold Levine, Mark Alpert.”
InfluentialFinancial Literacy, Schooling, and Wealth AccumulationPreprint
Behrman, J. R., Mitchell, O. S., Soo, C., & Bravo, D. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1688985 · Cited by 110 · 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-citationFees, Framing, and Financial Literacy in the Choice of Pension ManagerPreprint
Hastings, J. S., Mitchell, O. S., & Chyn, E. T. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1678077 · Cited by 94
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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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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
“These questions have also been fielded in Mexico and Chile (Hastings and Tejeda-Ashton 2008; Hastings and Mitchell 2011; Behrman, Mitchell, Soo and Bravo 2012), India and Indonesia (Cole, Sampson, and Zia 2011 Note: * indicates questions that have slightly different wording than the baseline financial literacy questio…”
InfluentialSelf-citationFinancial literacy: A systematic review and bibliometric analysis
Goyal, K., & Kumar, S. (2020) · International Journal of Consumer Studies · doi:10.1111/ijcs.12605 · Cited by 1,482
“A positive association is found between financial literacy and wealth management, including portfolio choice, over the lifecycle (Behrman, Mitchell, Soo, & Bravo, 2012; Jappelli & Padula, 2013; Van Rooij, Lusardi, & Alessie, 2012).”
Optimal Financial Knowledge and Wealth Inequality
Lusardi, A., Michaud, P.-C., & Mitchell, O. S. (2017) · Journal of Political Economy · doi:10.1086/690950 · Cited by 690
Self-citationTHE EFFECTS OF PERCEIVED AND ACTUAL FINANCIAL LITERACY ON FINANCIAL BEHAVIORS
Allgood, S., & Walstad, W. B. (2016) · Economic Inquiry · doi:10.1111/ecin.12255 · Cited by 620
Financial literacy and financial resilience: Evidence from around the world
Klapper, L. F., & Lusardi, A. (2019) · Financial Management · doi:10.1111/fima.12283 · Cited by 910
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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