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The Economic Importance of Financial Literacy: Theory and Evidence
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This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research, which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare, as well as policies intended to enhance levels of financial knowledge in the larger population. Next, we draw on recent surveys to establish how much (or how little) people know and identify the least financially savvy population subgroups. This is followed by an examination of the impact of financial literacy on economic decision making in the United States and elsewhere. While the literature is still young, conclusions may be drawn about the effects and consequences of financial illiteracy and what works to remedy these gaps. A final section offers thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy. (JEL A20, D14, G11, I20, J26)
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“supports Lusardi and Mitchell (2014) view that older borrowers possess greater financial maturity.”
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 Lusardi and Mitchell (2014)
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“Financial literacy programmes reduce information asymmetry by equipping borrowers with knowledge needed to make informed repayment decisions (Hastings et al., 2013;Lusardi & Mitchell, 2014).”
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 Lusardi & Mitchell, 2014
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“Empirically, financially savvy people are more likely to accumulate wealth (Lusardi and Mitchell, 2014).”
From Financial literacy and the need for financial education: evidence and implications (2019) · cites this paper as Lusardi and Mitchell, 2014
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“even though educational attainment is positively correlated with financial literacy, it is not sufficient.”
From Financial literacy and the need for financial education: evidence and implications (2019) · cites this paper as Lusardi and Mitchell (2014)
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“supports Lusardi and Mitchell (2014) view that higher education and financial capability improve financial discipline.”
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 Lusardi and Mitchell (2014)
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Plan Design and 401(k) Savings Outcomes
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How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors
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Allgood, S., & Walstad, W. (2013) · Numeracy · doi:10.5038/1936-4660.6.2.3 · Cited by 149
Financial Literacy and Household Savings in Romania
Beckmann, E. (2013) · Numeracy · doi:10.5038/1936-4660.6.2.9 · Cited by 146
Chai, J., Horneff, W. J., Maurer, R., & Mitchell, O. S. (2011) · European Finance Review · doi:10.1093/rof/rfr016 · Cited by 143
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Leão, L. D. S., Legovini, A., Marchetti, R., Zia, B., & Bruhn, M. (2013) · World Bank, Washington, DC eBooks · doi:10.1596/1813-9450-6723 · Cited by 143
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Kimball, M., & Shumway, T. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1572866 · Cited by 141
Financial Education in High School
Mandell, L. (2009) · University of Chicago Press eBooks · doi:10.7208/chicago/9780226497105.003.0010 · Cited by 140
Social Networks and the Decision to Insure
Cai, J., de Janvry, A., & Sadoulet, É. (2015) · American Economic Journal Applied Economics · doi:10.1257/app.20130442 · Cited by 139
The Cause of Wealth Dispersion at Retirement: Choice or Chance?
Venti, S. F., & Wise, D. A. (2016) · American Economic Review · Cited by 135
Information Sharing and Stock Market Participation: Evidence from Extended Families
Li, G. (2012) · The Review of Economics and Statistics · doi:10.1162/rest_a_00301 · Cited by 133
Private Saving and Public Policy
Bernheim, B. D., & Scholz, J. K. (1992) · National Bureau of Economic Research · doi:10.3386/w4215 · Cited by 132
Brown, J. R., Kapteyn, A., & Mitchell, O. S. (2013) · Journal of Risk & Insurance · doi:10.1111/j.1539-6975.2013.12004.x · Cited by 132
Self-citationHirad, A., & Zorn, P. M. (2003) · Cited by 125
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Self-citationFinancial Knowledge and Financial Literacy at the Household Level
Gustman, A. L., Steinmeier, T. L., & Tabatabai, N. (2012) · American Economic Review · doi:10.1257/aer.102.3.309 · Cited by 117
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The Geography of Financial Literacy
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Self-citationRemittances and the Problem of Control: A Field Experiment Among Migrants from El SalvadorPreprint
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Do Financial Education Programs Work?
Hathaway, I., & Khatiwada, S. (2008) · Working paper · doi:10.26509/frbc-wp-200803 · Cited by 95
Fees, 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
Self-citationChoice, Chance, and Wealth Dispersion at Retirement
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Poterba, J. M., Venti, S. F., & Wise, D. A. (2013) · Journal of Human Capital · doi:10.1086/673207 · Cited by 89
Optimal Financial Knowledge and Wealth Inequality
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Self-citationFinancial Knowledge among Educated Women: Room for Improvement
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Fees, Framing, and Financial Literacy in the Choice of Pension Manager
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Self-citationTeach Workers about the Perils of Debt
Lusardi, A., & Tufano, P. (2009) · Oxford University Research Archive (ORA) (University of Oxford) · Cited by 85
Self-citationFinancial Illiteracy and Pension Contributions: A Field Experiment on Compound Interest in ChinaPreprint
Song, C. (2015) · SSRN Electronic Journal · doi:10.2139/ssrn.2580856 · Cited by 84
Are Americans SavingPreprint
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Potential and Pitfalls of Applying Theory to the Practice of Financial Education
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Effectiveness of Employer-Provided Financial Information: Hiring to Retiring
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Financial socialization's impact on investment orientation and household net worth
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Financial Literacy and the Financial Crisis
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Self-citationTHE ROLE OF FINANCIAL LITERACY IN DETERMINING RETIREMENT PLANS
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Who Lost the Most? Financial Literacy, Cognitive Abilities, and the Financial CrisisPreprint
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Kast, F., Meier, S., & Pomeranz, D. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.2003624 · Cited by 77
Cognition and Economic Outcomes in the Health and Retirement SurveyPreprint
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Tax Policy and Economic Growth
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Household Stock Market Beliefs and Learning
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Duflo, E., & Saez, E. (2004) · Oxford University Press eBooks · doi:10.1093/0199273391.003.0008 · Cited by 60
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de Mesa, A. A., Bravo, D., Behrman, J. R., Mitchell, O. S., Todd, P., Otero, A., Skog, J. O., Vásquez, J., & Vélez-Grajales, V. (2007) · doi:10.1093/acprof:oso/9780199226801.003.0003 · Cited by 57
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Financial Counseling, Financial Literacy, and Household Decision MakingPreprint
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Health, Education, and the Post-Retirement Evolution of Household Assets
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The Outlook for Financial Literacy
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Self-citationDo Financial Education Programs Work? Working Paper 08-03.
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Brown, M., & Graf, R. (2012) · Alexandria (UniSG) (University of St.Gallen) · Cited by 48
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The Changing Landscape of Pensions in the United States
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Preparation for Retirement, Financial Literacy and Cognitive ResourcesPreprint
Delavande, A., Rohwedder, S., & Willis, R. (2008) · RePEc: Research Papers in Economics · Cited by 45
Financial Advice: Does it Make a Difference?
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Financial Sophistication in the Older Population
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Self-citationFinancial Advice: Does It Make a Difference?
Finke, M. S. (2012) · Oxford University Press eBooks · doi:10.1093/acprof:oso/9780199683772.003.0011 · Cited by 42
How financially literate are women? Some new perspectives on the gender gap*
Bucher‐Koenen, T., Lusardi, A., Alessie, R. J. M., & van Rooij, M. (2012) · Max Planck Institute for Plasma Physics · Cited by 40
Self-citationUnderstanding Peer Effects in Financial Decisions: Evidence from a Field Experiment
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Brown, J. R., Kapteyn, A., Luttmer, E. F. P., & Mitchell, O. S. (2012) · RAND Corporation eBooks · doi:10.7249/wr924 · Cited by 35
Self-citationRaising household saving: does financial education work?
Gale, W. G., Harris, B. H., & Levine, R. (2012) · PubMed · Cited by 35
STOCKHOLDING AND FINANCIAL LITERACY IN THE FRENCH POPULATION
Arrondel, L., Debbich, M., & Savignac, F. (2012) · DergiPark (Istanbul University) · Cited by 34
Annuities, Financial Literacy, and Information Overload
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Does Financial Education at School Work? Evidence from ItalyPreprint
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ADJUSTING RETIREMENT GOALS AND SAVING BEHAVIOR: THE ROLE OF FINANCIAL EDUCATION
Clark, R. L. (2008) · Cited by 32
Financial Literacy, Financial Education and Economic Outcomes. NBER Working Paper No. 18412.
Hastings, J., Madrian, B. C., & Skimmyhorn, W. (2012) · National Bureau of Economic Research · Cited by 31
Cognitive abilities and portfolio choice
Christelis, D., Jappelli, T., & Padula, M. (2010) · European Economic Review · doi:10.1016/j.euroecorev.2009.04.001 · Cited by 30
Financial Literacy and 401(k) Loans
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Financial Literacy and Financial Sophistication in the Older Population
Lusardi, A., Mitchell, O. S., & Curto, V. E. (2014) · Journal of Pension Economics and Finance · doi:10.1017/s1474747214000031 · Cited by 28
Self-citationWhat Will My Account Really Be Worth? An Experiment on Exponential Growth Bias and Retirement Saving
Goda, G. S., Manchester, C. F., & Sojourner, A. (2012) · National Bureau of Economic Research · doi:10.3386/w17927 · Cited by 27
Improving Financial Literacy: The Role of Nonprofit Providers
Collins, J. M. (2011) · Oxford University Press eBooks · doi:10.1093/acprof:oso/9780199696819.003.0015 · Cited by 21
Default Stickiness among Low-Income Individuals
Beshears, J. L., Choi, J. J., Laibson, D., & Madrian, B. C. (2012) · Cited by 19
Annuities, Financial Literacy and Information OverloadPreprint
Agnew, J. R., & Szykman, L. R. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1707659 · Cited by 19
Social Security Literacy and Retirement Well-BeingPreprint
Benı́tez-Silva, H., Demiralp, B., & Liu, Z. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1510309 · Cited by 18
Optimal Financial Literacy and Saving for Retirement
Lusardi, A., Michaud, P., & Mitchell, O. S. (2011) · RAND Corporation eBooks · doi:10.7249/wr905 · Cited by 16
Self-citationFinancial Literacy and 401(K) LoansPreprint
Utkus, S. P., & Young, J. A. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1707519 · Cited by 15
Crossley, T. F., Emmerson, C., & Leicester, A. (2012) · doi:10.1920/ps.ifs.2024.0292 · Cited by 15
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“Four principles informed the design of these questions, as described in detail by Lusardi and Mitchell (2014).”
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Metadata
- Authors
- Lusardi, A., & Mitchell, O. S.
- Affiliations
- George Washington University (US)
- University of Pennsylvania (US)
- Venue
- Journal of Economic Literature
- Publisher
- American Economic Association
- Published
- 2014-03-01
- Volume
- 52
- Issue
- 1
- Pages
- 5-44
- ISSN
- 0022-0515 (ISSN-L)
- 2328-8175
- PMC
- PMC5450829
- OpenAlex
- W3125685058
- Cited by
- 4,698
- References
- 205
- Citations by year
- 2026: 862 · 2025: 761 · 2024: 572 · 2023: 434 · 2022: 363 · 2021: 380 · 2020: 339 · 2019: 284 · 2018: 216 · 2017: 170 · 2016: 134 · 2015: 111 · 2014: 51
- FWCI
- 656.21
- Type
- journal article
- Language
- en
- Open access
- green
- europepmc.org
- Locations
- Journal of Economic Literature (publishedVersion)
- PubMed (publishedVersion)
- Europe PMC (PubMed Central) (acceptedVersion)
- PubMed Central (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- National Institute on Aging (U01AG009740)
- 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 › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Keywords
- financial literacy, financial knowledge, human capital, financial illiteracy, economic decision-making, financial education policy
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