The DOI matches its Crossref record; 14 of the 14 references it cites were found in a registry or an index.
Debt Literacy, Financial Experiences, and Overindebtedness
Open accessAbstract
We analyze a national sample of Americans with respect to their debt literacy, financial experiences, and their judgments about the extent of their indebtedness.Debt literacy is measured by questions testing knowledge of fundamental concepts related to debt and by self-assessed financial knowledge.Financial experiences are the participants' reported experiences with traditional borrowing, alternative borrowing, and investing activities.Overindebtedness is a self-reported measure.Overall, we find that debt literacy is low: only about one-third of the population seems to comprehend interest compounding or the workings of credit cards.Even after controlling for demographics, we find a strong relationship between debt literacy and both financial experiences and debt loads.Specifically, individuals with lower levels of debt literacy tend to transact in high-cost manners, incurring higher fees and using high-cost borrowing.In applying our results to credit cards, we estimate that as much as one-third of the charges and fees paid by less knowledgeable individuals can be attributed to ignorance.The less knowledgeable also report that their debt loads are excessive or that they are unable to judge their debt position.
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Hierarchical Grouping to Optimize an Objective Function
Ward, J. H. (1963) · Journal of the American Statistical Association · doi:10.1080/01621459.1963.10500845 · Cited by 20,598
Financial literacy and stock market participation
van Rooij, M., Lusardi, A., & Alessie, R. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.006 · Cited by 3,554
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-citation(2003) · Federal Reserve Bulletin · Cited by 1,764
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
Self-citationFinancial Literacy and Planning: Implications for Retirement Wellbeing
Lusardi, A., & Mitchell, O. (2011) · National Bureau of Economic Research · doi:10.3386/w17078 · Cited by 1,253
Self-citationPERRY, V. G., & MORRIS, M. D. (2005) · Journal of Consumer Affairs · doi:10.1111/j.1745-6606.2005.00016.x · Cited by 680
Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel
Lusardi, A., & Mitchell, O. S. (2007) · SSRN Electronic Journal · doi:10.2139/ssrn.1095869 · Cited by 401
Self-citationFinancial Literacy, Information, and Demand Elasticity: Survey and Experimental Evidence from Mexico
Hastings, J., & Tejeda-Ashton, L. (2008) · National Bureau of Economic Research · doi:10.3386/w14538 · Cited by 334
Financial Illiteracy, Education, and Retirement Saving
Bernheim, B. D. (1996) · ScholarlyCommons (University of Pennsylvania) · Cited by 299
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Financial literacy and stock market participation
van Rooij, M., Lusardi, A., & Alessie, R. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.006 · Cited by 3,554
Self-citationHUSTON, S. J. (2010) · Journal of Consumer Affairs · doi:10.1111/j.1745-6606.2010.01170.x · Cited by 2,558
Financial Literacy, Financial Education, and Downstream Financial Behaviors
Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014) · Management Science · doi:10.1287/mnsc.2013.1849 · Cited by 2,152
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LUSARDI, A., MITCHELL, O. S., & CURTO, V. (2010) · Journal of Consumer Affairs · doi:10.1111/j.1745-6606.2010.01173.x · Cited by 1,804
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Metadata
- Authors
- Lusardi, A., & Tufano, P.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2009-03
- OpenAlex
- W2892085629
- Cited by
- 834
- References
- 14
- Type
- report
- Language
- en
- Open access
- green
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