How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness
Open accessAbstract
This paper reports on several self-assessed and objective measures of financial literacy newly added to the American Life Panel (ALP), and it links these performance measures to efforts consumers make to plan for retirement.We evaluate the causal relationship between financial literacy and retirement planning by exploiting information about respondents' financial knowledge acquired in school -before entering the labor market and certainly before starting to plan for retirement.Results show that those with more advanced financial knowledge are those more likely to be retirement-ready.
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There is a gender gap in financial literacy across many countries, with men usually scoring higher than women.
“Another robust finding across many countries is a gender gap with respect to financial literacy (Lusardi and Mitchell 2009;Lusardi andTufano 2009, 2015;Lusardi et al. 2010;Hung et al. 2009;Mottola 2013;Bucher-Koenen et al. 2016;Agnew andHarrison 2015, Klapper et al. 2015): men usually score higher on measured financial literacy than women.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Lusardi and Mitchell 2009
Lusardi and Mitchell (2009) show that the Big Three are sensitive to framing, implying that some answers judged to be correct are likely attributable to guessing rather than skill.
“Lusardi and Mitchell (2009), for instance, show that the Big Three are sensitive to framing, i.e. implying that some answers judged to be ''correct'' are likely attributable to guessing rather than skill.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Lusardi and Mitchell (2009)
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- Authors
- Lusardi, A., & Mitchell, O.
- Affiliations
- Dartmouth College (US)
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2009-09
- OpenAlex
- W2098605947
- Cited by
- 587
- References
- 54
- Citations by year
- 2026: 3 · 2025: 21 · 2024: 33 · 2023: 33 · 2022: 24 · 2021: 57 · 2020: 50 · 2019: 34 · 2018: 45 · 2017: 44 · 2016: 40 · 2015: 42 · 2014: 43 · 2013: 27 · 2012: 29
- Type
- report
- Language
- en
- Open access
- green
- doi.org
- Locations
- National Bureau of Economic Research (publishedVersion)
- Funders
- U.S. Department of Labor
- FINRA Investor Education Foundation
- U.S. Social Security Administration
- Australian Government
- Università Bocconi
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › 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, retirement planning, retirement preparedness, consumer financial decision-making, school-based financial education
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