Optimal Financial Knowledge and Wealth Inequality
Open accessAbstract
While financial knowledge is strongly positively related to household wealth, there is also considerable cross-sectional variation in both financial knowledge and net asset levels.To explore these patterns, we develop a calibrated stochastic life cycle model featuring endogenous financial knowledge accumulation.The model generates substantial wealth inequality, over and above that of standard life cycle models; this is because higher earners typically have more hump-shaped labor income profiles and lower retirement benefits which, when interacted with precautionary saving motives, boost their need for private wealth accumulation and thus financial knowledge.Our simulations show that endogenous financial knowledge accumulation has the potential to account for a large proportion of wealth inequality.The fraction of the population which is rationally financially "ignorant" depends on the generosity of the retirement system and the level of means-tested benefits.Educational efforts to enhance financial savvy early in the life cycle so as to produce one percentage point excess return per year would be valued highly by people in all educational groups.
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Due to heterogeneity, not everyone should change their behavior after receiving standardized financial training.
“Lusardi and Mitchell (2013) show in a theoretical model that due to this heterogeneity, not everyone should change its behavior after receiving standardized financial training.”
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Littératie financière et préparation à la retraite au Québec et dans le reste du Canada
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Self-citationSavings in Times of Demographic Change: Lessons from the German ExperiencePreprint
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Survival and Long-Run Dynamics with Heterogeneous Beliefs Under Recursive PreferencesPreprint
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Dijital Finansal Okuryazarlığın Yatırım Tercihlerine Etkisi
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- Authors
- Lusardi, A., Michaud, P.-C., & Mitchell, O.
- Affiliations
- National Bureau of Economic Research (US)
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 2013-01
- OpenAlex
- W2890399122
- Cited by
- 89
- References
- 50
- Citations by year
- 2025: 2 · 2024: 3 · 2023: 2 · 2022: 2 · 2021: 5 · 2020: 4 · 2019: 3 · 2018: 5 · 2017: 5 · 2016: 11 · 2015: 19 · 2014: 17 · 2013: 9 · 2012: 1
- Type
- report
- Language
- en
- Open access
- green
- doi.org
- Locations
- National Bureau of Economic Research (publishedVersion)
- Funders
- RAND Corporation
- U.S. Social Security Administration
- University of Pennsylvania
- Network for Studies on Pensions, Aging and Retirement
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Sociology and Political Science › Income, Poverty, and Inequality
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
- Keywords
- financial knowledge, wealth inequality, precautionary saving, retirement benefits, means-tested benefits, financial education, household wealth
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Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
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