Cited by 235Financial Literacy, Pension, Retirement AnalysisFinancial Literacy and BehaviorDecision-Making and Behavioral Economics

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Financial Literacy and Economic Outcomes: Evidence and Policy Implications

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Mitchell, Olivia S., Lusardi, Annamaria·2015·The Journal of Retirement

DOI 10.3905/jor.2015.3.1.107PMC PMC5445906

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Abstract

This paper reviews what we have learned over the past decade about financial literacy and its relationship to financial decision-making around the world. Using three questions, we have surveyed people in several countries to determine whether they have the fundamental knowledge of economics and finance needed to function as effective decision-makers. We find that levels of financial literacy are low not only in the United States. but also in many other countries including those with well-developed financial markets. Moreover, financial illiteracy is particularly acute for some demographic groups, especially women and the less-educated. These findings are important since financial literacy is linked to borrowing, saving, and spending patterns. We also offer new evidence on financial literacy among high school students drawing on the 2012 Programme for International Student Assessment implemented in 18 countries. Last, we discuss the implications of this research for policy.

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“Mitchell and Lusardi (2015) found that one-third of wealth inequality can be explained by a financial knowledge gap.”
Background
Impact of Financial Literacy on Access to Finance and Firm Performance: An Analysis of Growing Industry Cluster in Pakistan
Khalid, M. W., Wahga, A. I., Chaudhary, M. G., Majid, S., & Awais, M. (2023) · Bulletin of Business and Economics (BBE) · doi:10.61506/01.00076
Financial knowledge among micro-entrepreneurs. A case of Katowice city, Poland
(2023) · Scientific Papers of Silesian University of Technology Organization and Management Series · doi:10.29119/1641-3466.2023.187.26
Aholi moliyaviy savodxonligiga investitsiya kiritishning ahamiyati
Ruzibayeva, N. (2024) · YASHIL IQTISODIYOT VA TARAQQIYOT · doi:10.55439/ged/vol1_iss1/a820
“…T M E T O D O L O G I YA S I Ilmiy izlanish jarayonida iqtisodiy voqelik jarayonlarini o‘rganishning ilmiy usullari – eksperimental tadqiqot, umumlashtirish, guruhlashtirish, tahlilning mantiqiy va taqqoslama usullari, abstrakt-mantiqiy fikrlash, qiyosiy tahlil va boshqa usullardan foydalanil gan.”
Background
Comparison of the Effects of Financial Literacy on the Financial Behavior of Civil Servants and Private Employees at Millennial Age
Sulastri, T., & Gantino, R. (2024) · Journal of Economics Finance and Accounting Studies · doi:10.32996/jefas.2024.6.2.6
“Mitchell & Lusardi (2015) 2018) also prove that Financial Literacy may lower the level of indebtedness.”
Background
Navigating the Public Pension Landscape: An Examination of Asset Allocations
Hoang, T., & Nguyen, A. T. (2023) · Public Finance and Management · doi:10.37808/pfm.22.1.1
“…is an important association between financial expertise, investment decisions, and portfolio diversification (Abreu & Mendes, 2010; Clark, 2004; Mitchell & Lusardi, 2015; Clark et al., 2017), we re - ran the models on the sub - sample of pension board trustees with investment and financial…”
Method
Learning financial literacy amongst adult Mauritians.
Ramjeet, A. K. (2023) · ResearchSpace (University of KwaZulu-Natal) · doi:10.29086/10413/23112
Level of Financial Literacy Skills and Managerial Decision Implication among University Managers
Adewumi, S. A. (2024) · International Review of Management and Marketing · doi:10.32479/irmm.15938
Exploring The Nexus: Gender Equitable Attitudes & Financial Perceptions of Mexican AdolescentsPreprint
Kartha, R., Vyas, A. N., & Nagaraj, N. C. (2024) · Research Square · doi:10.21203/rs.3.rs-4708005/v1
From the Flight Deck to the Trading Desk: Gamblified Investing Behavior in a Commercial Airline Pilot
Minoretti, P. (2024) · Cureus · doi:10.7759/cureus.66861
“Paradoxically, the patient's elevated level of financial literacy, as demonstrated by his proficient performance on the "Big Three" financial literacy assessment [16], failed to serve as a protective factor against problematic speculative behavior.”
BackgroundInfluential
The impact of financial literacy on financial well-being: a systematic literature reviewPreprint
Antwi, P. K. A., Addai, B., Duah, E., & Kubi, M. T. (2024) · Research Square · doi:10.21203/rs.3.rs-5187088/v1
The public (mis)understanding of fiscal trade-offs – evidence from a survey experiment in Poland
Sawulski, J., & Kiełczewska, A. (2024) · Ekonomista · doi:10.52335/ekon/196212
“This hypothesis is also related to the broader literature indicating the positive impact of the level of education and economic knowledge for understanding economic phenomena and making financial decisions (Mitchell and Lusardi, 2015; Baihaqqy and Sari, 2020; Hwang and Park, 2023).”
Factors affecting the financial literacy of the population
Teslenko, I. B., & Маслакова, Д. О. (2024) · Finance and Credit · doi:10.24891/fc.30.12.2755
Information Content of Machine Learning Under Robo-Advisory Inference
Yeh, C.-C. (2025) · Lecture notes in electrical engineering · doi:10.1007/978-981-96-2395-2_37
Does financial experience of women owners of micro businesses promote microfinance lending and their continued existence in rural Uganda?
Bongomin, G. O. C., Semukono, F., Lubega, J. B. Y., & Yourougou, P. (2025) · Asian Journal of Economics and Banking · doi:10.1108/ajeb-01-2024-0008 · Cited by 1
A Model Proposal for Explaining the Investment Behaviour of University Students
Gürbüz, H., & Yılmaz, V. (2025) · Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi · doi:10.30798/makuiibf.1471368
“Mitchell and Lusardi (2015) defined financial literacy as "an individual's capacity to obtain, understand and use financial data to make effective and complete financial decisions".”
Digital Vs. Traditional Savings: A Comparative Study Of User Preferences, Satisfaction And Perceived Benefits
Agravante, M., Kimberly Soque, R., Villanueva, J., & Bragas, C. M. (2025) · International Journal of Research Publication and Reviews · doi:10.55248/gengpi.6.0425.1337
Awareness of Mutual Funds Among Nepalese Investors
Chhetri, N. K., & Bhatt, S. (2025) · Kshitiz Management Review · doi:10.3126/kmr.v1i1.78259
“Investor Awareness Financial Literacy Mitchell and Lusardi (2015) has defined financial literacy as a individual's ability to obtain, analyze, and interpret financial data and use it to make informed financial decisions about financial matters (such as planning, investing, and managing liabilities).”
Micromundo galaxia financiera. una forma divertida de aprender educación económica y financiera en la escuela primaria
Ramirez, L. H. C., Aristizábal, L. M. G., & Aristizábal, P. L. G. (2024) · REVISTA INNOVA ITFIP · doi:10.54198/innova15.06
What happens to renters? Increased financing costs and government support
Loeffler, H. (2025) · European Journal of Political Economy · doi:10.1016/j.ejpoleco.2025.102714
Moderating effects of parental income on the relationship between parental financial discussions and financial literacy of young adults
Ndou, A., & Godi, N. J. (2025) · International Journal of Social Economics · doi:10.1108/ijse-07-2024-0622
RETRACTED: Enhancing Financial Knowledge Through High School Education: The Effect of Mandated Economics and Personal Finance Courses
Quadria, T. H., & Jahan, I. (2025) · Journal of Consumer Affairs · doi:10.1111/joca.70019
Retracted
Exploring the Link Between Gender Pay Gap and Earnings Management in the United Kingdom's (UK's) Manufacturing Sector
Edwin-Akakpo, G. (2025) · IGI Global eBooks · doi:10.4018/979-8-3693-9000-9.ch006

Authors: Mitchell, O. S., & Lusardi, A.
Affiliations: National Bureau of Economic Research (US)
George Washington University (US)
Corresponding author: Lusardi, Annamaria
ORCID: Mitchell, Olivia S.
Lusardi, Annamaria
Venue: The Journal of Retirement
Publisher: With Intelligence LLC
Published: 2015-06-30
Volume: 3
Issue: 1
Pages: 107-114
ISSN: 2326-6899 (ISSN-L)
2326-6902
DOI: 10.3905/jor.2015.3.1.107
PMC: PMC5445906
OpenAlex: W3122426078
Cited by: 235
References: 43
Citations by year: 2026: 24 · 2025: 31 · 2024: 23 · 2023: 34 · 2022: 17 · 2021: 38 · 2020: 20 · 2019: 16 · 2018: 13 · 2017: 3 · 2016: 11 · 2015: 4
FWCI: 42.57
Type: journal article
Language: en
Open access: green
doi.org
Locations: The Journal of Retirement (publishedVersion)
SSRN Electronic Journal (publishedVersion)
PubMed (publishedVersion)
Europe PMC (PubMed Central) (acceptedVersion)
PubMed Central (acceptedVersion)
ScholarlyCommons (University of Pennsylvania) (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 decision-making, financial illiteracy, economic knowledge, gender differences, educational attainment, household borrowing, saving and spending, high school students, PISA, financial education policy

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Financial Literacy and Economic Outcomes: Evidence and Policy Implications

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