The DOI matches its Crossref record; 43 of the 43 references it cites were found in a registry or an index.
Financial Literacy and Economic Outcomes: Evidence and Policy Implications
Open accessAbstract
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.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Claims other papers make about this one
Each is checked against this paper’s own text: does it say what the citing paper says it does?
The cited source says what the claim attributes to it.
In the citing paper
“Financial literacy is found to have the strongest impact in the Netherlands, where knowing the right answer to one additional financial literacy question is associated with a 10 percentage point higher probability of planning (Mitchell and Lusardi, 2015).”
From Financial literacy and the need for financial education: evidence and implications (2019) · cites this paper as Mitchell and Lusardi, 2015
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
(1994) · Journal of the American Dietetic Association · doi:10.1016/0002-8223(94)92216-0 · Cited by 46,726
The Economic Importance of Financial Literacy: Theory and Evidence
Lusardi, A., & Mitchell, O. S. (2014) · Journal of Economic Literature · doi:10.1257/jel.52.1.5 · Cited by 4,698
Self-citationFinancial 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
Financial literacy around the world: an overview
LUSARDI, A., & MITCHELL, O. S. (2011) · Journal of Pension Economics and Finance · doi:10.1017/s1474747211000448 · Cited by 2,000
Self-citationFinancial Literacy among the Young
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
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-citationFinancial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education
Lusardi, A., & Mitchelli, O. S. (2007) · Business Economics · doi:10.2145/20070104 · Cited by 1,596
Self-citationPlanning 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-citationDebt literacy, financial experiences, and overindebtedness
LUSARDI, A., & TUFANO, P. (2015) · Journal of Pension Economics and Finance · doi:10.1017/s1474747215000232 · Cited by 1,412
Self-citationFinancial Literacy, Financial Education, and Economic Outcomes
Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013) · Annual Review of Economics · doi:10.1146/annurev-economics-082312-125807 · Cited by 1,041
Flagged first, then by citations
Research works printed but not linked: 3
- Collins J.M., 2012, Financial Services Review, 21, 307
- de Bassa Scheresberg C., 2014, Gen Y Personal Finances. A Crisis of Confidence and Capability
- Lusardi A., 2015, Journal of Pension Economics and Finance
Cited by
Sorted by citations
Items 201–219 of 219
Megküzdési stratégiák a pénzügyi problémákra
Kálmán, B. G., Malatyinszki, S., & Németh, E. (2025) · Szociológiai szemle · doi:10.51624/szocszemle.18188
Sandoval, J. S., Collazos, M., Sarmiento, J., & Cayón, E. (2022) · Research Square · doi:10.21203/rs.3.rs-2355441/v1 · Cited by 1
Begum, S., Gopi, I., & Rachana, H. P. (2026) · Studies in systems, decision and control · doi:10.1007/978-3-032-10016-0_53
Understanding the Investment Preferences of Women Professionals: A Regional Perspective
Santhosh Kumar, K., & Aithal, P. S. (2025) · Poornaprajna International Journal of Management Education & Social Science (PIJMESS) · doi:10.64818/pijmess.3107.4626.0036
Korankye, T., Pandey, I., & Ahmmed, F. (2026) · International Journal of Bank Marketing · doi:10.1108/ijbm-06-2025-0411
Nudging ESG Investments via Digital Financial Advising: Evidence From an Investment Game Experiment
Lucarelli, C., Citi, M., & Pasquino, M. (2026) · Business Strategy and the Environment · doi:10.1002/bse.70582
Achanta, R. P., Adhikari, B., & Poudyal, A. (2026) · Discover Education · doi:10.1007/s44217-026-01196-4
Michayluk, D., Walsh, K. D., Unda, L. A., & Woiczyk, T. K. A. (2026) · SSRN Electronic Journal · doi:10.2139/ssrn.6451199
Financial literacy and the entrepreneurial process : the role of formal education
Thévenet, G. (2024) · theses.fr (ABES) · doi:10.70675/aee53e3bzbce9z417az92adz837684b84a39
Rahma, H. N., Safitri, R. N., Arfandy, R. R. P., Hutagalung, M., & Pamungkas, E. (2026) · Journal of Pedagogy and Education Science · doi:10.56741/iistr.jpes.001402
“This visual and narrative approach helps bridge the gap in the delivery of information, making it easier to understand and apply in everyday life [22 – 23] .”
Chutani, R., Watkins, K., Lu, Z., & Grable, J. E. (2026) · Financial Planning Review · doi:10.1002/cfp2.70038 · Cited by 1
McEwen, C., Osborne, S., Smith, T., & Walsh, K. D. (2026) · SSRN Electronic Journal · doi:10.2139/ssrn.6876253
Michayluk, D., Walsh, K. D., Unda, L. A., & Woiczyk, T. K. A. (2026) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2026.103276
Anang, S. A., Asare, R., Aryeh-Adjei, A. A., Mensah, N. O., Nakuja, T., Udimal, T. B., & Aidoo-Mensah, D. (2026) · Discover Global Society · doi:10.1007/s44282-026-00487-3
“…highlights the need for a more timely and comprehensive financial education program that addresses the obvious issues in the financial sector, strengthening Gha-naians’ financial capabilities and promoting responsible financial behaviors are the program’s primary goals (Ministry of Finance, [48]).”
Ullah, S., Iftikhar, R., Mohiuddin, M., Hussain, I., & Ahmad, I. (2026) · Journal of Risk and Financial Management · doi:10.3390/jrfm19080549
Spatial Interdependence and Competitive Crowding-Out of Financial Inclusion in Asia Pacific Region
Jing, A. H. Y., Ab-Rahim, R., Huong, A. Y.-Z., & Lee, W. C. (2026) · International Journal of Economics and Management · doi:10.47836/ijeam.20.2.02
Todor, R. D., Strempel, C. G., Brătucu, G., Candrea, A. N., & Anastasiu, C. V. (2026) · Data · doi:10.3390/data11090219
“Therefore, governments, educational institutions, financial institutions, and mass media, both international and national, pay particular attention to financial education [59] due to the quick changes of the social and economic environments [60–68].”
de Almeida, S. S. T., da Silva, W. V., Kaczam, F., de Almeida Levino, N., & da Veiga, C. P. (2026) · Future Business Journal · doi:10.1186/s43093-026-01001-6
A walk down memory lane: How memories influence stock investment and information processing
Burro, G., Castagnetti, A., Cillo, A., & Crespi, G. P. (2026) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2026.107760
Metadata
- Authors
- Mitchell, O. S., & Lusardi, A.
- Affiliations
- National Bureau of Economic Research (US)
- George Washington University (US)
- Corresponding author
- 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
- 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
About these checks
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.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
