The DOI matches its Crossref record; 23 of the 24 references it cites were found in a registry or an index.
Financial Literacy and Financial Behavior among Young Adults: Evidence and Implications
Open accessAbstract
This paper uses data from the 2009 National Financial Capability Study to examine financial literacy and financial behavior in a sample of approximately 4,500 young adults age 25 to 34. The paper finds that most young adults lack basic financial knowledge. Financial literacy is especially low among certain demographic groups, such as women, minorities, and lower-income or less-educated people. A high level of education, however, is not a guarantee of financial literacy. Only 49% of young respondents with a college education and 60% of young respondents with postgraduate education could correctly answer three simple questions designed to assess financial literacy. Results show that respondents who display higher financial literacy or higher confidence in their math or personal finance knowledge have better financial outcomes: they are less likely to use high-cost borrowing methods, and they are more likely to plan for retirement or have set aside savings for emergencies.
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“Finally, de Bassa Scheresberg (2013) documents a positive relation between consumers' financial literacy and their individual likelihood to hold precautionary savings.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as de Bassa Scheresberg (2013)
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Cites
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 · cited 5×
“A few studies in the literature have tried to account for these problems by using IV estimation, and they consistently report IV estimates of the effects of financial literacy that are larger than the ordinary least squares (OLS) estimates (Lusardi and Mitchell 2009; Alessie et al. 2011; Van Rooij et al. 2011, 2012).”
InfluentialFinancial 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 · cited 1×
“…to actual financial knowledge, Lusardi and Mitchell (2008, 2011a, 2011b, 2011c) show that the capacity to do a simple interest rate calculation and the knowledge of inflation and risk diversification are strikingly low among the young (a finding confirmed by Lusardi, Mitchell, and Curto 2010).”
Financial 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
Financial Literacy Among the Young
Lusardi, A., Mitchell, O. S., & Curto, V. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1476982 · Cited by 1,804
Financial 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
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
Financial literacy and retirement planning in the United States
Lusardi, A., & Mitchell, O. S. (2011) · Journal of Pensions Economics and Finance · doi:10.1017/s147474721100045x · Cited by 918
Debt Literacy, Financial Experiences, and Overindebtedness
Lusardi, A., & Tufano, P. (2009) · National Bureau of Economic Research · doi:10.3386/w14808 · Cited by 837
Exponential Growth Bias and Household Finance
STANGO, V., & ZINMAN, J. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01518.x · Cited by 828
How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness
Lusardi, A., & Mitchell, O. (2009) · doi:10.3386/w15350 · Cited by 587
Financial Literacy and Planning: Implications for Retirement Well-being
Lusardi, A., & Mitchell, O. S. (2011) · Oxford University Press eBooks · doi:10.1093/acprof:oso/9780199696819.003.0002 · Cited by 521
Financially Fragile Households: Evidence and Implications
Lusardi, A., Schneider, D., & Tufano, P. (2011) · National Bureau of Economic Research · doi:10.3386/w17072 · Cited by 438
Financial Literacy, Retirement Planning and Household Wealth†
van Rooij, M. V., Lusardi, A., & Alessie, R. (2012) · The Economic Journal · doi:10.1111/j.1468-0297.2012.02501.x · Cited by 364
Financial literacy and retirement preparation in the Netherlands
Alessie, R. J. M., van Rooij, M., & Lusardi, A. (2011) · Journal of Pensions Economics and Finance · doi:10.1017/s1474747211000461 · Cited by 302 · cited 3×
“A few studies in the literature have tried to account for these problems by using IV estimation, and they consistently report IV estimates of the effects of financial literacy that are larger than the ordinary least squares (OLS) estimates (Lusardi and Mitchell 2009; Alessie et al. 2011; Van Rooij et al. 2011, 2012).”
Financially Fragile Households: Evidence and Implications
Lusardi, A., Schneider, D., & Tufano, P. (2011) · Brookings Papers on Economic Activity · doi:10.1353/eca.2011.0002 · Cited by 280
Americans' Financial Capability
Lusardi, A. (2011) · National Bureau of Economic Research · doi:10.3386/w17103 · Cited by 264 · cited 1×
“A detailed description of the data is reported in Lusardi (2011) and on the FINRA Investor Education website, where the data can be freely downloaded.2 1 The data collection and design of the survey instruments were supported by the FINRA Investor Education Foundation.”
Financial Literacy and High-Cost Borrowing in the United States
Lusardi, A., & de Bassa Scheresberg, C. (2013) · doi:10.3386/w18969 · Cited by 250
Financial Illiteracy and Stock Market Participation: Evidence from the RAND American Life Panel
Yoong, J. (2011) · Financial Literacy: Implications for Retirement Security and the Financial Marketplace · doi:10.1093/acprof:oso/9780199696819.003.0005 · Cited by 199
In Our Best Interest: Women, Financial Literacy, and Credit Card Behavior
Mottola, G. (2013) · Numeracy · doi:10.5038/1936-4660.6.2.4 · Cited by 194 · cited 1×
“As noted in other studies (Lusardi and Mitchell 2008; Mottola 2012), women tend to answer more frequently with “do not know”: this answer was selected at least once by 61% of women.”
Information, Expectations, and Savings for Retirement
Aaron, H. (2010) · Rowman & Littlefield Publishers eBooks · doi:10.5771/9780815705536-81 · Cited by 113
PAYDAY ADVANCE CREDIT IN AMERICA: AN ANALYSIS OF CUSTOMER DEMAND
Elliehausen, G. E., & Lawrence, E. R. (2001) · Cited by 91
Behavioral Dimensions of Retirement Economics
Aaron, H. J. (2010) · Rowman & Littlefield Publishers eBooks · doi:10.5771/9780815705536 · Cited by 82
Planning and Saving for RetirementPreprint
Sulka, T. (2020) · Social Science Research Network · doi:10.2139/ssrn.3597364
Flagged first, then by citations
1 of the 24 references couldn’t be matched to a known paper.
Research works printed but not linked: 3
- Numeracy, Vol. 6 [2013], Iss. 2, Art. 5 https://digitalcommons.usf.edu/numeracy/vol6/iss2/art5 DOI: http://dx.doi.org/10.5038/1936-4660.6.2.5 Numeracy, Vol. 6 [2013], Iss. 2, Art. 5 https://digitalcommons.usf.edu/numeracy/vol6/iss2/art5 DOI: http://dx.doi.org/10.5038/1936-4660.6.2.5 Numeracy, Vol. 6 [2013], Iss. 2, Art. 5 https://digitalcommons.usf.edu/numeracy/vol6/iss2/art5 DOI: http://dx.doi.org/10.5038/1936-4660.6.2.5 References · DOI
- Washington, D.C.: Brookings Institution Press and Russell Sage Foundation.
- NERA Consulting. 2012. High debt, low information: A survey of student loan borrowers. http://www.nera.com/nera-files/PUB_Student_Loans_0312.pdf New York Federal Reserve. 2013. Quarterly report on household debt and credit. New York. http://www.newyorkfed.org/research/national_economy/householdcredit/Dist rictReport_Q42012.pdf
Cited by
Sorted by citations
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
“…good economic reasons why some people may want to keep below their credit card limits, including unexpected shocks, Bertrand and Morse (2011) determined that payday borrowers often labored under cognitive biases, similar to those with low financial literacy (Lusardi and de Bassa Scheresberg 2013).”
InfluentialDebt literacy, financial experiences, and overindebtedness
LUSARDI, A., & TUFANO, P. (2015) · Journal of Pension Economics and Finance · doi:10.1017/s1474747215000232 · Cited by 1,412
“De Bassa Scheresberg and Lusardi (2013) examine data from the first wave of the NFCS, using the questions on high-cost methods of borrowing that were taken from the TNS survey (payday lons, pawn shops, auto title loans, tax refund loans, and rentto-own shops). Similar to the findings in our work, they show that those…”
Financial literacy, financial advice, and financial behavior
Stolper, O. A., & Walter, A. (2017) · Journal of Business Economics · doi:10.1007/s11573-017-0853-9 · Cited by 471
Rai, K., Dua, S., & Yadav, M. P. (2019) · FIIB Business Review · doi:10.1177/2319714519826651 · Cited by 343
Financial literacy, financial inclusion, and savings behavior in Laos
Morgan, P., & Long, T. Q. (2020) · Journal of Asian Economics · doi:10.1016/j.asieco.2020.101197 · Cited by 307
Metadata
- Authors
- de Bassa Scheresberg, C.
- Venue
- Numeracy
- Published
- 2013-07
- Volume
- 6
- Issue
- 2
- ISSN
- 1936-4660 (ISSN-L)
- OpenAlex
- W1998824477
- Cited by
- 292
- References
- 24
- Citations by year
- 2026: 16 · 2025: 16 · 2024: 24 · 2023: 46 · 2022: 41 · 2021: 24 · 2020: 30 · 2019: 28 · 2018: 20 · 2017: 12 · 2016: 10 · 2015: 13 · 2014: 8 · 2013: 3
- FWCI
- 43.98
- Type
- journal article
- Language
- en
- Open access
- diamond
- doi.org
- Licence
- cc-by-nc
- Locations
- Numeracy (publishedVersion, cc-by-nc)
- Digital Commons - University of South Florida (University of South Florida) (submittedVersion, cc-by-nc)
- DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion, cc-by-sa)
- Funders
- George Washington University
- 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 behavior, young adults, National Financial Capability Study, demographic disparities, personal finance knowledge, retirement planning, emergency savings, financial confidence
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