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Financial literacy, schooling, and wealth accumulation

Author: Jere Richard Behrman; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2010.
Series: Working paper series (National Bureau of Economic Research), no. 16452.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Financial literacy and schooling attainment have been linked to household wealth accumulation. Yet prior findings may be biased due to noisy measures of financial literacy and schooling, as well as unobserved factors such as ability, intelligence, and motivation that could enhance financial literacy and schooling but also directly affect wealth accumulation. We use a new household dataset and an instrumental  Read more...
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Additional Physical Format: Print version:
Financial literacy, schooling, and wealth accumulation.
Cambridge, Mass. : National Bureau of Economic Research, ©2010
(DLC) 2011655658
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jere Richard Behrman; National Bureau of Economic Research.
OCLC Number: 670420494
Description: 1 online resource (42 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 16452.
Responsibility: Jere R. Behrman [and others].

Abstract:

Financial literacy and schooling attainment have been linked to household wealth accumulation. Yet prior findings may be biased due to noisy measures of financial literacy and schooling, as well as unobserved factors such as ability, intelligence, and motivation that could enhance financial literacy and schooling but also directly affect wealth accumulation. We use a new household dataset and an instrumental variables approach to isolate the causal effects of financial literacy and schooling on wealth accumulation. While financial literacy and schooling attainment are both strongly positively associated with wealth outcomes in linear regression models, our approach reveals even stronger and larger effects of financial literacy on wealth. Estimated impacts are substantial enough to suggest that investments in financial literacy could have large positive effects on household wealth accumulation.

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