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Financial Literacy among the Young : Evidence and Implications for Consumer Policy

Author: Annamaria Lusardi; Olivia S Mitchell; Vilsa Curto
Publisher: Cambridge, Mass. National Bureau of Economic Research 2009.
Series: Working paper series (National Bureau of Economic Research), no. w15352.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We examined financial literacy among the young using data from the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low among the young; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial literacy is strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Annamaria Lusardi; Olivia S Mitchell; Vilsa Curto
OCLC Number: 1027267331
Notes: September 2009.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w15352.
Responsibility: Annamaria Lusardi, Olivia S. Mitchell, Vilsa Curto.

Abstract:

We examined financial literacy among the young using data from the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low among the young; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial literacy is strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings is about 50 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy. These findings have implications for consumer policy.

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