Do more financially literate households invest less in housing? Evidence from Italy
AbstractUsing the Bank of Italy's Survey of Households Income and Wealth (SHIW) covering a 5-year panel, we measure the impact of the degree of households' financial literacy on the quota of housing investment in their portfolio. We find that households with higher levels of financial literacy hold a relatively lower share of illiquid wealth, and the results are more pronounced at older ages, when according to the lifecycle hypothesis they are meant to decumulate their wealth.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 34 (2014)
Issue (Month): 1 ()
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Financial literacy; intertemporal choice; housing.;
Other versions of this item:
- Riccardo Calcagno & Maria Cesira Urzì Brancati, 2013. "Do more financially literate households invest less in housing? Evidence from Italy," Carlo Alberto Notebooks 297, Collegio Carlo Alberto.
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