The Outlook for Financial Literacy
AbstractAs the world becomes more financially integrated and complex, average individuals and their families are increasingly faced with making highly sophisticated and all-too-often irreversible financial decisions. Nowhere is this more evident than with regard to retirement decision-making. Indeed, the global financial crisis suggests that poor financial decision-making can have substantial costs not only for individuals but also society at large. This paper focuses on key lessons for financial decision-making in the wake of that crisis, exploring how financial literacy can enhance peoples’ skills and abilities to make more informed economic choices.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 17077.
Date of creation: May 2011
Date of revision:
Publication status: published as “The Outlook for Financial Literacy,” joint w ith Olivia Mitchell , in A. Lusardi and O . Mitchell (eds), “Financial Literacy. Implica tions for Retirement Security and the Financial Marketplace,” Oxford University Press , 2011, pp. 1 - 13 .
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Find related papers by JEL classification:
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
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