IDEAS home Printed from https://ideas.repec.org/b/oxp/obooks/9780199696819.html
   My bibliography  Save this book

Financial Literacy: Implications for Retirement Security and the Financial Marketplace

Editor

Listed:
  • Mitchell, Olivia S.
    (International Foundation of Employee Benefit Plans Professor Chair and Professor of Insurance and Risk Management, and Professor of Business and Public Policy Director, Pension Research Council & Boettner Center for Pensions and Retirement Research)

  • Lusardi, Annamaria
    (George Washington University and the National Bureau of Economic Research)

Abstract

As financial markets grow ever more complex and integrated, households must make increasingly sophisticated and all-too-often irreversible economic decisions. This is particularly evident in retirement decision-making. Traditional defined benefit pension schemes are being replaced with defined contribution pensions; employer and government judgment regarding how much to save and where to invest has been replaced by employees having to make these choices on their own (sometimes assisted by advisers); and retirees have become responsible for managing their own pension assets. This volume explores how financial literacy can enhance peoples' ability to make informed economic choices. It proposes that financial literacy determines how well people make and execute saving, investing, borrowing, and planning decisions. It examines causality using controlled settings to disentangle whether financial literacy causes saving or vice versa, and demonstrates that financial education programs do indeed enhance financial decision-making and asset accumulation. Contributors to this volume - Sumit Agarwal, Senior Financial Economist, the Federal Reserve Bank of Chicago. Julie Agnew, Associate Professor of Finance and Economics and Co-Director of the Center for Interdisciplinary Behavioral Finance Research, the Mason School of Business, the College of William and Mary. Steven G. Allen, Associate Dean for Graduate Programs and Research, the College of Management, North Carolina State University. Gene Amromin, Senior Financial Economist, the Federal Reserve Bank of Chicago. Itzhak Ben-David, Assistant Professor of Finance, the Fisher College of Business, the Ohio State University. Susan P. Carter, Ph.D. candidate, Vanderbilt University. Souphala Chomsisengphet, Senior Financial Economist in the Credit Risk Analysis Division, the Office of the Comptroller of the Currency. Eric Chyn, Research Assistant, the National Bureau of Economic Research (NBER). Noreen Clancy, Policy Researcher, RAND Robert L. Clark, Professor of Management, Innovation, and Entrepreneurship, and Professor of Economics, North Carolina State University. J. Michael Collins, Assistant Professor in Consumer Science, the University of Wisconsin-Madison Diana Crossan, Retirement Commissioner of New Zealand. Jeff Dominitz, Director of Statistics for the Philadelphia Eagles. Douglas D. Evanoff, Senior Financial Economist and Vice President in the Economic Research Department, the Federal Reserve Bank of Chicago. Jonathan Guryan, Associate Professor of Economics, Booth School of Business, the University of Chicago. Justine Hastings, Associate Professor, Economics Department, Yale University, and Faculty Research Fellow, NBER. Robert Holzmann, Research Director and Senior Advisor, the Labor Mobility Program, the Marseille Center for Mediterranean Integration and the Financial Literacy and Education Program, the Russia Trust Fund of the World Bank. Angela A. Hung, Senior Economist and Director, RAND Center for Financial and Economic Decisionmaking Erik Hurst, V. Duane Rath Professor of Economics and the Neubauer Family Faculty Fellow, Booth School of Business, the University of Chicago. Melissa S. Kearney, Associate Professor, the Department of Economics, the University of Maryland and Research Associate, the National Bureau of Economic Research. B. Kyu Kim, Ph.D. candidate, the Wharton School of the University of Pennsylvania. Annamaria Lusardi, Joel Z. and Susan Hyatt Professor of Economics, Dartmouth College and Research Associate, the National Bureau of Economic Research. Olivia S. Mitchell, the International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, Department Chair of the same department, and Director of the Pension Research Council, all at the Wharton School, University of Pennsylvania. Melinda S. Morrill, Research Assistant Professor, the Department of Economics, North Carolina State University. Paige M. Skiba, Assistant Professor of Law, Vanderbilt Law School. Lisa Szykman, Associate Professor of Marketing and Co-Director of the Center for Interdisciplinary Behavioral Finance Research, the Mason School of Business, the College of William and Mary. Jeremy Tobacman, Assistant Professor, the Wharton School, the University of Pennsylvania. Peter Tufano, the Sylvan C. Coleman Professor of Financial Management, Harvard Business School Stephen P. Utkus, Director, the Vanguard Center for Retirement Research. Joanne Yoong, Associate Economist, RAND. Jean A. Young, Senior Research Analyst, the Vanguard Center for Retirement Research. Gal Zauberman, Associate Professor of Marketing, the Wharton School, the University of Pennsylvania.

Suggested Citation

  • Mitchell, Olivia S. & Lusardi, Annamaria (ed.), 2011. "Financial Literacy: Implications for Retirement Security and the Financial Marketplace," OUP Catalogue, Oxford University Press, number 9780199696819.
  • Handle: RePEc:oxp:obooks:9780199696819
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    References listed on IDEAS

    as
    1. World Bank, 2010. "Zambia - Impact Assessment of the Fertilizer Support Program : Analysis of Effectiveness and Efficiency," World Bank Other Operational Studies 2878, The World Bank.
    2. Zhiying Xu & William J. Burke & Thomas S. Jayne & Jones Govereh, 2009. "Do input subsidy programs "crowd in" or "crowd out" commercial market development? Modeling fertilizer demand in a two-channel marketing system," Agricultural Economics, International Association of Agricultural Economists, pages 79-94.
    3. World Bank, 2010. "Malawi - Country Economic Memorandum : Seizing Opportunities for Growth through Regional Integration and Trade - Summary of Main Finding and Recommendations," World Bank Other Operational Studies 2954, The World Bank.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Klapper, Leora & Lusardi, Annamaria & Panos, Georgios A., 2012. "Financial literacy and the financial crisis," Policy Research Working Paper Series 5980, The World Bank.
    2. Maarten C.J. van Rooij & Annamaria Lusardi & Rob J.M. Alessie, 2012. "Financial Literacy, Retirement Planning and Household Wealth," Economic Journal, Royal Economic Society, vol. 122(560), pages 449-478, May.
    3. Annamaria Lusardi & Pierre-Carl Michaud & Olivia S. Mitchell, 2015. "Using a Life Cycle Model to Evaluate Financial Literacy Program Effectiveness," Cahiers de recherche 1505, Chaire de recherche Industrielle Alliance sur les enjeux économiques des changements démographiques.
    4. Dimitris Christelis & Dimitris Georgarakos & Tullio Jappelli & Maarten van Rooij, 2016. "Trust in the Central Bank and Inflation Expectations," CSEF Working Papers 458, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    5. Sandro Ambuehl & B. Douglas Bernheim & Annamaria Lusardi, 2014. "A Method for Evaluating the Quality of Financial Decision Making, with an Application to Financial Education," NBER Working Papers 20618, National Bureau of Economic Research, Inc.
    6. Annamaria Lusardi, 2012. "Numeracy, financial literacy, and financial decision-making," NBER Working Papers 17821, National Bureau of Economic Research, Inc.
    7. Annamaria Lusardi & Pierre-Carl Michaud & Olivia S. Mitchell, 2017. "Optimal Financial Knowledge and Wealth Inequality," Journal of Political Economy, University of Chicago Press, vol. 125(2), pages 431-477.
    8. Annamaria Lusardi & Olivia S. Mitchell, 2017. "Older Women's Labor Market Attachment, Retirement Planning, and Household Debt," NBER Chapters,in: Women Working Longer: Increased Employment at Older Ages National Bureau of Economic Research, Inc.
    9. Hastings, Justine S. & Neilson, Christopher A. & Ramirez, Anely & Zimmerman, Seth D., 2016. "(Un)informed college and major choice: Evidence from linked survey and administrative data," Economics of Education Review, Elsevier, vol. 51(C), pages 136-151.
    10. Daniel A. Brent & Michael Ward, 2017. "Energy Efficiency and Financial Literacy," Departmental Working Papers 2017-04, Department of Economics, Louisiana State University.
    11. Philip W. S. Newall, 2016. "Downside financial risk is misunderstood," Judgment and Decision Making, Society for Judgment and Decision Making, pages 416-423.
    12. repec:red:issued:16-22 is not listed on IDEAS
    13. Cordero, José Manuel & Gil, María & Pedraja Chaparro, Francisco, 2016. "Exploring the effect of financial literacy courses on student achievement: a cross-country approach using PISA 2012 data," MPRA Paper 75474, University Library of Munich, Germany.
    14. Annamaria Lusardi & Olivia S. Mitchell, 2017. "Older Women's Labor Market Attachment, Retirement Planning, and Household Debt," NBER Chapters,in: Women Working Longer: Increased Employment at Older Ages National Bureau of Economic Research, Inc.
    15. Klapper, Leora & Lusardi, Annamaria & Panos, Georgios A., 2012. "Financial literacy and the financial crisis," Policy Research Working Paper Series 5980, The World Bank.
    16. Marcin Kawiński & Piotr Majewski, 2017. "Financial and insurance literacy in Poland," Working Papers 2017-03, Faculty of Economic Sciences, University of Warsaw.
    17. M. Debbich, 2015. "Why Financial Advice Cannot Substitute for Financial Literacy?," Working papers 534, Banque de France.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oxp:obooks:9780199696819. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Economics Book Marketing). General contact details of provider: http://www.oup.com/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.