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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with defined contribution pensions; employer and government judgment regarding how much to save and where to invest has been replaced by employees having to make these choices on their own (sometimes assisted by advisers); and retirees have become responsible for managing their own pension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
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    Citations

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    Cited by:

    1. 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.
    2. Ning Tang & Andrew Baker & Paula C. Peter, 2015. "Investigating the Disconnect between Financial Knowledge and Behavior: The Role of Parental Influence and Psychological Characteristics in Responsible Financial Behaviors among Young Adults," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(2), pages 376-406, July.
    3. repec:spr:qualqt:v:52:y:2018:i:4:d:10.1007_s11135-017-0545-0 is not listed on IDEAS
    4. repec:red:issued:16-22 is not listed on IDEAS
    5. 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.
    6. 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.
    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. repec:wsi:qjfxxx:v:07:y:2017:i:03:n:s2010139217500082 is not listed on IDEAS
    9. 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.
    10. Marcin Kawiński & Piotr Majewski, 2017. "Financial and insurance literacy in Poland," Working Papers 2017-03, Faculty of Economic Sciences, University of Warsaw.
    11. Philip W. S. Newall, 2016. "Downside financial risk is misunderstood," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 11(5), pages 416-423, September.
    12. Leora F. Klapper & Annamaria Lusardi & Georgios A. Panos, 2012. "Financial Literacy and the Financial Crisis," NBER Working Papers 17930, National Bureau of Economic Research, Inc.
    13. Ryan M. Goodstein, 2014. "Refinancing Trends among Lower Income and Minority Homeowners during the Housing Boom and Bust," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 42(3), pages 690-723, September.
    14. Andrew Gill & Radha Bhattacharya, 2015. "Integration of a Financial Literacy Curriculum in a High School Economics Class: Implications of Varying the Input Mix from an Experiment," Journal of Consumer Affairs, Wiley Blackwell, vol. 49(2), pages 472-487, July.
    15. 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, pages 185-215 National Bureau of Economic Research, Inc.
    16. 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.
    17. Annamaria Lusardi & Olivia S. Mitchell, 2017. "How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 7(03), pages 1-31, September.
    18. Daniel A. Brent & Michael Ward, 2017. "Energy Efficiency and Financial Literacy," Departmental Working Papers 2017-04, Department of Economics, Louisiana State University.
    19. Annamaria Lusardi, 2012. "Numeracy, financial literacy, and financial decision-making," NBER Working Papers 17821, National Bureau of Economic Research, Inc.
    20. 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.
    21. M. Debbich, 2015. "Why Financial Advice Cannot Substitute for Financial Literacy?," Working papers 534, Banque de France.

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