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Financial literacy in the DNB Household Survey: Insights from innovative data collection

Author

Listed:
  • Maarten van Rooij
  • Rob Alessie
  • Annamaria Lusardi

Abstract

This paper surveys what we have learned on financial literacy and its relation to financial behavior from data collected in the Dutch Central Bank (DNB) Household Survey, a project done in collaboration with academics. A pioneering survey fielded in 2005 included an extensive set of financial literacy questions and questions that can serve as instruments for financial literacy in regression analyses to assess the causal effect of financial literacy on behavior. We describe how this survey spurred a series of research papers demonstrating the crucial role of financial literacy in stock market participation, retirement planning, and wealth accumulation. This inspired various follow-up studies and experiments based on new data collections in the DNB Household Survey. Researchers worldwide have used these data for innovative studies, and other surveys have included similar questions. This case study exemplifies the essential role of data in empirical research, showing how innovative data collections can inspire new research initiatives and significantly contribute to our understanding of household financial decisionmaking.

Suggested Citation

  • Maarten van Rooij & Rob Alessie & Annamaria Lusardi, 2024. "Financial literacy in the DNB Household Survey: Insights from innovative data collection," Working Papers 815, DNB.
    • Handle: RePEc:dnb:dnbwpp:815
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    File URL: https://www.dnb.nl/media/mgxp3afj/working_paper_no-815.pdf
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    More about this item

    Keywords

    financial literacy; consumer financial decision-making; household finance; survey methodology; data collection methods; empirical analysis;
    All these keywords.

    JEL classification:

    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access

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