IDEAS home Printed from https://ideas.repec.org/p/nbr/nberwo/31145.html
   My bibliography  Save this paper

The Importance of Financial Literacy: Opening a New Field

Author

Listed:
  • Annamaria Lusardi
  • Olivia S. Mitchell

Abstract

We undertake an assessment of our two decades of research on financial literacy, building on our empirical research and theoretical work casting financial knowledge as a form of investment in human capital. We also draw on recent data to determine who is the most – and least – financially savvy in the United States, and we highlight the similarity of our results in other countries. A number of convincing studies is now available, from which we draw conclusions about the effects and consequences of financial illiteracy, and what can be done to fill these gaps. We conclude by offering our thoughts on implications for teaching, financial literacy programs, and future research.

Suggested Citation

  • Annamaria Lusardi & Olivia S. Mitchell, 2023. "The Importance of Financial Literacy: Opening a New Field," NBER Working Papers 31145, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:31145
    Note: AG
    as

    Download full text from publisher

    File URL: http://www.nber.org/papers/w31145.pdf
    Download Restriction: Access to the full text is generally limited to series subscribers, however if the top level domain of the client browser is in a developing country or transition economy free access is provided. More information about subscriptions and free access is available at http://www.nber.org/wwphelp.html. Free access is also available to older working papers.
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    Citations

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


    Cited by:

    1. Donato Masciandaro, 2023. "Politicians, Trust, Financial Literacy and Financial Education: When Do Politicians Care?," BAFFI CAREFIN Working Papers 23208, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    2. Ceyla Antonio-Anderson & Elena Fuentes & Maricela Carolina Peña Cárdenas, 2024. "Incidencia de los factores socioeconómicos en la alfabetización financiera," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 19(1), pages 1-25, Enero - M.
    3. Carolina Guerini & Donato Masciandaro, 2023. "Financial Education between Market and State: Private Commitment, Conflicts of Interest and Public Certification," BAFFI CAREFIN Working Papers 23213, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    4. Oberrauch, Luis & Kaiser, Tim, 2024. "Digital Interventions to Increase Financial Knowledge: Evidence from a Pilot RCT," IZA Discussion Papers 16811, Institute of Labor Economics (IZA).
    5. Hospido, Laura & Iriberri, Nagore & Machelett, Margarita, 2023. "Gender Gaps in Financial Literacy: A Multi-Arm RCT to Break the Response Bias in Surveys," IZA Discussion Papers 16628, Institute of Labor Economics (IZA).
    6. Donato Masciandaro, 2023. "Politicians, Trust and Financial Literacy: When Do Politicians Care?," BAFFI CAREFIN Working Papers 23206, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    7. Giulio Cornelli & Leonardo Gambacorta & Livia Pancotto, 2023. "Buy now, pay later: a cross-country analysis," BIS Quarterly Review, Bank for International Settlements, December.
    8. Christos I. Giannikos & Efstathia D. Korkou, 2023. "Gender and Risk-Taking in the Building of U.S. Retirement Wealth," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 51(4), pages 259-274, December.
    9. Kaiser, Tim & Lusardi, Annamaria, 2024. "Financial Literacy and Financial Education: An Overview," IZA Discussion Papers 16926, Institute of Labor Economics (IZA).

    More about this item

    JEL classification:

    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:nbr:nberwo:31145. See general information about how to correct material in RePEc.

    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.

    We have no bibliographic references for this item. You can help adding them by using 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/nberrus.html .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.