Financial Literacy und Anlegerverhalten
Increasingly, individuals are in charge of their own financial security and are confronted with complex financial instruments. Individuals are supposed, by numerous reforms launched in particular over the last decade, to ever more provide on their own for their protection against potential mishaps or vulnerabilities. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. The required level of financial literacy, enabling consumers to face those tasks, however, appears to be lacking. In this survey article, we focus on the link between financial literacy and investor behavior. We first discuss typical biases in investor behavior. We then show how financial literacy is measured in the literature. In a final step, we present studies which analyze whether a higher degree of financial literacy improves decisions. We thereby also discuss related fields of literature which deal with the effects of expertise and financial advice.
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|Date of creation:||18 Nov 2008|
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|Note:||Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.|
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