Arbeitspapier

Financial literacy and retirement preparedness: Evidence and implications for financial education programs

Economists are beginning to investigate the causes and consequences of financial illiteracy to better understand why retirement planning is lacking and why so many households arrive close to retirement with little or no wealth. Our review reveals that many households are unfamiliar with even the most basic economic concepts needed to make saving and investment decisions. Such financial illiteracy is widespread: the young and older people in the United States and other countries appear woefully under-informed about basic financial concepts, with serious implications for saving, retirement planning, mortgages, and other decisions. In response, governments and several nonprofit organizations have undertaken initiatives to enhance financial literacy. The experience of other countries, including a saving campaign in Japan as well as the Swedish pension privatization program, offers insights into possible roles for financial literacy and saving programs.

Language
Englisch

Bibliographic citation
Series: CFS Working Paper ; No. 2007/15

Classification
Wirtschaft
Information, Knowledge, and Uncertainty: General
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Portfolio Choice; Investment Decisions
Subject
Financial and Economics Knowledge
Retirement Seminars
Financial Decisionmaking.
Alterssicherung
Kapitalanlage
Wissen
USA

Event
Geistige Schöpfung
(who)
Lusardi, Annamaria
Mitchell, Olivia S.
Event
Veröffentlichung
(who)
Goethe University Frankfurt, Center for Financial Studies (CFS)
(where)
Frankfurt a. M.
(when)
2007

Handle
URN
urn:nbn:de:hebis:30-38250
Last update
10.03.2025, 11:41 AM CET

Data provider

This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.

Object type

  • Arbeitspapier

Associated

  • Lusardi, Annamaria
  • Mitchell, Olivia S.
  • Goethe University Frankfurt, Center for Financial Studies (CFS)

Time of origin

  • 2007

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