Arbeitspapier

Financial literacy among the young: Evidence and implications for consumer policy

zu Verbundenen Objekten

We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial literacy was strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings was about 45 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy. These findings have implications for consumer policy.

Sprache
Englisch

Erschienen in
Series: CFS Working Paper ; No. 2010/09

Klassifikation
Wirtschaft
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Thema
Financial Knowledge
Peer Effects
Family Background
Finanzmarkt
Wirtschaftsinformation
Wissen
Bildungsniveau
Jugendliche
Verbraucherpolitik
USA

Ereignis
Geistige Schöpfung
(wer)
Lusardi, Annamaria
Mitchell, Olivia S.
Curto, Vilsa
Ereignis
Veröffentlichung
(wer)
Goethe University Frankfurt, Center for Financial Studies (CFS)
(wo)
Frankfurt a. M.
(wann)
2010

Handle
URN
urn:nbn:de:hebis:30-78626
Letzte Aktualisierung
10.03.2025, 11:41 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Original beim Datenpartner anzeigen

Objekttyp

  • Arbeitspapier

Beteiligte

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

Entstanden

  • 2010

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