Arbeitspapier

Financial literacy and savings account returns

zu Verbundenen Objekten

Savings accounts are owned by most households, but little is known about the performance of households' investments. We create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data on account-specific interest rates and characteristics. We document considerable heterogeneity in returns across households, which can be partly explained by financial sophistication. A one-standard deviation increase in financial literacy is associated with a 13% increase compared to the median interest rate. We isolate the usage of modern technology (online accounts) as one channel through which financial literacy has a positive association with returns.

Sprache
Englisch

Erschienen in
Series: IMFS Working Paper Series ; No. 88

Klassifikation
Wirtschaft
Consumer Economics: Empirical Analysis
Macroeconomics: Consumption; Saving; Wealth
Portfolio Choice; Investment Decisions
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Thema
financial literacy
savings accounts
interest rates
household finance

Ereignis
Geistige Schöpfung
(wer)
Deuflhard, Florian
Georgarakos, Dimitris
Inderst, Roman
Ereignis
Veröffentlichung
(wer)
Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)
(wo)
Frankfurt a. M.
(wann)
2015

Handle
URN
urn:nbn:de:hebis:30:3-374802
Letzte Aktualisierung
10.03.2025, 11:44 MEZ

Datenpartner

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Objekttyp

  • Arbeitspapier

Beteiligte

  • Deuflhard, Florian
  • Georgarakos, Dimitris
  • Inderst, Roman
  • Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS)

Entstanden

  • 2015

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