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Financial Literacy Among the YoungAnnamaria LusardiDartmouth College - Department of Economics; National Bureau of Economic Research (NBER) Olivia S. MitchellUniversity of Pennsylvania - The Wharton School; National Bureau of Economic Research (NBER) Vilsa CurtoNational Bureau of Economic Research (NBER) August 1, 2009 Michigan Retirement Research Center Research Paper No. 2008-191 Abstract: We examined financial literacy among the young using data from the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low among the young; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial literacy is strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings is about 50 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.
Number of Pages in PDF File: 35 working papers seriesDate posted: September 23, 2009Suggested CitationContact Information
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