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http://ssrn.com/abstract=1476982
 
 

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Financial Literacy Among the Young


Annamaria Lusardi


The George Washington University School of Business; National Bureau of Economic Research (NBER)

Olivia S. Mitchell


University of Pennsylvania - The Wharton School; National Bureau of Economic Research (NBER)

Vilsa Curto


National 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

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Date posted: September 23, 2009  

Suggested Citation

Lusardi, Annamaria and Mitchell, Olivia S. and Curto, Vilsa, Financial Literacy Among the Young (August 1, 2009). Michigan Retirement Research Center Research Paper No. 2008-191. Available at SSRN: http://ssrn.com/abstract=1476982 or http://dx.doi.org/10.2139/ssrn.1476982

Contact Information

Annamaria Lusardi (Contact Author)
The George Washington University School of Business ( email )
School of Business and Public Management
Washington, DC 20052
United States
HOME PAGE: http://business.gwu.edu/faculty/annamaria_lusardi.cfm
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Olivia S. Mitchell
University of Pennsylvania - The Wharton School ( email )
Philadelphia, PA 19104-6365
United States

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Vilsa Curto
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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