Abstract

http://ssrn.com/abstract=1499844
 
 

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Financial Literacy and Financial Sophistication Among Older Americans


Olivia S. Mitchell


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

Annamaria Lusardi


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

Vilsa Curto


National Bureau of Economic Research (NBER)

November 4, 2009

Pension Research Council Working Paper No. 25

Abstract:     
This paper analyzes new data on financial literacy and financial sophistication from the 2008 Health and Retirement Study. We show that financial literacy is lacking among older individuals and for the first time explore additional questions on financial sophistication which proves even scarcer. For this sample of older respondents over the age of 55, we find that people lack even a rudimentary understanding of stock and bond prices, risk diversification, portfolio choice, and investment fees. In view of the fact that individuals are increasingly required to take on responsibility for their own retirement security, this lack of knowledge has serious implications.

Number of Pages in PDF File: 32

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Date posted: November 4, 2009 ; Last revised: November 26, 2011

Suggested Citation

Mitchell, Olivia S. and Lusardi, Annamaria and Curto, Vilsa, Financial Literacy and Financial Sophistication Among Older Americans (November 4, 2009). Pension Research Council Working Paper No. 25. Available at SSRN: http://ssrn.com/abstract=1499844 or http://dx.doi.org/10.2139/ssrn.1499844

Contact Information

Olivia S. Mitchell (Contact Author)
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
Annamaria Lusardi
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
Vilsa Curto
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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