Financial Literacy in the Age of Green Investment

45 Pages Posted: 5 Apr 2019 Last revised: 16 Apr 2023

See all articles by Anders Anderson

Anders Anderson

Swedish House of Finance

David T. Robinson

Fuqua School of Business, Duke University; National Bureau of Economic Research (NBER); Duke Innovation & Entrepreneurship Initiative

Date Written: November 16, 2021


We survey a large sample of Swedish households and connect the responses to administrative data to relate pro-environmental attitudes and values to actual investment decisions. Pro-environment households are not more likely to hold pro-environment portfolios. This results from financial disengagement: they are less likely to own stocks, check pension balances, or make green active retirement planning choices. Green financial engagement is stronger in settings where financial literacy is higher or where informational hurdles are lower. Informational barriers appear to prevent financial market prices and returns from fully reflecting household environmental preferences.

Keywords: Household finance; Sustainability; Financial literacy; Retirement savings

JEL Classification: G02; G11; G18

Suggested Citation

Anderson, Anders and Robinson, David T., Financial Literacy in the Age of Green Investment (November 16, 2021). Swedish House of Finance Research Paper No. 19-6, Available at SSRN: or

Anders Anderson (Contact Author)

Swedish House of Finance ( email )

Drottninggatan 98
111 60 Stockholm

David T. Robinson

Fuqua School of Business, Duke University ( email )

100 Fuqua Drive
Durham, NC 27708-0120
United States
919-660-8023 (Phone)

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Duke Innovation & Entrepreneurship Initiative ( email )

215 Morris St., Suite 300
Durham, NC 27701
United States

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