Business Economics and Public Policy Papers

Document Type

Journal Article

Date of this Version

10-2011

Publication Source

Journal of Pension Economics and Finance

Volume

10

Issue

4

Start Page

509

Last Page

525

DOI

10.1017/S147474721100045X

Abstract

We examine financial literacy in the United States using the new National Financial Capability Study, wherein we demonstrate that financial literacy is particularly low among the young, women, and the less-educated. Moreover, Hispanics and African-Americans score the least well on financial literacy concepts. Interestingly, all groups rate themselves as rather well-informed about financial matters, notwithstanding their actual performance on the key literacy questions. Finally, we show that people who score higher on the financial literacy questions are also much more likely to plan for retirement, which is likely to leave them better positioned for old-age. Our results will inform those seeking to target financial literacy programs to those in most need.

Keywords

retirement, pensions, saving, financial literacy, financial capability

Download

Share

COinS
 

Date Posted: 27 November 2017

This document has been peer reviewed.