The Importance of Financial Literacy: Opening a New Field

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dc.contributor.authorMitchell, Olivia S
dc.contributor.authorMitchell, Olivia S
dc.date2023-05-18T04:55:32.000
dc.date.accessioned2023-05-23T00:33:45Z
dc.date.available2023-05-23T00:33:45Z
dc.date.issued2023-04-01
dc.date.submitted2023-04-21T11:49:13-07:00
dc.description.abstractWe undertake an assessment of our two decades of research on financial literacy, building on our empirical research and theoretical work casting financial knowledge as a form of investment in human capital. We also draw on recent data to determine who is the most – and least – financially savvy in the United States, and we highlight the similarity of our results in other countries. A number of convincing studies is now available, from which we draw conclusions about the effects and consequences of financial illiteracy, and what can be done to fill these gaps. We conclude by offering our thoughts on implications for teaching, financial literacy programs, and future research.
dc.description.comments<p>The research was supported by the Pension Research Council and Boettner Center at the Wharton School of the University of Pennsylvania.</p>
dc.description.statementofresponsibility<p>The authors thank Yong Yu for research assistance.</p>
dc.identifier.urihttps://repository.upenn.edu/handle/20.500.14332/44149
dc.legacy.articleid1750
dc.legacy.fulltexturlhttps://repository.upenn.edu/cgi/viewcontent.cgi?article=1750&amp;context=prc_papers&amp;unstamped=1
dc.rights<p>Opinions and conclusions expressed herein are solely those of the authors and do not represent the opinions or policy of any institutions with which the authors are affiliated. ©2023 Lusardi and Mitchell. All rights reserved.</p>
dc.source.issue750
dc.source.issueWP2023-06
dc.source.journalWharton Pension Research Council Working Papers
dc.source.statuspublished
dc.subject.classificationG53, D14, D91
dc.subject.otherFinancial education
dc.subject.otherinflation
dc.subject.otherwealth inequality
dc.subject.othersaving
dc.subject.otherdebt
dc.subject.otherstock market participation
dc.subject.otherEconomics
dc.titleThe Importance of Financial Literacy: Opening a New Field
dc.typeWorking Paper
digcom.contributor.authorLusardi, Annamaria
digcom.contributor.authorisAuthorOfPublication|email:mitchelo@wharton.upenn.edu|institution:The Wharton School, Univ. of PA|Mitchell, Olivia S
digcom.identifierprc_papers/750
digcom.identifier.contextkey35211650
digcom.identifier.submissionpathprc_papers/750
digcom.typeworkingpaper
dspace.entity.typePublication
relation.isAuthorOfPublication35f0f29e-9f02-491f-b958-1434c5d08b00
relation.isAuthorOfPublication.latestForDiscovery35f0f29e-9f02-491f-b958-1434c5d08b00
upenn.schoolDepartmentCenterWharton Pension Research Council Working Papers
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