Do more financially literate households invest less in housing? Evidence from Italy

Riccardo Calcagno () and Maria Cesira Urzì Brancati
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Riccardo Calcagno: EM Lyon Business School and CeRP, Collegio Carlo Alberto

Economics Bulletin, 2014, vol. 34, issue 1, 430-445

Abstract: Using the Bank of Italy's Survey of Households Income and Wealth (SHIW) covering a 5-year panel, we measure the impact of the degree of households' financial literacy on the quota of housing investment in their portfolio. We find that households with higher levels of financial literacy hold a relatively lower share of illiquid wealth, and the results are more pronounced at older ages, when according to the lifecycle hypothesis they are meant to decumulate their wealth.

Keywords: Financial literacy; intertemporal choice; housing. (search for similar items in EconPapers)
JEL-codes: D1 D9 (search for similar items in EconPapers)
Date: 2014-03-04
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Citations: View citations in EconPapers (5)

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Related works:
Working Paper: Do more financially literate households invest less in housing? Evidence from Italy (2013)
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