Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education
Annamaria Lusardi () and
Olivia S Mitchelli ()
Additional contact information
Olivia S Mitchelli: Wharton School, University of Pennsylvania, Philadelphia, PA, 19104, USA.
Authors registered in the RePEc Author Service: Olivia Mitchell
Business Economics, 2007, vol. 42, issue 1, 35-44
Economists are beginning to investigate the causes and consequences of financial illiteracy to better understand why retirement planning is lacking and why so many households arrive close to retirement with little or no wealth. Our review reveals that many households are unfamiliar with even the most basic economic concepts needed to make saving and investment decisions. Such financial illiteracy is widespread: the young and older people in the United States and other countries appear woefully under-informed about basic financial concepts, with serious implications for saving, retirement planning, mortgages, and other decisions. In response, governments and several nonprofit organizations have undertaken initiatives to enhance financial literacy. The experience of other countries, including a saving campaign in Japan as well as the Swedish pension privatization program, offers insights into possible roles for financial literacy and saving programs.Business Economics (2007) 42, 35–44; doi:10.2145/20070104
References: Add references at CitEc
Citations: View citations in EconPapers (198) Track citations by RSS feed
Downloads: (external link)
http://www.palgrave-journals.com/be/journal/v42/n1/pdf/be20074a.pdf Link to full text PDF (application/pdf)
http://www.palgrave-journals.com/be/journal/v42/n1/full/be20074a.html Link to full text HTML (text/html)
Access to full text is restricted to subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:pal:buseco:v:42:y:2007:i:1:p:35-44
Ordering information: This journal article can be ordered from
Access Statistics for this article
Business Economics is currently edited by Charles Steindel
More articles in Business Economics from Palgrave Macmillan, National Association for Business Economics Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla ().