The Importance of Financial Literacy: Opening a New Field

Annamaria Lusardi () and Olivia Mitchell

No 18533, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We 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, policy, and future research.

Keywords: Financial education; Inflation expectation channel (search for similar items in EconPapers)
JEL-codes: G53 (search for similar items in EconPapers)
Date: 2023-10
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Journal Article: The Importance of Financial Literacy: Opening a New Field (2023)
Working Paper: The Importance of Financial Literacy: Opening a New Field (2023)
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