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

Riccardo Calcagno and Brancati Maria Cesira Urzi
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Riccardo Calcagno: EM - EMLyon Business School, Collegio Carlo Alberto - UNITO - Università degli studi di Torino = University of Turin
Brancati Maria Cesira Urzi: UNIMORE - Università degli Studi di Modena e Reggio Emilia = University of Modena and Reggio Emilia, Collegio Carlo Alberto - UNITO - Università degli studi di Torino = University of Turin

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Abstract: Using the Bank of Italy's Survey of Household Income and Wealth (SHIW) covering a 5-year panel, we measure the impact of the degree of households' financial literacy on their portfolio imbalance towards housing investment. 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 assets. Results appear robust to different specifications of the dependent variable and potential endogeneity of financial literacy.

Keywords: financial literacy; intertemporal choice; housing (search for similar items in EconPapers)
Date: 2014-03-01
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Citations: View citations in EconPapers (1)

Published in Economics Bulletin, 2014, 34 (1), 430-445 p

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02313141

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