Financial Literacy and Financial Planning in France

Luc Arrondel, Majdi Debbich and Frédérique Savignac
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Majdi Debbich: PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, Banque de france - Banque de France

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Abstract: We study financial literacy in France using the PATER survey and following the Lusardi and Mitchell (2011c) approach. We find that some subpopulations are less financially literate than others: women, young and old people as well as less-educated people are more likely to face difficulties when dealing with fundamental financial concepts such as risk diversification and inflation and interest compounding. We also find some differences in financial knowledge depending on the political opinion of the respondents. Finally we show that these differences in financial knowledge are correlated with differences in the propensity to plan: people who score higher on the financial literacy questions are more likely to be engaged in the preparation of a clearly defined financial plan.

Keywords: Financial literacy; Retirement planning; Household finance (search for similar items in EconPapers)
Date: 2013-06
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Citations: View citations in EconPapers (34)

Published in Numeracy, 2013, 6 (2), pp.Article 8. ⟨10.5038/1936-4660.6.2.8⟩

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Working Paper: Financial Literacy and Financial Planning in France (2013)
Working Paper: Financial Literacy and Financial Planning in France (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00859682

DOI: 10.5038/1936-4660.6.2.8

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