The Outlook for Financial Literacy

Annamaria Lusardi () and Olivia Mitchell

No 17077, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: As the world becomes more financially integrated and complex, average individuals and their families are increasingly faced with making highly sophisticated and all-too-often irreversible financial decisions. Nowhere is this more evident than with regard to retirement decision-making. Indeed, the global financial crisis suggests that poor financial decision-making can have substantial costs not only for individuals but also society at large. This paper focuses on key lessons for financial decision-making in the wake of that crisis, exploring how financial literacy can enhance peoples' skills and abilities to make more informed economic choices.

JEL-codes: D91 E21 (search for similar items in EconPapers)
Date: 2011-05
New Economics Papers: this item is included in nep-pke
Note: AG
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Citations: View citations in EconPapers (14)

Published as “The Outlook for Financial Literacy,” joint w ith Olivia Mitchell , in A. Lusardi and O . Mitchell (eds), “Financial Literacy. Implica tions for Retirement Security and the Financial Marketplace,” Oxford University Press , 2011, pp. 1 - 13 .

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