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Financial Sophistication in the Older Population

Annamaria Lusardi (), Olivia Mitchell and Vilsa Curto

No 17863, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper examines data on financial sophistication among the U.S. older population, using a special-purpose module implemented in the Health and Retirement Study. We show that financial sophistication is deficient for older respondents (aged 55+). Specifically, many in this group lack a basic grasp of asset pricing, risk diversification, portfolio choice, and investment fees. Subpopulations with particular deficits include women, the least educated, persons over the age of 75, and non-Whites. In view of the fact that people are increasingly being asked to take on responsibility for their own retirement security, such lack of knowledge can have serious implications.

JEL-codes: D91 G11 J14 J18 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age and nep-dem
Date: 2012-02
Note: AG LS PE
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