Financial Sophistication in the Older Population
Annamaria Lusardi (),
Olivia Mitchell and
No 17863, NBER Working Papers from National Bureau of Economic Research, Inc
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
Note: AG LS PE
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Working Paper: Financial sophistication in the older population (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:17863
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