The Importance of Financial Literacy: Opening a New Field

Annamaria Lusardi () and Olivia Mitchell

No 31145, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We undertake an assessment of our two decades of research on financial literacy, building on our empirical research and theoretical work casting financial knowledge as a form of investment in human capital. We also draw on recent data to determine who is the most – and least – financially savvy in the United States, and we highlight the similarity of our results in other countries. A number of convincing studies is now available, from which we draw conclusions about the effects and consequences of financial illiteracy, and what can be done to fill these gaps. We conclude by offering our thoughts on implications for teaching, financial literacy programs, and future research.

JEL-codes: G53 (search for similar items in EconPapers)
Date: 2023-04
New Economics Papers: this item is included in nep-fle
Note: AG
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Citations: View citations in EconPapers (31)

Published as Annamaria Lusardi & Olivia S. Mitchell, 2023. "The Importance of Financial Literacy: Opening a New Field," Journal of Economic Perspectives, vol 37(4), pages 137-154.

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Journal Article: The Importance of Financial Literacy: Opening a New Field (2023)
Working Paper: The Importance of Financial Literacy: Opening a New Field (2023)
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