EconPapers    
Economics at your fingertips  
 

Financial literacy among the young: Evidence and implications for consumer policy

Annamaria Lusardi (), Olivia Mitchell and Vilsa Curto

No 2010/09, CFS Working Paper Series from Center for Financial Studies (CFS)

Abstract: We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial literacy was strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings was about 45 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy. These findings have implications for consumer policy.

Keywords: Financial Knowledge; Peer Effects; Family Background (search for similar items in EconPapers)
JEL-codes: D91 (search for similar items in EconPapers)
Date: 2010
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (21) Track citations by RSS feed

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/43224/1/630563187.pdf (application/pdf)

Related works:
Working Paper: Financial Literacy among the Young: Evidence and Implications for Consumer Policy (2009) Downloads
Working Paper: Financial Literacy among the Young: Evidence and Implications for Consumer Policy (2009) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:cfswop:201009

Access Statistics for this paper

More papers in CFS Working Paper Series from Center for Financial Studies (CFS) Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().

 
Page updated 2019-06-17
Handle: RePEc:zbw:cfswop:201009