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Financial Literacy and the Need for Financial Education: Evidence and Implications
December 19, 2018Introduction Throughout their lifetime, individuals today are more responsible for their personal finances than ever before. With life expectancies rising, pension and social welfare systems are being strained. In many countries, employer-sponsored defined benefit (DB) pension plans are swiftly giving… Read More »
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Remarks of Annamaria Lusardi to the SEC Investor Advisory Committee
March 13, 2017Click here to view Director Lusardi's presentation from the SEC IAC meeting. View the agenda of the meeting by clicking here. Watch the meeting webcast by clicking here (Director Lusardi begins speaking at 48:09).
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Visual Tools and Narratives: New Ways to Improve Financial Literacy
October 19, 2015Abstract: We developed and experimentally evaluated four novel educational programs delivered online: an informational brochure, a visual interactive tool, a written narrative, and a video narrative. The programs were designed to inform people about risk diversification, an essential concept for financial… Read More »
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RISK LITERACY
March 27, 2015Abstract: I examine financial literacy—specifically knowledge of risk—using data from surveys in the United States and other countries. I show that risk literacy is very low; the majority of individuals lack knowledge of concepts such as risk diversification and do… Read More »
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FINANCIAL LITERACY: DO PEOPLE KNOW THE ABCs OF FINANCE?
February 01, 2014Abstract: Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper looks at financial literacy,… Read More »
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Financial literacy and stock market participation
August 01, 2011Abstract: We have devised two special modules for De Nederlandsche Bank (DNB) Household Survey to measure financial literacy and study its relationship to stock market participation. We find that the majority of respondents display basic financial knowledge and have some… Read More »