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Journal of Pension Economics and Finance | Volume 10 | Issue 4 | October 2011
Abstract: In an increasingly risky and globalized marketplace, people must be able to make well informed ﬁnancial decisions. New international research demonstrates that ﬁnancial illiteracy is widespread in both well-developed and rapidly changing markets. Women are less ﬁnancially literate than men, the young and the old are less ﬁnancially literate than the middle-aged, and more educated people are more ﬁnancially knowledgeable. Most importantly, the ﬁnancially literate are more likely to plan for retirement. Instrumental variables estimates show that the eﬀects of ﬁnancial literacy on retirement planning tend to be underestimated. In sum, around the world, ﬁnancial literacy is critical to retirement security.
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Included in the Virtual Special Issue on Developments in Financial Literacy 2021 of the Cambridge University Press, edited by Olivia S. Mitchell. Click here to access the special issue.