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dc.contributor.authorLusardi, Annamariaen_US
dc.date.accessioned2009-04-15en_US
dc.date.accessioned2009-07-24T13:48:49Z-
dc.date.available2009-07-24T13:48:49Z-
dc.date.issued2008en_US
dc.identifier.piurn:nbn:de:hebis:30-56927-
dc.identifier.urihttp://hdl.handle.net/10419/25554-
dc.description.abstractIncreasingly, 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 demonstrates widespread financial illiteracy among the U.S. population, particularly among specific demographic groups. Those with low education, women, African-Americans, and Hispanics display particularly low levels of literacy. Financial literacy impacts financial decision-making. Failure to plan for retirement, lack of participation in the stock market, and poor borrowing behavior can all be linked to ignorance of basic financial concepts. While financial education programs can result in improved saving behavior and financial decision-making, much can be done to improve these programs' effectiveness.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2008/19en_US
dc.subject.jelD14en_US
dc.subject.jelD91en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial Literacyen_US
dc.subject.keywordFinancial Educationen_US
dc.subject.keywordSaving Decisionsen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwKapitalanlageen_US
dc.subject.stwSparenen_US
dc.subject.stwEntscheidung bei Unsicherheiten_US
dc.subject.stwWissenen_US
dc.subject.stwBildungen_US
dc.subject.stwUSAen_US
dc.titleFinancial literacy: An essential tool for informed consumer choice?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn577553798en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cfswop:200819-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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