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dc.contributor.authorLusardi, Annamariaen
dc.contributor.authorTufano, Peteren
dc.date.accessioned2009-08-06-
dc.date.accessioned2010-12-15T09:22:22Z-
dc.date.available2010-12-15T09:22:22Z-
dc.date.issued2009-
dc.identifier.piurn:nbn:de:hebis:30-63796en
dc.identifier.urihttp://hdl.handle.net/10419/43242-
dc.description.abstractWe analyze a national sample of Americans with respect to their debt literacy, financial experiences, and their judgments about the extent of their indebtedness. Debt literacy is measured by questions testing knowledge of fundamental concepts related to debt and by selfassessed financial knowledge. Financial experiences are the participants' reported experiences with traditional borrowing, alternative borrowing, and investing activities. Overindebtedness is a self-reported measure. Overall, we find that debt literacy is low: only about one-third of the population seems to comprehend interest compounding or the workings of credit cards. Even after controlling for demographics, we find a strong relationship between debt literacy and both financial experiences and debt loads. Specifically, individuals with lower levels of debt literacy tend to transact in high-cost manners, incurring higher fees and using high-cost borrowing. In applying our results to credit cards, we estimate that as much as one-third of the charges and fees paid by less knowledgeable individuals can be attributed to ignorance. The less knowledgeable also report that their debt loads are excessive or that they are unable to judge their debt position.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2009/08en
dc.subject.jelD14en
dc.subject.jelD91en
dc.subject.ddc330en
dc.subject.keywordFinancial Literacyen
dc.subject.keywordNumeracyen
dc.subject.keywordDebt Loadsen
dc.subject.keywordCredit Card Borrowingen
dc.subject.stwPrivate Verschuldungen
dc.subject.stwBewertungen
dc.subject.stwBildungsniveauen
dc.subject.stwLernprozessen
dc.subject.stwKreditkarteen
dc.subject.stwBefragungen
dc.subject.stwUSAen
dc.titleDebt literacy, financial experiences, and overindebtedness-
dc.typeWorking Paperen
dc.identifier.ppn606213376en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200908en

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