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Autoren: 
Lusardi, Annamaria
Mitchell, Olivia S.
Curto, Vilsa
Datum: 
2012
Reihe/Nr.: 
CFS Working Paper 2012/08
Zusammenfassung: 
This paper examines data on financial sophistication among the U.S. older population, using a special-purpose module implemented in the Health and Retirement Study. We show that financial sophistication is deficient for older respondents (aged 55+). Specifically, many in this group lack a basic grasp of asset pricing, risk diversification, portfolio choice, and investment fees. Subpopulations with particular deficits include women, the least educated, persons over the age of 75, and non-Whites. In view of the fact that people are increasingly being asked to take on responsibility for their own retirement security, such lack of knowledge can have serious implications.
Schlagwörter: 
Financial Knowledge
Older Population
Question Framing
Male and Female Differences
Retirement Security
JEL: 
D91
G11
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper
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