FINANCIAL LITERACY AROUND THE WORLD: AN OVERVIEW

By Anna Lusardi, Olivia S. Mitchell. Journal of Pension Economics and Finance, 2011

1,553 citations recorded by the source corpus.

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.

Subfields: Accounting, Demography

View Paper: https://www.semanticscholar.org/paper/4d012a57e73568bff926742cec58c5574935df50

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Citations in the corpus

How Financially Literate Are Women? An Overview and New Insights (2017, positive): “Very similar differences in financial literacy between men and women have been found in the other countries that use the same three questions or a slight variation of these three questions (see Lusardi and Mitchell 2011b, 2014).”
Bringing cost transparency to the life annuity market (2014, neutral): “Many individuals are unaware of basic economics and finance (Lusardi and Mitchell, 2011) and lack confidence in their financial literacy (Graham et al., 2009).”
Financial literacy and its consequences: Evidence from Russia during the financial crisis (2013, neutral): “For example, Bernheim and Garrett (2001) and Lusardi and Mitchell (2009, 2011b) use high school financial literacy mandates in different states and time periods in the United States.”
Financial literacy and retirement planning in Canada* (2014, neutral): “Findings and conclusions do not necessarily represent the views of the organizations involved. lack of financial planning and insufficient resources in retirement (Lusardi and Mitchell, 2011a, 2014).”
Financial Literacy among the Millennial Generation: Relationships between Knowledge, Skills, Attitude, and Behavior (2020, positive): “The lack of financial literacy among individuals is one of the causes of the financial crisis (Lusardi & Mitchell, 2011).”
Impact of Financial Literacy and Investment Experience on Risk Tolerance and Investment Decisions: Empirical Evidence from Pakistan (2016, positive): “Financial literacy is positively related with planning of retired income behavior (Lusardi, et al., 2007; Lusardi and Mitchell, 2009; 2011a).”
Can You Help Someone Become Financially Capable?: A Meta-Analysis of the Literature (2015, neutral): “Furthermore, Lusardi and Mitchell (2011) present evidence from around the world suggesting that individuals (even in developed countries) have a difﬁcult time understanding basic ﬁnancial concepts.”
Precautionary Savings, Retirement Planning and Misperceptions of Financial Literacy (2017, positive): “In fact, when we control for beliefs, the well documented tendency for women to participate less in financial market decisions 1See, for example, Ameriks, Caplin, and Leahy (2003), Hilgert, Hogarth, and Beverly (2003), Lusardi and Mitchell (2011c), and Lusardi and Mitchell (2011b).”
Fiscal Policy and MPC Heterogeneity (2014, positive): “The wording of the literacy questions, proposed in Lusardi and Mitchell (2011), is set out in Appendix 1.”
Financial Literacy and Portfolio Dynamics (2016, positive): “It is well established that households exhibit substantial heterogeneity in both the performance of their portfolios (Campbell (2006); Calvet, Campbell and Sodini (2007)) and their understanding of basic nancial principles (Lusardi and Mitchell (2011)).”
Financial literacy: A systematic review and bibliometric analysis (2020, positive): “Another influential finding is that financial il-literacy prevails in countries with developed financial economies too and that the most susceptible sections are older populations, women and those having ethnic and regional differences (Lusardi & Mitchell, 2011b).”