LOGIN TO YOUR ACCOUNT

Username
Password
Remember Me
Or use your Academic/Social account:

Congratulations!

You have just completed your registration at OpenAire.

Before you can login to the site, you will need to activate your account. An e-mail will be sent to you with the proper instructions.

Important!

Please note that this site is currently undergoing Beta testing.
Any new content you create is not guaranteed to be present to the final version of the site upon release.

Thank you for your patience,
OpenAire Dev Team.

Close This Message

CREATE AN ACCOUNT

Name:
Username:
Password:
Verify Password:
E-mail:
Verify E-mail:
*All Fields Are Required.
Please Verify You Are Human:

OpenAIRE is about to release its new face with lots of new content and services.
During September, you may notice downtime in services, while some functionalities (e.g. user registration, validation, claiming) will be temporarily disabled.
We apologize for the inconvenience, please stay tuned!
For further information please contact helpdesk[at]openaire.eu

fbtwitterlinkedinvimeoflicker grey 14rssslideshare1
Annamaria Lusardi (2006)
Types: Preprint
Subjects: Financial knowledge; retirement seminars, savings.
In recent years, as workers have gained an unprecedented degree of control over their pensions and savings, the importance of financial literacy and financial education has increased considerably. Large changes in the structure of financial markets, labor markets, and demographics in developed countries have led to this change. Consumers have a bewildering array of complex financial products – from reverse mortgages to annuities – to choose from, making saving decisions increasingly complex. Knowledge about the working of compound interest rates, the effects of inflation, and the working of financial markets is essential to make saving decisions. Several initiatives have been undertaken to improve financial literacy. The Organization for Economic Co-Operation and Development (OECD) comprehensively defines financial education as 'the process by which financial consumers/investors improve their understanding of financial products and concepts and, through information, instruction and/or objective advice, develop the skills and confidence to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well-being.' Building upon this definition, I provide a review of the current state of financial literacy and financial education programs, and discuss whether workers possess the financial literacy necessary to process information and formulate saving plans.
  • The results below are discovered through our pilot algorithms. Let us know how we are doing!

    • Agnew, Julie and Lisa Szykman (2005), “Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice and Investor Experience,” Journal of Behavioral Finance, 6, pp. 57-70.
    • Bayer, Patrick, Douglas Bernheim, and J. Karl Scholz (1996), “The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers,” NBER Working Paper n.
    • Bernheim, Douglas (1995), “Do Households Appreciate Their Financial Vulnerabilities? An Analysis of Actions, Perceptions, and Public Policy,” Tax Policy and Economic Growth, Washington, DC: American Council for Capital Formation, pp. 1-30.
    • Bernheim, Douglas (1998), “Financial Illiteracy, Education and Retirement Saving,” in Olivia Mitchell and Sylvester Schieber (eds.), Living with Defined Contribution Pensions, Philadelphia: University of Pennsylvania Press, pp. 38-68.
    • Bernheim, Douglas and Daniel Garrett (2003), “The Effects of Financial Education in the Workplace: Evidence from a Survey of Households,” Journal of Public Economics, 87, pp.
    • Browning, Martin and Annamaria Lusardi (1996), "Household Saving: Micro Theories and Micro Facts," Journal of Economic Literature, 34, pp. 1797-1855 Calvert, Laurent, John Campbell and Paolo Sodini (2005), “Down or Out: Assessing the Welfare Costs of Household Investment Mistakes.” Mimeo, Harvard University.
    • Christelis, Dimitris, Tullio Jappelli, and Mario Padula (2005), “Health Risk, Financial Information and Social Interaction: the Portfolio Choice of European Elderly Households”.
    • Working paper. University of Salerno Choi, James, David Laibson, Brigitte Madrian and Andrew Metrick (2004), “Saving for Retirement on the Path of Least Resistance,” Working Paper, Harvard University.
    • Clark, Robert and Sylvester Schieber (1998), “Factors Affecting Participation Rates and Contribution Levels in 401(k) Plans,” in Olivia Mitchell and Sylvester Schieber (eds.), Living with Defined Contribution Pensions, Philadelphia: University of Pennsylvania Press, pp.69-97.
    • Clark, Robert, Madeleine D'Ambrosio (2002), “Saving for Retirement: The Role of Financial Education,” TIAA-CREF Institute Working Paper n. 4-070102-A.
    • Clark, Robert, Madeleine D'Ambrosio, Ann McDermed, Kshama Sawant (2003), “Financial Education and Retirement Saving,” TIAA-CREF Institute Working Paper 11-020103.
    • McCarthy, David and John Turner (1996), “Financial Sophistication, Saving and Risk Bearing,” mimeo, U.S. Department of Labor Miles, David (2004), “The UK Mortgage Market: Taking a Longer-Term View”. UK Treasury.
  • No related research data.
  • No similar publications.

Share - Bookmark

Cite this article

Cookies make it easier for us to provide you with our services. With the usage of our services you permit us to use cookies.
More information Ok