Financial Literacy among the Young
dc.contributor.author | Lusardi, Annamaria | |
dc.contributor.author | Mitchell, Olivia S. | |
dc.contributor.author | Curto, Vilsa | |
dc.date.accessioned | 2009-10-06T16:43:25Z | |
dc.date.available | 2009-10-06T16:43:25Z | |
dc.date.issued | 2009-08 | |
dc.description.abstract | We examined financial literacy among the young using data from the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low among the young; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial literacy is strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings is about 50 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy. These findings have implications for consumer policy. | en_US |
dc.description.sponsorship | Social Security Administration | en_US |
dc.format.extent | 561854 bytes | |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_US | en_US |
dc.publisher | Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104 | en_US |
dc.relation.ispartofseries | WP 2008-191 | en_US |
dc.subject | WP 2008-191 | en_US |
dc.subject | UM08-12 | en_US |
dc.title | Financial Literacy among the Young | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Population and Demography | |
dc.subject.hlbtoplevel | Social Sciences | |
dc.contributor.affiliationum | Harvard University | en_US |
dc.contributor.affiliationum | The Wharton School | en_US |
dc.contributor.affiliationum | Dartmouth College | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | en_US |
dc.owningcollname | Retirement and Disability Research Center, Michigan (MRDRC) |
Files in this item
Remediation of Harmful Language
The University of Michigan Library aims to describe library materials in a way that respects the people and communities who create, use, and are represented in our collections. Report harmful or offensive language in catalog records, finding aids, or elsewhere in our collections anonymously through our metadata feedback form. More information at Remediation of Harmful Language.
Accessibility
If you are unable to use this file in its current format, please select the Contact Us link and we can modify it to make it more accessible to you.