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dc.contributor.authorLusardi, Annamaria
dc.contributor.authorMitchell, Olivia S.
dc.date.accessioned2007-02-12T20:27:28Z
dc.date.available2007-02-12T20:27:28Z
dc.date.issued2006-11
dc.identifier.urihttps://hdl.handle.net/2027.42/49374
dc.description.abstractEconomists are beginning to investigate the causes and consequences of financial illiteracy to better understand why retirement planning is lacking and why so many households arrive close to retirement with little or no wealth. Our review reveals that many households are unfamiliar with even the most basic economic concepts needed to make saving and investment decisions. Such financial illiteracy is widespread: the young and older people in the United States and other countries appear woefully under-informed about basic financial computations, with serious implications for saving, retirement planning, mortgages, and other decisions. In response, governments and several nonprofit organizations have undertaken initiatives to enhance financial literacy. The experience of other countries, including a saving campaign in Japan as well as the Swedish pension privatization program, offers insights into possible roles for financial literacy and saving programs.en
dc.description.sponsorshipSocial Security Administrationen
dc.format.extent98676 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoen_USen
dc.publisherMichigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104en
dc.relation.ispartofseriesWP 2006-144en
dc.titleFinancial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs.en
dc.typeWorking Paperen
dc.subject.hlbsecondlevelPopulation and Demography
dc.subject.hlbtoplevelSocial Sciences
dc.contributor.affiliationumUniversity of Michigan Retirement Research Centeren
dc.contributor.affiliationumInstitute for Social Research
dc.contributor.affiliationotherDarmouth College and NBERen
dc.contributor.affiliationotherThe Wharton School, University of Pennsylvaniaen
dc.contributor.affiliationumcampusAnn Arboren
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/49374/1/wp144.pdfen_US
dc.owningcollnameRetirement Research Center, Michigan (MRRC)


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