Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel

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dc.contributor.author Lusardi, Annamaria
dc.contributor.author Mitchell, Olivia
dc.date.accessioned 2008-01-11T20:42:26Z
dc.date.available 2008-01-11T20:42:26Z
dc.date.issued 2007-10
dc.identifier.other UM07-10
dc.identifier.uri http://hdl.handle.net/2027.42/57569
dc.description.abstract The present paper introduces a new dataset, the Rand American Life Panel (ALP), which offers several appealing features for an analysis of financial literacy and retirement planning. It allows us to evaluate financial knowledge during workers’ prime earning years when they are making key financial decisions, and it offers detailed financial literacy and retirement planning questions, permitting a finer assessment of respondents’ financial literacy than heretofore feasible. We can also compare respondents’ selfassessed financial knowledge levels with objective measures of financial literacy, and most valuably, we can investigate prior financial training which permits us to identify key causal links. By every measure, and in every sample we examine, financial literacy proves to be a key determinant of retirement planning. We also find that respondent literacy is higher when they were exposed to economics in school and to company-based financial education programs. en_US
dc.description.sponsorship Social Security Administration en_US
dc.format.extent 249647 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 2007-157 en_US
dc.subject WP 2007-157 en_US
dc.subject UM07-10 en_US
dc.title Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel en_US
dc.type Working Paper en_US
dc.subject.hlbsecondlevel Population and Demography
dc.subject.hlbtoplevel Social Sciences
dc.contributor.affiliationum Dartmouth College en_US
dc.contributor.affiliationum University of Pennsylvania en_US
dc.contributor.affiliationumcampus Ann Arbor en_US
dc.description.bitstreamurl http://deepblue.lib.umich.edu/bitstream/2027.42/57569/1/wp157.pdf en_US
dc.owningcollname Retirement Research Center, Michigan (MRRC)
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