FINANCIAL LITERACY AND SAVINGS ACCOUNT RETURNS

• 成果类型: Article
• 署名作者: Deuflhard, Florian; Georgarakos, Dimitris; Inderst, Roman
• 署名单位: Goethe University Frankfurt; European Central Bank; Deutsche Bundesbank; University of Leicester
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvy003
• 发表日期: 2019
• 页码: 131-164
• 关键词: inertia; COSTS

摘要

Savings accounts are owned by most households, but little is known about the performance of households' investments. We create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data on account-specific interest rates and characteristics. We document heterogeneity in returns across households, which can be partly explained by financial sophistication. A one-standard deviation increase in financial literacy is associated with a 12% increase compared to the median interest rate. We isolate the usage of modern technology (online accounts) as one channel through which financial literacy has a positive association with returns.