Financial Literacy, Retirement Planning and Household Wealth*

• 成果类型: Article
• 署名作者: van Rooij, Maarten C. J.; Lusardi, Annamaria; Alessie, Rob J. M.
• 署名单位: European Central Bank; De Nederlandsche Bank NV; University of Groningen; George Washington University
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2012.02501.x
• 发表日期: 2012
• 页码: 449-478
• 关键词: cognitive function; life-cycle; RISK; CHOICE; HEALTH

摘要

Relying on comprehensive measures of financial knowledge, we provide evidence of a strong positive association between financial literacy and net worth, even after controlling for many determinants of wealth. We discuss two channels through which financial literacy might facilitate wealth accumulation. First, financial knowledge increases the likelihood of investing in the stock market, allowing individuals to benefit from the equity premium. Second, financial literacy is positively related to retirement planning and the development of a savings plan has been shown to boost wealth.