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The SCF is conducted every three years to provide detailed information on the finances of U.S. families (households). The study is sponsored by the Federal Reserve Board in cooperation with the Department of the Treasury and is widely used by the Federal Reserve, other branches of the U.S. More information...
Audience: Researcher
Type of Resource: Dataset
Date: 3/23/2012
Two competing explanations for why consumers have trouble with financial decisions are gaining momentum. One is that people are financially illiterate since they lack understanding of simple economic concepts and cannot carry out computations such as computing compound interest, which could cause More information...
Audience: Researcher
Type of Resource: Working paper
Date: 10/1/2010
This paper uses data from the Health and Retirement Study to explore the mechanism that underlies the robust relation found in the literature between cognitive ability, and in particular numeracy, and wealth, income constant. We have a number of findings. First, the more valuable the pension, the More information...
Audience: Researcher
Type of Resource: Working paper
Date: 9/1/2010
This study conducted by the U.S. Office of Personnel Management (OPM) examines rates of participation in the Federal Thrift Savings Plan (TSP) in calendar year 2007 by ethnicity and gender. OPM found that minorities are less likely to participate in TSP (82.5 percent of minorities versus 87.8 More information...
Audience: Researcher
Type of Resource: Report
Date: 4/1/2010
This paper analyzes new data on financial literacy and financial sophistication from the 2008 Health and Retirement Study. We show that financial literacy is lacking among older individuals and for the first time explore additional questions on financial sophistication which proves even scarcer. More information...
Audience: Researcher
Type of Resource: Working paper
Date: 9/1/2009