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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
Tags: Behavioral economics, Financial literacy, financial education
Date: 10/1/2010
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
Tags: Financial literacy
Date: 9/1/2009
Economic studies on households’ financial asset ownership and allocation have discussed the relationship between asset holdings and socioeconomic variables. The current research on asset ownership has been conducted with data from the country of China utilizing a random sample of 2080 Chinese More information...
Audience: Researcher
Type of Resource: Working paper
Tags: China
Date: 3/4/2013