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FINANCIAL LITERACY, RETIREMENT PLANNING AND HOUSEHOLD WEALTH

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... Full description

1st Person: van Rooij, Maarten C.J.
Additional Persons: Lusardi, Annamaria verfasserin; Alessie, Rob J.M. verfasserin
Source: in The economic journal : the journal of the Royal Economic Society Vol. 122, No. 560 (2012), p. 449-478
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Type of Publication: Article
Language: English
Published: 2012
Keywords: research-article
Online: Volltext
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520 |a 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. 
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