Financial Literacy and Planning
Implications for Retirement Wellbeing
Bibliographic Data
| ID | 23344732 |
|---|---|
| Authors | Annamaria Lusardi (0000-0002-2378-7489, National Bureau of Economic Research), Olivia Mitchell (0000-0001-8558-7311, National Bureau of Economic Research) |
| Year | 2011 |
| Publication date | 2011-05-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | REPORT |
| Venue | National Bureau of Economic Research (REPOSITORY) |
| Publisher | National Bureau of Economic Research (PUBLISHER) |
| DOI | 10.3386/w17078 |
| OpenAlex | W2115327771 |
| Language | EN |
| Citations received | 101 |
| References cited | 5 |
Relatively little is known about why people fail to plan for retirement and whether planning and information costs might affect retirement saving patterns. This paper reports on a purpose-built survey module on planning and financial literacy for the Health and Retirement Study which measures how people make financial plans, collect the information needed to make these plans, and implement the plans. We show that financial illiteracy is widespread among older Americans, particularly women, minorities, and the least educated. We also find that the financially savvy are more likely to plan and to succeed in their planning, and they rely on formal methods such as retirement calculators, retirement seminars, and financial experts, instead of family/relatives or co-workers. These results have implications for targeted financial education efforts.
Actuarial science · Affect (linguistics) · Business · Financial literacy · Financial plan · Functional illiteracy · Health and Retirement Study · Plan (archaeology) · Political science · Retirement planning · Finance · Financial Literacy, Pension, Retirement Analysis · Housing Market and Economics · Medicine · Psychology · Retirement, Disability, and Employment · Gerontology
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| Unique citing works | 101 |
|---|---|
| Citations per year | 5,32 |
| Citation span | 2007 - 2026 (20) |
| Citation velocity | current |
| Highly cited | Yes |
| Citation types | Neutral: 61 |