NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Literacy and Stock Market Participation

Maarten van Rooij, Annamaria Lusardi, Rob Alessie

NBER Working Paper No. 13565
Issued in October 2007

---- Acknowledgements -----

We are grateful to James Banks, Johannes Binswanger, Marcello Bofondi, Henrik Cronqvist, Dimitris Georgarakos, Michael Haliassos, Lex Hoogduin, Adriaan Kalwij, Arie Kapteyn, Mauro Mastrogiacomo, Theo Nijman, Gerard van den Berg, Peter van Els, Arthur van Soest, and participants in the Program on the Global Demography of Aging Seminar Series at the Harvard School of Public Health, the CEPR/Netspar European Pension Challenges Conference (London, September 2006), the Netspar Workshop on the Micro-economics of Ageing (Utrecht, November 2006), the Plenary Session at the Italian Congress of Econometrics and Empirical Economics (Rimini, January 2007), the Workshop on Behavioral Approaches to Consumption, Credit, and Asset Allocation (European University Institute, May 2007), the Netspar Workshop (Groningen, June 2007), and the Conference on the Luxembourg Wealth Study: Enhancing Comparative Research on Household Finance (Rome, July 2007) for suggestions and comments. We also thank the staff of CentERdata and, in particular, Corrie Vis for their assistance in setting up the survey and the field work. The views expressed in this paper are those of the authors and do not necessarily reflect the views of De Nederlandsche Bank or the National Bureau of Economic Research.

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