NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Literacy and Retirement Planning in the United States

Annamaria Lusardi, Olivia S. Mitchell

NBER Working Paper No. 17108
Issued in June 2011
NBER Program(s):   AG

We examine financial literacy in the United States using the new National Financial Capability Study, wherein we demonstrate that financial literacy is particularly low among the young, women, and the less-educated. Moreover, Hispanics and African-Americans score the least well on financial literacy concepts. Interestingly, all groups rate themselves as rather well-informed about financial matters, notwithstanding their actual performance on the key literacy questions. Finally, we show that people who score higher on the financial literacy questions are also much more likely to plan for retirement, which is likely to leave them better positioned for old-age. Our results will inform those seeking to target financial literacy programs to those in most need.

download in pdf format
   (97 K)

email paper

The NBER Bulletin on Aging and Health provides summaries of publications like this.  You can sign up to receive the NBER Bulletin on Aging and Health by email.

This paper is available as PDF (97 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w17108

Published: Lusardi, Annamaria & Mitchell, Olivia S., 2011. "Financial literacy and retirement planning in the United States," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(04), pages 509-525, October.

Users who downloaded this paper also downloaded these:
Lusardi and Mitchell w17107 Financial Literacy around the World: An Overview
Lusardi and Mitchell w17077 The Outlook for Financial Literacy
Lusardi and Mitchell w17078 Financial Literacy and Planning: Implications for Retirement Wellbeing
Lusardi and Mitchell w15350 How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness
Bucher-Koenen and Lusardi w17110 Financial Literacy and Retirement Planning in Germany
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us