@techreport{NBERw17863,
 title = "Financial Sophistication in the Older Population",
 author = "Annamaria Lusardi and Olivia S. Mitchell and Vilsa Curto",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "17863",
 year = "2012",
 month = "February",
 URL = "http://www.nber.org/papers/w17863",
 abstract = {This paper examines data on financial sophistication among the U.S. older population, using a special-purpose module implemented in the Health and Retirement Study.  We show that financial sophistication is deficient for older respondents (aged 55+). Specifically, many in this group lack a basic grasp of asset pricing, risk diversification, portfolio choice, and investment fees. Subpopulations with particular deficits include women, the least educated, persons over the age of 75, and non-Whites. In view of the fact that people are increasingly being asked to take on responsibility for their own retirement security, such lack of knowledge can have serious implications.},
}