The Outlook for Financial Literacy
As the world becomes more financially integrated and complex, average individuals and their families are increasingly faced with making highly sophisticated and all-too-often irreversible financial decisions. Nowhere is this more evident than with regard to retirement decision-making. Indeed, the global financial crisis suggests that poor financial decision-making can have substantial costs not only for individuals but also society at large. This paper focuses on key lessons for financial decision-making in the wake of that crisis, exploring how financial literacy can enhance peoples' skills and abilities to make more informed economic choices.
Opinions and conclusions are solely those of the author(s) and do not reflect views of the institutions supporting the research, with whom the authors are affiliated, or the Pension Research Council. All rights reserved. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
“The Outlook for Financial Literacy,” joint w ith Olivia Mitchell , in A. Lusardi and O . Mitchell (eds), “Financial Literacy. Implica tions for Retirement Security and the Financial Marketplace,” Oxford University Press , 2011, pp. 1 - 13 .