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Financial Literacy

Implications for Retirement Security and the Financial Marketplace

Olivia S Mitchell editor Annamaria Lusardi editor

Format:Hardback

Publisher:Oxford University Press

Published:27th Oct '11

Currently unavailable, and unfortunately no date known when it will be back

Financial Literacy cover

As financial markets grow ever more complex and integrated, households must make increasingly sophisticated and all-too-often irreversible economic decisions. This is particularly evident in retirement decision-making. Traditional defined benefit pension schemes are being replaced with defined contribution pensions; employer and government judgment regarding how much to save and where to invest has been replaced by employees having to make these choices on their own (sometimes assisted by advisers); and retirees have become responsible for managing their own pension assets. This volume explores how financial literacy can enhance peoples' ability to make informed economic choices. It proposes that financial literacy determines how well people make and execute saving, investing, borrowing, and planning decisions. It examines causality using controlled settings to disentangle whether financial literacy causes saving or vice versa, and demonstrates that financial education programs do indeed enhance financial decision-making and asset accumulation.

Financial Literacy offers a comprehensive journey across the current state of understanding of financial education and its impact on financial behaviours. It provides a useful survey of the field and will give any financial practitioner or policy-maker reasons and methods to think about the human consequences of their designs and actions. * Jeremy Duffield, Journal of Pension Economics and Finance *

ISBN: 9780199696819

Dimensions: 241mm x 162mm x 24mm

Weight: 612g

328 pages