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- Title
Financial Literacy among the Young.
- Authors
LUSARDI, ANNAMARIA; MITCHELL, OLIVIA S.; CURTO, VILSA
- Abstract
We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation and risk diversification. Financial literacy was strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings was about 45 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy.
- Subjects
FINANCIAL literacy; YOUNG adults; PERSONAL finance; INTEREST rates; INFLATION risk; SOCIODEMOGRAPHIC factors
- Publication
Journal of Consumer Affairs, 2010, Vol 44, Issue 2, p358
- ISSN
0022-0078
- Publication type
Article
- DOI
10.1111/j.1745-6606.2010.01173.x