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Financial Literacy: Implications for Retirement Security and the Financial Marketplace$
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Olivia S. Mitchell and Annamaria Lusardi

Print publication date: 2011

Print ISBN-13: 9780199696819

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199696819.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 16 May 2021

Financial Literacy and Planning: Implications for Retirement Well-being

Financial Literacy and Planning: Implications for Retirement Well-being

Chapter:
(p.16) (p.17) Chapter 2 Financial Literacy and Planning: Implications for Retirement Well-being
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Financial Literacy: Implications for Retirement Security and the Financial Marketplace
Author(s):

Annamaria Lusardi

Olivia S. Mitchell

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199696819.003.0002

Relatively little is known about why people fail to plan for retirement and whether planning and information costs might affect retirement saving patterns. This chapter reports on a purpose-built survey module on planning and financial literacy for the Health and Retirement Study which measures how people make financial plans, collect the information needed to make these plans, and implement the plans. We show that financial illiteracy is widespread among older Americans, particularly women, minorities, and the least educated. We also find that the financially savvy are more likely to plan and to succeed in their planning, and they rely on formal methods such as retirement calculators, retirement seminars, and financial experts, instead of family/relatives or co-workers. These results have implications for targeted financial education efforts.

Keywords:   retirement, financial planning, literacy, interest, inflation, education, planning, knowledge

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