Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth

Lusardi, Annamaria; Mitchell, Olivia S.

doi:10.1016/j.jmoneco.2006.12.001

Cited by 1,558 publications

(344 citation statements)

References 18 publications

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“…Alternatively, the financial literacy scores of a treatment and a control group are contrasted after a given educational intervention (e.g., Lührmann et al 2015). The effectiveness of the programs is usually measured by tracking self-reported financial behavior of the participants which is elicited by means of a questionnaire (e.g., Lusardi and Mitchell 2007;Bell et al 2009;Lührmann et al 2015). Fernandes et al (2014) have recently conducted a meta-analysis in which they include the entire universe of published and unpublished studies on financial education interventions and standardize effect sizes reported in the original studies when aggregating the respective findings.…”

Section: Selected Financial Education Initiatives and The Costs Of Fimentioning

confidence: 99%

Financial literacy, financial advice, and financial behavior

2017

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In this survey, we review the voluminous body of literature on the measurement and the determinants of financial literacy. Wherever possible, we supplement existing findings with recent descriptive evidence of German households' financial literacy levels based on the novel Panel on Household Finances dataset, a large-scale survey administered by the Deutsche Bundesbank and representative of the financial situation of households in Germany. Prior research not only documents generally low levels of financial literacy but also finds large heterogeneity in financial literacy across the population, suggesting that economically vulnerable groups are placed at further disadvantage by their lack of financial knowledge. In addition, we assess the literature evaluating financial education as a means to improve financial literacy and financial behavior. Our survey suggests that the evidence with respect to the effectiveness of the programs is rather disappointing. We also review the role of individuals' financial literacy for the use of professional financial advice and assess whether expert intervention can serve as a substitute to financial literacy. We conclude by discussing several directions for future research.

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Section: Selected Financial Education Initiatives and The Costs Of Fimentioning

confidence: 99%

Financial literacy, financial advice, and financial behavior

2017

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“…To measure the financial literacy, this research adopted the question of financial literacy of Lusardi and Mitchell [2007a] and Lusardi et al [2010]. The questions are as follows: The first question is referred to as "Interest", and the second question is referred to as "Inflation".…”

Section: Methodsmentioning

confidence: 99%

“…This research divides the type of financial planning into three categories: Simple Planner, Serious Planner, and Committed Planner. This categorization is based on prior research such as Lusardi and Mitchell [2007a], van Rooij et al [2011], and van Rooij et al [2012]. If the respondent answered "Yes" to the first question ("Have you ever tried to figure out how much your household would need to save for retirement?")…”

Section: Methodsmentioning

confidence: 99%

“…In financial literacy theory, it is shown how a highly financially literate person assists others in better economic planning. For instance, Lusardi and Mitchell [2007a] show that baby boomers with good financial literacy tend to have better financial planning, which helps them to increase their wealth. Lusardi and Mitchell [2007b] also show that lack of planning has important consequences for saving and portfolio choice: those who do not plan tend to accumulate far less wealth than those who plan, and non-planners are also less likely to invest in stocks and taxfavoured assets.…”

Section: Theoretical Backgroundmentioning

confidence: 99%

“…Prior studies show that financial planning is closely related to well-being [Lusardi & Mitchell, 2007a, 2007bHana & Lindamood, 2010;van Rooij et al, 2011]. This implies that those who have good management in their financial planning would lead a better resulting life.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

The Financial Planning and Financial Literacy of ex-Malaysia Indonesian Migrant Workers

Brahmana,

Brahmana

2016

AOP

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Indonesian migrant workers (IMW) face life difficulties after returning back to Indonesia. This is a contrary condition considering their contribution to their home family in Indonesia while working abroad. Literature mentions that their financial planning is the root of the poverty of ex-IMW. Therefore, this research adopts literacy theory to explain this phenomenon. This research conducted a survey among 548 ex-IMW and measures their financial literacy and financial planning. This research also maps their asset ownership to examine the relationship between financial literacy and asset ownership. Overall, this research documents that financial literacy contributes statistically significantly and positively to financial planning. Furthermore, this research shows that asset ownership is closely related to financial literacy. In a nutshell, this research concludes that it is important for migrant workers to have good knowledge of financial issues, because having good financial literacy helps the migrant workers to plan their finance and budget much better, thereby helping them to avoid the poverty trap. Therefore, policymakers such as migrant worker authorities and/or Indonesian embassies abroad have to institute financial education programmes for migrant workers before they return to Indonesia.

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Midlife Wealth Mobility and Long-term Cardiovascular Health

2021

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IMPORTANCEThe association of socioeconomic status and cardiovascular outcomes has been well described, but little is known about whether longitudinal changes in wealth are associated with cardiovascular health status.OBJECTIVE To evaluate the association between midlife wealth mobility and risk of cardiovascular events. DESIGN, SETTING, AND PARTICIPANTSThis longitudinal, retrospective cohort study included US adults 50 years or older who participated in the Health and Retirement Study. Participants in the primary analysis had no history of cardiovascular disease and had observations in at least two of three 5-year age intervals (50-54, 55-59, and 60-64 years) and follow-up after 65

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Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth

Cited by 1,558 publications

References 18 publications

Financial literacy, financial advice, and financial behavior

Financial literacy, financial advice, and financial behavior

The Financial Planning and Financial Literacy of ex-Malaysia Indonesian Migrant Workers

Midlife Wealth Mobility and Long-term Cardiovascular Health

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