Key Findings Details
Financial Literacy and Financial Sophistication in the Older Population: Evidence from the 2008 HRS
Annamaria Lusardi, Olivia S. Mitchell and Vilsa Curto
- Americans over age 55 lack a basic understanding of the stock market, risk diversification, portfolio choices, and investment fees.
- Lack of financial literacy is more evident among women, minorities, and those with less education and income.
- Americans would benefit from financial education programs targeted to their needs.