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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
WP 2009-216

  • 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.