| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13565 |
| 来源ID | Working Paper 13565 |
| Financial Literacy and Stock Market Participation | |
| Maarten van Rooij; Annamaria Lusardi; Rob Alessie | |
| 发表日期 | 2007-10-26 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Individuals are increasingly put in charge of their financial security after retirement. Moreover, the supply of complex financial products has increased considerably over the years. However, we still have little or no information about whether individuals have the financial knowledge and skills to navigate this new financial environment. To better understand financial literacy and its relation to financial decision-making, we have devised two special modules for the DNB Household Survey. We have designed questions to measure numeracy and basic knowledge related to the working of inflation and interest rates, as well as questions to measure more advanced financial knowledge related to financial market instruments (stocks, bonds, and mutual funds). We evaluate the importance of financial literacy by studying its relation to the stock market: Are more financially knowledgeable individuals more likely to hold stocks? To assess the direction of causality, we make use of questions measuring financial knowledge before investing in the stock market. We find that, while the understanding of basic economic concepts related to inflation and interest rate compounding is far from perfect, it outperforms the limited knowledge of stocks and bonds, the concept of risk diversification, and the working of financial markets. We also find that the measurement of financial literacy is very sensitive to the wording of survey questions. This provides additional evidence for limited financial knowledge. Finally, we report evidence of an independent effect of financial literacy on stock market participation: Those who have low financial literacy are significantly less likely to invest in stocks. |
| 主题 | Microeconomics ; Behavioral Economics |
| URL | https://www.nber.org/papers/w13565 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571240 |
| 推荐引用方式 GB/T 7714 | Maarten van Rooij,Annamaria Lusardi,Rob Alessie. Financial Literacy and Stock Market Participation. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13565.pdf（309KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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