| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14808 |
| 来源ID | Working Paper 14808 |
| Debt Literacy, Financial Experiences, and Overindebtedness | |
| Annamaria Lusardi; Peter Tufano | |
| 发表日期 | 2009-03-18 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We analyze a national sample of Americans with respect to their debt literacy, financial experiences, and their judgments about the extent of their indebtedness. Debt literacy is measured by questions testing knowledge of fundamental concepts related to debt and by self-assessed financial knowledge. Financial experiences are the participants' reported experiences with traditional borrowing, alternative borrowing, and investing activities. Overindebtedness is a self-reported measure. Overall, we find that debt literacy is low: only about one-third of the population seems to comprehend interest compounding or the workings of credit cards. Even after controlling for demographics, we find a strong relationship between debt literacy and both financial experiences and debt loads. Specifically, individuals with lower levels of debt literacy tend to transact in high-cost manners, incurring higher fees and using high-cost borrowing. In applying our results to credit cards, we estimate that as much as one-third of the charges and fees paid by less knowledgeable individuals can be attributed to ignorance. The less knowledgeable also report that their debt loads are excessive or that they are unable to judge their debt position. |
| 主题 | Microeconomics ; Behavioral Economics |
| URL | https://www.nber.org/papers/w14808 |
| 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/572484 |
| 推荐引用方式 GB/T 7714 | Annamaria Lusardi,Peter Tufano. Debt Literacy, Financial Experiences, and Overindebtedness. 2009. |
| 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 | ||
| w14808.pdf（298KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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