Financial literacy and the need for financial education: Evidence and implications

Financial literacy and the need for financial education: Evidence and implications

Abstract

Throughout their lifetime, individuals today are more responsible for their personal finances than ever before.

With life expectancies rising, pension and social welfare systems are being strained. In many countries, employer-sponsored defined benefit (DB) pension plans are swiftly giving way to private defined contribution (DC) plans, shifting the responsibility for retirement saving and investing from employers to employees. Individuals have also experienced changes in labor markets. Skills are becoming more critical, leading to divergence in wages between those with a college education, or higher, and those with lower levels of education.

Full content of the publication

Tags

Behavioral economics Financial education Financial literacy Retirement plan behavior

Authors

Annamaria Lusardi

Academic Director, Global Financial Literacy Excellence Center (GFLEC)

Web

Additional Information

Date published

01/12/2017

Document Type

Research

Geographies

Global

Target

Regulators, policymakers, Public Authorities

Pages

22

Source

GFLEC
Logo GFLEC

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