Business, Management and Accounting
8 years ago

Financial illiteracy threatens retirement wellbeing for older Americans, especially women and minorities.

Financial Literacy and Planning: Implications for Retirement Wellbeing
Annamaria Lusardi, Olivia Mitchell

Paper Summary

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The study looked at why people don't plan for retirement and how financial knowledge affects saving habits. They found that many older Americans, especially women, minorities, and those with less education, lack financial literacy. Those who are financially savvy are more likely to plan for retirement successfully, using tools like retirement calculators and advice from experts. This suggests that targeted financial education could help improve retirement planning for all.