Business, Management and Accounting
4 years ago

Financial literacy boosts stock market participation and retirement savings adherence.

SSRN Electronic Journal
Financial Literacy and Suboptimal Financial Decisions at Older Ages
Joelle H. Fong, Benedict Koh, Olivia S. Mitchell, Susann Rohwedder

Paper Summary

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Older adults' financial decisions impact their financial security in retirement. A study looked at how financial knowledge affects these decisions. They found that knowing about interest and inflation is common, but fewer understand risk diversification. More financial knowledge was linked to higher stock market participation and better adherence to age-appropriate investment strategies. However, it had a weaker effect on timely credit card repayment.