Annamaria Lusardi

TL;DR: A review of the current state of financial literacy and financial education programs, and whether workers possess the financial literacy necessary to process information and formulate saving plans is provided in this paper, where the authors provide a review.

TL;DR: The authors introduced a method for measuring the quality of financial decision making built around a notion of financial competence, which gauges the alignment between individuals' choices and those they would make if they properly understood their opportunities.

TL;DR: In this article, the authors estimate the extent of precautionary accumulation using data from a new survey: the US Health and Retirement Study, which samples older households and accounts for many determinants of wealth, not only past economic circumstances and expectations about future resources, but also individual preferences, such as risk aversion and impatience.

TL;DR: The authors examined whether investors who are more financially knowledgeable earn more on their retirement plan investments compared to their less sophisticated counterparts, and found that risk-adjusted annual expected returns are 130 basis points higher for the most financially knowledgeable employees, and those scoring higher on their Financial Knowledge Index have slightly more volatile portfolios while they do no better diversifying their portfolios than their peers.

TL;DR: In this article, the authors present new evidence on financial literacy and retirement preparation in the Netherlands based on two surveys conducted before and after the onset of the financial crisis and find a positive effect of financial literacy on retirement preparation.