How Financial Literacy Affects Household Wealth Accumulation

This study isolates the causal effects of financial literacy and schooling on wealth accumulation using a new household dataset and an instrumental variables (IV) approach. Financial literacy and schooling attainment are both strongly positively associated with wealth outcomes in linear regression m...

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Bibliographic Details
Published in:The American economic review 2012-05, Vol.102 (3), p.300-304
Main Authors: Behrman, Jere R., Mitchell, Olivia S., Soo, Cindy K., Bravo, David
Format: Article
Language:English
Subjects:
Accumulation
Age
Attainment
Causal analysis
Compound interest
Economics education
Education
Employee pension plans
Financial literacy
Household economics
Household wealth
Households
Instrumental variables estimation
Investments
Literacy
Older people
Pay-off
Pension contributions
Pension plans
Personal finance
Principal components analysis
Retirement
Retirement age
THE EFFECTS OF FINANCIAL EDUCATION AND FINANCIAL LITERACY
Wealth
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