Annamaria Lusardi
Risk Literacy
George Washington University
examine financial literacyspecifically knowledge riskusing data surveys united states countries show risk literacy low majority individuals lack knowledge concepts risk diversification understand relationship risk return findings strikingly similar across countries third survey respondents countries report know answer risk literacy questions also show risk literacy matters financial decisions knowledgeable risk likely precautionary savings plan retirement given individuals much greater responsibility financial wellbeing retirement past addressing lack financial literacy including risk literacy may provide new ways promote saving financial security