Annamaria Lusardi
Financial Capability in the United States: Consumer Decision-Making and the Role of Social Security
National Bureau of Economic Research|George Washington University
paper analyzes new data 2009 national financial capability study survey provides information assess american households make financial decisions faring current economic conditions ways financial knowledge contributes financial capability addition includes data information social security administration ssa provides consumers paper finds majority individuals plan retirement make provisions shocks debt management often results sizable interest payments fees notable many individuals used highcost methods borrowing past five years levels financial knowledge strikingly low many respondents possess knowledge basic concepts social security taken steps provide information individuals expect receive retire selfreported evidence provided survey shows information used quarter population acknowledge receiving statement moreover large differences among use demographic groups vulnerable populations africanamericans hit shocks single separated individuals likely use statement