Jere R. Behrman|Olivia S. Mitchell|Cindy Soo|David Bravo
How Financial Literacy Affects Household Wealth Accumulation
University of Pennsylvania|University of Pennsylvania|University of Pennsylvania|University of Chile
study isolates causal effects financial literacy schooling wealth accumulation using new household dataset instrumental variables iv approach financial literacy schooling attainment strongly positively associated wealth outcomes linear regression models whereas iv estimates reveal even potent effects financial literacy also indicate schooling effect becomes positive interacted financial literacy estimated impacts substantial enough imply investments financial literacy could large wealth payoffs