M.C.J. van Rooij|Annamaria Lusardi|Rob Alessie
Financial Literacy, Retirement Planning and Household Wealth
De Nederlandsche Bank|George Washington University|Network for Studies on Pensions, Aging and Retirement|University of Groningen
relying comprehensive measures financial knowledge provide evidence strong positive association financial literacy net worth even controlling many determinants wealth discuss two channels financial literacy might facilitate wealth accumulation first financial knowledge increases likelihood investing stock market allowing individuals benefit equity premium second financial literacy positively related retirement planning development savings plan shown boost wealth