- Financial sophistication in the older population (2012) - This
paper examines data on financial sophistication among the U.S.
older population, using a special-purpose module implemented in
the Health and Retirement Study. We show that financial
sophistication is deficient for older respondents (aged 55+).
Specifically, many in this group lack a basic grasp of asset
pricing, risk diversification, portfolio choice, and investment
fees. Subpopulations with particular deficits include women, the
least educated, persons over the age of 75, and non-Whites. In
view of the fact that people are increasingly being asked to
take on responsibility for their own retirement security, such
lack of knowledge can have serious implications. - Financial
literacy among the young: evidence and implications for consumer
policy (2010) - We examined financial literacy among the young
using the most recent wave of the 1997 National Longitudinal
Survey of Youth. We showed that financial literacy is low; fewer
than one-third of youn