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Author: Lusardi, Annamaria

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1.	Lusardi, Annamaria
1.	Financial Literacy: An Essential Tool for Informed Consumer Choice? NBER Working Paper 14084, National Bureau of Economic Research, June 2008. Also: http://www.nber.org/papers/w14084 Cohort(s): NLSY79 Publisher: National Bureau of Economic Research (NBER) Keyword(s): Demography; Economics of Minorities; Financial Investments; Literacy; Savings Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper demonstrates widespread financial illiteracy among the U.S. population, particularly among specific demographic groups. Those with low education, women, African-Americans, and Hispanics display particularly low levels of literacy. Financial literacy impacts financial decision-making. Failure to plan for retirement, lack of participation in the stock market, and poor borrowing behavior can all be linked to ignorance of basic financial concepts. While financial education programs can result in improved saving behavior and financial decision-making, much can be done to improve these programs' effectiveness.
	Bibliography Citation Lusardi, Annamaria. "Financial Literacy: An Essential Tool for Informed Consumer Choice?" NBER Working Paper 14084, National Bureau of Economic Research, June 2008.

2.	Lusardi, Annamaria Cossa, Ricardo Krupka, Erin L.
2.	Savings of Young Parents Journal of Human Resources 36,4 (Fall 2001): 762-794. Also: http://www.jstor.org/stable/3069641 Cohort(s): NLSY97 Publisher: University of Wisconsin Press Keyword(s): Assets; Household Income; Nonresponse; Parenthood; Savings In this paper, we examine household savings using data from the National Longitudinal Survey, Cohort 1997. This data set provides detailed information about assets and liabilities of parents with teenage children. In our empirical work, we have to first deal with several problems in measuring wealth. Although many responding parents report owning assets and liabilities, they often do not report their values. To get around the nonresponse problem, we impute the missing values for assets and liabilities. To study the patterns of accumulation of young parents, we examine wealth holdings and asset ownership across several demographic groups.
	Bibliography Citation Lusardi, Annamaria, Ricardo Cossa and Erin L. Krupka. "Savings of Young Parents." Journal of Human Resources 36,4 (Fall 2001): 762-794.

3.	Lusardi, Annamaria Cossa, Ricardo Krupka, Erin L.
3.	Savings of Young Parents WP-2000-23, Federal Reserve Bank of Chicago, December 2000. Also: http://www.chicagofed.org/webpages/publications/working_papers/2000/wp_23.cfm Cohort(s): NLSY97 Publisher: Federal Reserve Bank of Chicago Keyword(s): Educational Attainment; Household Income; Life Cycle Research; Panel Study of Income Dynamics (PSID); Parenthood; Retirement/Retirement Planning; Savings; Teenagers Permission to reprint the abstract has not been received from the publisher. In this paper, we examine household savings using data from the National Longitudinal Survey, Cohort 1997 (NLSY97). This data set provides detailed information about assets and liabilities of parents with teen-age children and allows researchers to examine patterns of accumulation at early stages of the life cycle. In our empirical work, we have first to deal with several problems in measuring wealth. While many respondents report owning assets and liabilities, they often do not report their values. This problem is severe, in particular among financial assets. It is also difficult to devise an appropriate measure of accumulation when examining young parents, since assets and liabilities display different degrees of liquidity. To get around the non-response problem, we impute the missing values for assets and liabilities. This allows us to calculate household wealth for the whole sample. We examine household wealth holdings by considering several measures of accumulation: total (non-pension) net worth, financial net worth, and retirement savings. We study their distribution across different demographic groups and show that many households, in particular those headed by young parents (younger than 35), minorities, and individuals with low educational attainment, display very little accumulation. Many have no financial assets and their total net worth is also low. Housing equity is the main asset in many household portfolios and often the only asset families own. Overall, there is much heterogeneity in wealth holdings not only across but also within demographic groups. This suggests that many factors are at play in shaping the wealth accumulation of parents with young children.
	Bibliography Citation Lusardi, Annamaria, Ricardo Cossa and Erin L. Krupka. "Savings of Young Parents." WP-2000-23, Federal Reserve Bank of Chicago, December 2000.

4.	Lusardi, Annamaria Mitchell, Olivia S. Curto, Vilsa
4.	Financial Literacy Among the Young Journal of Consumer Affairs 44,2 (Summer 2010): 358-380. Also: http://onlinelibrary.wiley.com/doi/10.1111/j.1745-6606.2010.01173.x/abstract Cohort(s): NLSY97 Publisher: American Council on Consumer Interests (ACCI) Keyword(s): Assets; College Education; Educational Attainment; Family Income; Financial Investments; Financial Literacy; Gender Differences; High School Dropouts; Wealth Permission to reprint the abstract has not been received from the publisher. 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 young adults possess basic knowledge of interest rates, inflation and risk diversification. Financial literacy was strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings was about 45 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy. [ABSTRACT FROM AUTHOR] Copyright of Journal of Consumer Affairs is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
	Bibliography Citation Lusardi, Annamaria, Olivia S. Mitchell and Vilsa Curto. "Financial Literacy Among the Young." Journal of Consumer Affairs 44,2 (Summer 2010): 358-380.

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