Overview

As financial markets grow ever more complex and integrated, households must make increasingly sophisticated and all-too-often irreversible economic decisions. This is particularly evident in retirement decision-making. Traditional defined benefit pension schemes are being replaced with defined contribution pensions; employer and government judgment regarding how much to save and where to invest has been replaced by employees having to make these choices on their own (sometimes assisted by advisers); and retirees have become responsible for managing their own pension assets. This volume explores how financial literacy can enhance peoples' ability to make informed economic choices. It proposes that financial literacy determines how well people make and execute saving, investing, borrowing, and planning decisions. It examines causality using controlled settings to disentangle whether financial literacy causes saving or vice versa, and demonstrates that financial education programs do indeed enhance financial decision-making and asset accumulation.

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9781665180412

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Annamaria Lusardi has taught at Dartmouth College, Princeton University, and the University of Chicago's Harris School of Public Policy and Booth School of Business. She is the Director of the new Financial Literacy Center, a joint consortium with the Rand Corporation, Dartmouth College, and the Wharton School of the University of Pennsylvania, with the support of the Social Security Administration. She received her PhD in Economics from Princeton University. Annamaria Lusardi has taught at Dartmouth College, Princeton University, and the University of Chicago's Harris School of Public Policy and Booth School of Business. She is the Director of the new Financial Literacy Center, a joint consortium with the Rand Corporation, Dartmouth College, and the Wharton School of the University of Pennsylvania, with the support of the Social Security Administration. She received her PhD in Economics from Princeton University. Olivia S. Mitchell's main areas of interest are private and public insurance, risk management, public finance, labor markets, compensation, and pensions with both a U.S. and an international focus. She is a Research Associate of the NBER and she earned her PhD in Economics from the University of Wisconsin-Madison. Olivia S. Mitchell's main areas of interest are private and public insurance, risk management, public finance, labor markets, compensation, and pensions with both a U.S. and an international focus. She is a Research Associate of the NBER and she earned her PhD in Economics from the University of Wisconsin-Madison. Kitty Hendrix is from Carmel, California, and has been a professional actor/singer since childhood. She moved to New York City after college and found jobs singing in concert venues, cabarets, comedy clubs, and recording studios. She also acted in theater productions, originating more than twenty leading roles; appeared in film and television; and was a founding producer of Legacy Stage Ensemble, a theater company dedicated to the exploration of generational and social issues. Recording audiobooks since 2013 at her studio in NYC and working in nearly every genre, Kitty has consistently received excellent reviews for her work from AudioFile magazine and others. In 2018 Kitty was nominated as a finalist for an Audie Award for her narration of Daisy Miller by Henry James. Kitty now lives and records in the Catskill region of New York with her Shiba Inu, Reiki, and progressive activist/writer husband Alan Charney, where she also enjoys gardening, interior design, and organic cooking. She is a proud member of SAG-AFTRA and Actors' Equity.

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