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Financial Literacy: Implications for Retirement Security and the Financial Marketplace
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Financial Literacy: Implications for Retirement Security and the Financial Marketplace

Olivia S. Mitchell and Annamaria Lusardi


As financial markets become increasingly complex and integrated, individuals and their families are increasingly faced with making highly sophisticated and all-too-often irreversible economic decisions. Nowhere is this more evident than with regard to retirement decision-making: a half-century ago, traditional defined benefit pension schemes were the norm in the United States, Japan, Australia and much of Europe, but these have now been largely replaced with defined contribution pensions. In the process, employer and government judgment regarding how much to save and where to invest has been r ... More

Keywords: financial literacy, retirement, saving, financial education, financial decision-making, counseling, behavior

Bibliographic Information

Print publication date: 2011 Print ISBN-13: 9780199696819
Published to Oxford Scholarship Online: January 2012 DOI:10.1093/acprof:oso/9780199696819.001.0001


Affiliations are at time of print publication.

Olivia S. Mitchell, editor
International Foundation of Employee Benefit Plans Professor Chair and Professor of Insurance and Risk Management, and Professor of Business and Public Policy Director, Pension Research Council & Boettner Center for Pensions and Retirement Research

Annamaria Lusardi, editor
Joel Z. and Susan Hyatt Professor of Economics at Dartmouth College and a Research Associate at the National Bureau of Economic Research

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