The Importance of Financial Literacy: Opening a New Field
Journal of Economic Perspectives
vol. 37,
no. 4, Fall 2023
(pp. 137-54)
(Complimentary)
Abstract
We undertake an assessment of our two decades of research on financial literacy, building on our empirical research and theoretical work casting financial knowledge as a form of investment in human capital. We also draw on recent data to determine who is the most—and least—financially savvy in the United States, and we highlight the similarity of our results in other countries. A number of convincing studies is now available, from which we draw conclusions about the effects and consequences of financial illiteracy, and what can be done to fill these gaps. We conclude by offering our thoughts on implications for teaching, policy, and future research.Citation
Lusardi, Annamaria, and Olivia S. Mitchell. 2023. "The Importance of Financial Literacy: Opening a New Field." Journal of Economic Perspectives, 37 (4): 137-54. DOI: 10.1257/jep.37.4.137Additional Materials
JEL Classification
- D31 Personal Income, Wealth, and Their Distributions
- G51 Household Finance: Household Saving, Borrowing, Debt, and Wealth
- G53 Household Finance: Financial Literacy
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