Financial Literacy Lacking Among Older Population

A new look at the financial literacy and sophistication of people 55 and older reveals the need for educational efforts targeted to specific demographics. Financial Literacy and Financial Sophistication in the Older Population: Evidence from the 2008 HRS, a University of Michigan Retirement Research Center working paper by Annamaria Lusardi, Olivia S. Mitchell, and Vilsa Curto, analyzes new data on financial literacy from the University of Michigan's 2008 Health and Retirement Study. According to the authors, their research suggests it may be particularly important to build retirement human capital through seminars, educational programs, and retirement planning products.

Financial literacy/Older people/Research

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