@article {7729,
	title = {Financial Knowledge and Financial Literacy at the Household Level},
	journal = {The American Economic Review},
	volume = {102},
	year = {2012},
	pages = {309-313},
	publisher = {102},
	abstract = {There is evidence of a relation between numeracy and wealth held outside of pensions and Social Security. With pensions and Social Security accounting for half of wealth at retirement, and evidence that those with pensions save more in other forms, one would expect to find knowledge of pensions and Social Security influencing retirement saving. Yet we find no evidence that knowledge of pensions and Social Security is related to nonpension, non-Social Security wealth, to numeracy, or that it plays an intermediate role in the numeracy-wealth relation. Our findings raise questions about policies that would enhance numeracy to increase retirement saving.  PUBLICATION ABSTRACT},
	keywords = {Net Worth and Assets, Other, Public Policy, Retirement Planning and Satisfaction, Social Security},
	doi = {10.1257/aer.102.3.309},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {5808,
	title = {Financial Knowledge and Financial Literacy at the Household Level},
	number = {16500},
	year = {2010},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {This paper uses data from the Health and Retirement Study to explore the mechanism that underlies the robust relation found in the literature between cognitive ability, and in particular numeracy, and wealth, income constant. We have a number of findings. First, the more valuable the pension, the more knowledgeable are covered workers about their pensions. We suggest that causality is more likely to run from pension wealth to pension knowledge, rather than the other way around. Second, most measures of cognitive ability, including numeracy, are not significant determinants of pension and Social Security knowledge. Third, standardizing for incomes and other factors, a pension of higher value does not substitute for other forms of wealth. Rather, counting pensions in total wealth, those with more valuable pensions save more for retirement, other things the same. Fourth, there is no evidence that wealth held outside of pensions is influenced by knowledge of pensions.  In sum, numeracy does not influence wealth in whole or in part by affecting financial knowledge of one{\textquoteright}s pension plan, where financial knowledge of the pension then influences other decisions about retirement saving.  These findings raise questions about the mechanism that underlies the relation between cognition, especially numeracy, and wealth. From a policy perspective, they suggest that the numeracy-wealth relation should not be taken as evidence that increasing financial literacy will increase the wealth of households as they enter into retirement.},
	keywords = {Health Conditions and Status, Net Worth and Assets, Other, Pensions},
	doi = {10.3386/w16500},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
