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on Financial Literacy and Education |
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Issue of 2018‒11‒05
three papers chosen by |
| By: | Robert L. Clark; Robert G. Hammond; David Vanderweide |
| Abstract: | Choices regarding the disposition of wealth at retirement can have substantial implications for retirement income security. We analyze the factors determining annuity option choices offered by a public sector defined pension plan with no default annuity option. Using combined administrative records and survey data, we explore the role of individual and household characteristics as well as risk preferences, time preferences, and financial literacy. The evidence is consistent with predictions over which households might benefit most from each annuity option. Comparing retirees who chose different annuities, we find that these groups of retirees report very different levels of well-being in retirement. |
| JEL: | G2 H55 H7 |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25129&r=fle |
| By: | Gangwar, Rachna; Singh, Ritvik |
| Abstract: | Financial literacy is essential for making key financial decisions related to saving, borrowing and investment. Although numerable studies have been conducted to find elements of financial literacy, most of them focus on developed countries. This study aims to determine characteristics that affect levels of financial literacy in India and the impact of financial literacy on investment behavior. Primary data from 309 respondents across India was collected for the purpose of the study and was analyzed using empirical methods such as ordinary least square (OLS) regression and t-test. It was found that financial literacy among respondents was low and significant differences existed based on sociodemographic and economic factors. Unexpectedly, financial literacy was found to have no effect on investment behavior. To the best of the authors’ knowledge, this study is among the first, if not the first, of its kind to be conducted in India. The findings have significant implications for financial education and public policy programs. |
| Keywords: | Financial Literacy; Investment Behavior; Household Finance; Socioeconomic Characteristics |
| JEL: | D14 D19 G11 |
| Date: | 2018–10–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:89452&r=fle |
| By: | Noelia Camara; Enestor Dos Santos; Francisco Grippa; Javier Sebastian; Fernando Soto; Cristina Varela |
| Abstract: | This document focuses on identifying factors affecting the implementation of a Central Bank digital currency (CBDC) in Latin American countries. The adoption of a CBDC (non-universal) for the interbank and wholesale payment system would lead to a relatively minor level of disruption in the economy. In this case, the implementation costs is an important issue. |
| Keywords: | Working Paper , Digital Regulation , Central Banks , Digital economy , Financial Markets , Financial Inclusion , Latin America |
| JEL: | O33 E43 E58 |
| Date: | 2018–10 |
| URL: | http://d.repec.org/n?u=RePEc:bbv:wpaper:1813&r=fle |