1 论文标题
Financial Sophistication in the Older Population
2 作者信息
Annamaria Lusardi, Olivia S. Mitchell, Vilsa Curto
3 出处和链接（比如，NBER working paper No.11000）
NBER Working Paper No. 17863
Issued in February 2012
NBER Program(s):   AG   LS   PE
4 摘要

This paper examines data on financial sophistication among the U.S. older population, using a special-purpose module implemented in the Health and Retirement Study. We show that financial sophistication is deficient for older respondents (aged 55+). Specifically, many in this group lack a basic grasp of asset pricing, risk diversification, portfolio choice, and investment fees. Subpopulations with particular deficits include women, the least educated, persons over the age of 75, and non-Whites. In view of the fact that people are increasingly being asked to take on responsibility for their own retirement security, such lack of knowledge can have serious implications.