How Financial Literacy Affects Household Wealth Accumulation
Jere R. BehrmanDept. of Economics and Sociology, School of Arts and Sciences, University of Pennsylvania, 3718 Locust Walk, 160 McNeil, Philadelphia, PA 19104Olivia S. MitchellWharton School of the University of Pennsylvania, 3620 Locust Walk, 3000 SH-DH, Philadelphia, PA 19104Cindy SooWharton School, University of Pennsylvania, 3620 Locust Walk, 3000 SH-DH, Philadelphia, PA 19104David Nogués‐BravoCentro de Microdatos, Universidad de Chile, Diag Paraguay #257, Torre 26, Santiago, Chile
2012en
ABI
Annotatsiya
This study isolates the causal effects of financial literacy and schooling on wealth accumulation using a new household dataset and an instrumental variables (IV) approach. Financial literacy and schooling attainment are both strongly positively associated with wealth outcomes in linear regression models, whereas the IV estimates reveal even more potent effects of financial literacy. They also indicate that the schooling effect only becomes positive when interacted with financial literacy. Estimated impacts are substantial enough to imply that investments in financial literacy could have large wealth payoffs.
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