Financial literacy, schooling, and wealth accumulation
By: Jere R. Behrman ... [et al.].
Contributors: National Bureau of Economic Research
Series: NBER working paper series -- working paper 16452; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16452.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "The NBER Bulletin on Aging and Health provides summaries of publications like this.  You can sign up to receive the NBER Bulletin on Aging and Health by email.  Financial literacy and schooling attainment have been linked to household wealth accumulation.  Yet prior findings may be biased due to noisy measures of financial literacy and schooling, as well as unobserved factors such as ability, intelligence, and motivation that could enhance financial literacy and schooling but also directly affect wealth accumulation.  We use a new household dataset and an instrumental variables approach to isolate the causal effects of financial literacy and schooling on wealth accumulation.  While financial literacy and schooling attainment are both strongly positively associated with wealth outcomes in linear regression models, our approach reveals even stronger and larger effects of financial literacy on wealth.  Estimated impacts are substantial enough to suggest that investments in financial literacy could have large positive effects on household wealth accumulation"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 2/22/2011.

Includes bibliographical references.

Also available in print.

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Mode of access: World Wide Web.