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Financial Literacy and Financial Sophistication in the Older Population: Evidence from the 2008 HRS
by Annamaria Lusardi, Olivia S. Mitchell and Vilsa Curto
WP 2009-216
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- Older Americans over 55 lack financial sophistication -- they lack a basic understanding of the stock market, risk diversification, portfolio choices, and investment fees.
- Lack of financial literacy is more evident among women, minorities, and those with lower education and income.
- As Americans are increasingly expected to handle saving and investment decisions for their retirement security, they would benefit from financial education programs targeted to their needs.
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