TY - JOUR
T1 - Financial literacy of middle-aged and older Individuals
T2 - Comparison of Japan and the United States
AU - Shimizutani, Satoshi
AU - Yamada, Hiroyuki
N1 - Funding Information:
This work was presented at the Gateway to Global Aging Data Research Conference, funded by the National Institute on Aging (2R01 AG030153). We thank our discussant, Silvia Barcellos, conference participants, one anonymous referee, and the editors for their constructive comments. The views expressed in this paper are completely personal and unrelated to those of any organizations with which we are affiliated or those who commented on this study.
Publisher Copyright:
© 2019 Elsevier B.V.
PY - 2020/6
Y1 - 2020/6
N2 - Financial literacy holds growing interest for managing assets/savings during the longer retirement period currently experienced in rapidly aging countries. We examine and compare levels and determinants of financial literacy as well as its association with asset allocation among middle-aged and older individuals of Japan and the United States. We present some interesting findings. First, financial literacy is generally influenced by educational attainment, cognitive skills, coursework in economics or finance, and income level. Second, financial literacy is associated with household asset allocation; individuals with higher literacy also have investment in stocks or securities. These patterns are commonly observed both in Japan and the United States.
AB - Financial literacy holds growing interest for managing assets/savings during the longer retirement period currently experienced in rapidly aging countries. We examine and compare levels and determinants of financial literacy as well as its association with asset allocation among middle-aged and older individuals of Japan and the United States. We present some interesting findings. First, financial literacy is generally influenced by educational attainment, cognitive skills, coursework in economics or finance, and income level. Second, financial literacy is associated with household asset allocation; individuals with higher literacy also have investment in stocks or securities. These patterns are commonly observed both in Japan and the United States.
KW - Financial literacy
KW - HRS
KW - Household asset allocation
KW - JSTAR
KW - Japan
KW - U.S.
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U2 - 10.1016/j.jeoa.2019.100214
DO - 10.1016/j.jeoa.2019.100214
M3 - Article
AN - SCOPUS:85073827047
SN - 2212-828X
VL - 16
JO - Journal of the Economics of Ageing
JF - Journal of the Economics of Ageing
M1 - 100214
ER -