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[11] Hilgert, Marianne, Jeanne Hogarth, and Sondra Beverly (2003), “Household Fi- nancial Management: The Connection between Knowledge and Behavior, ” Federal Reserve Bulletin, pp. 309-32. [12] Keynes, M.J., 1936, “The general theory of employment, interest and money. ” London: MacMillan, 1936. [13] Klandermans, P., I. Rotters, 1983, E. “Scale and Socio-Political Action-Taking: The Balance of 20 years Research, ” European Journal Social Psychology 13, pp. 399-415. [14] Lau, R. and J. Ware, 1981, “Refinements in the Measurement of Health-Specific Locus of Control Beliefs, ” Medical Care 1981 19, pp. 1147-1158. [15] Levin, Laurence. 1998, “Are Assets Fungible? Testing the Behavioral Theory of Life-Cycle Savings, ” Journal of Economic Behavior and Organization. 36:1, pp. 59-83. [16] Ludenia, K. and G. Denham, 1983, “Dental Outpatients: Health Locus of Control Correlates, ” Journal of Clinical Psychology 39, pp. 854-858. [17] Lusardi, A. and O. S. Mitchell, 2006, “Financial Literacy and Planning: Implica- tions for Retirement Wellbeing, ” MRRC Working Paper no. 2006-144. [18] Lusardi, A., Mitchell, O., 2007, “Baby boomer retirement security: The roles of planning, financial literacy, and housing wealth, ” Journal of Monetary Economics 54, 205-224. 22
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Page 1 and 2: Financial Responsibility, Personali
Page 3 and 4: decisions through their understandi
Page 5 and 6: literacy test are 38% more likely t
Page 7 and 8: for their retirement, and thereby r
Page 9 and 10: In total, the survey consists of 62
Page 11 and 12: e good at mathematics, and merely 1
Page 13 and 14: looked at in detail later, and is o
Page 15 and 16: striking are the low scores that we
Page 17 and 18: these two household demographics re
Page 19 and 20: savers, the only interaction effect
Page 21: References [1] Berman, A. and T. Ha
Page 25 and 26: Table 1: Summary statistics Total s
Page 27 and 28: Table 3: Robustness test of savings
Page 29 and 30: Table 5: Logit regressions on obser
Page 31 and 32: % Savers 60 50 40 30 20 10 0 Male F
Page 33 and 34: - It is hard to find a good financi
Page 35 and 36: C Financial Literacy Mean Stdev Min
Page 37 and 38: 100% 80% 60% 40% 20% 0% > 1960 1945

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