@techreport{NBERw15352,
 title = "Financial Literacy among the Young: Evidence and Implications for Consumer Policy",
 author = "Annamaria Lusardi and Olivia S. Mitchell and Vilsa Curto",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "15352",
 year = "2009",
 month = "September",
 URL = "http://www.nber.org/papers/w15352",
 abstract = {We examined financial literacy among the young using data from the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low among the young; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial literacy is strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings is about 50 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy. These findings have implications for consumer policy.},
}