RetireSecure Blog

July 25, 2014

Thieves of Their Own Wallet

Filed under: Financial Literacy,New Research,PRC in the News,PRC Partners — The Pension Research Council @ 9:59 am

Being a ‘thief of your own wallet’ is how the Dutch describe those who overspend and thereby undermine their financial wellbeing. A new study by Olivia S. Mitchell, Wharton Professor of Insurance/Risk Management and Applied Economics/Policy and Director of the Pension Research Council, coauthored by Annamaria Lusardi of George Washington University, shows that we all do this, not just the Dutch!

Many Americans lack an understanding of interest rates, inflation, and diversification. Without proper financial knowledge, people make poor informed financial decisions. Unsurprisingly, this leads them to undertake more borrowing, engage in less saving, and overspend on fees.

Click here to read more at ProjectM-Online

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