In their recent study, Olivia S. Mitchell, Professor of Insurance/Risk Management and Applied Economics/Policy, and Executive Director of the Wharton’s Pension Research Council at the Wharton School of the University of Pennsylvania, and Annamaria Lusardi of George Washington University, found that financial literacy is most pronounced among the young, women and the less-educated.
The inability to understand things like compounding interest rates, the importance of saving for retirement, or the cost of carrying credit card debt can have devastating lifetime effects. For instance, it can prevent someone from being able to borrow for a home or saving enough to retire. To celebrate Financial Literacy Month, join the Pension Research Council in promoting a strong foundation of financial education.
Click here to read their study.
Click here to visit the Pension Research Council’s Financial Literacy Center
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