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«Annamaria Lusardi Dartmouth College and NBER Peter Tufano Harvard Business School and NBER December 22, 2008 We analyze a national sample of ...»

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Lehmann, Donald R., Sunil Gupta and Joel H. Steckel (1998), Marketing Research Addison Wesley.

Lusardi, Annamaria (2008), ―Household Saving Behavior: The Role of Financial Literacy, Information and Financial Education Programs,‖ NBER Working Paper n. 13824.

Lusardi, Annamaria and Olivia S. Mitchell (2006), ―Financial Literacy and Planning:

Implications for Retirement Wellbeing,‖ MRRC Working Paper n. 2006-144.

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Lusardi, Annamaria and Olivia Mitchell (2007b), ―Financial Literacy and Retirement Preparedness. Evidence and Implications for Financial Education,‖ Business Economics, January 2007, pp. 35-44.

Lusardi, Annamaria and Olivia Mitchell (2007c), Financial Literacy and Retirement Planning:

New Evidence from the Rand American Life Panel,‖ MRRC Working Paper n. 2007-157.

Lusardi, Annamaria and Olivia Mitchell (2008a), ―Planning and Financial Literacy. How Do Women Fare?,‖ American Economic Review, 98(2), pp. 413-417.

Lusardi, Annamaria and Olivia Mitchell (2008b), ―How Much Do People Know About Economics and Finance? Financial Illiteracy and the Importance of Financial Education,‖ Policy Brief n. 5, MRRC, March 2008.

Lusardi, Annamaria and Olivia Mitchell, and Vilsa Curto (2008), ―Financial Literacy Among the Young,‖ mimeo, Dartmouth College.

Miles, David (2004), "The UK Mortgage Market: Taking a Longer-Term View," Working Paper, UK Treasury.

Mandell, Lewis (2009), ―Financial Education in High School,‖ forthcoming in Annamaria Lusardi (ed.), Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs, University of Chicago Press.

Moore, Danna (2003), ―Survey of Financial Literacy in Washington State: Knowledge, Behavior, Attitudes, and Experiences,‖ Technical Report n. 03-39, Social and Economic Sciences Research Center, Washington State University.

National Council on Economic Education, 2005, What American teens and adults know about economics, Washington, D.C.

Organization for Economic Co-Operation and Development (2005), Improving Financial Literacy: Analysis of Issues and Policies, Paris, France.

Peters, Ellen, Judith Hibbard, Paul Slovic, and Nathan Dieckmann (2007 )Numeracy Skills and the Communication, Comprehension, and Use of Risk-Benefit Information, Health Affairs, 26(2), pp. 741-748.

Smith, Barbara and Fiona Stewart (2008), ―Learning from the Experience of OECD Countries:

Lessons for Policy, Programs and Evaluations,‖ forthcoming in Annamaria Lusardi (ed.), Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Programs, University of Chicago Press.

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Volk, Robert (2007), ―Clarifying Values: Non-Numerical Approaches for Low Literacy Patients.‖ Presentation to the 2007 Summer Institute on Informed Patient Choice, Center for the Evaluative Clinical Sciences at Dartmouth College.

Scholnick, Barry, Nadia Massoud and Anthony Saunders (2008), ―The Impact of Wealth on Inattention: Evidence from Credit card Repayments,‖ mimeo, University of Alberta, Canada.

Stango, Victor and Jonathan Zinman (2008), ―Exponential Growth Bias and Household Finance,‖ Working Paper, Dartmouth College.

Yoong, Joanne (2008), ―Financial Literacy and Stock Market Participation,‖ mimeo, Stanford University.

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Panel A: First literacy question Suppose you owe $1,000 on your credit card and the interest rate you are charged is 20% per year compounded annually. If you didn’t pay anything off, at this interest rate, how many years would it take for the amount you owe to double?

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Panel B: Second literacy question You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional new charges?

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Panel C: Third literacy question You purchase an appliance which costs $1,000. To pay for this appliance, you are given the following two options: a) Pay 12 monthly installments of $100 each b) Borrow at a 20% annual interest rate and pay back $1200 one year from now. Which is the more advantageous offer, in other words which one will cost less?

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This table reports the mean and standard deviation of the frequencies of the various financial experiences by 1000 survey respondents. All frequencies are weighted. The survey was conducted in November 2007 by TNS Global.

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Each cell represents the fraction of individuals who have certain financial experiences, conditional on having experience with the activity listed at the top of the column.

Table 6 reports the unconditional probabilities. The survey of 1000 people was conducted by TNS Global in November 2007.

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Key for Lit1-Lit4 variables Self-assessed literacy: Lit1= 4, Lit2=5, Lit3=6, Lit4=7. Omitted class: low literacy 1-3.

First measure of literacy: Lit1 = underestimate, Lit2 = overestimate, Lit3= do not know, Lit4 = refuse to answer. Omitted class: Correct Second measure of literacy: Lit1 = large underestimate, Lit2 = small underestimate, Lit3= do not know, Lit4 = refuse to answer. Omitted class: Correct Third measure of literacy: Lit1= option a, Lit2 = same, Lit3=do not know, Lit4 = refuse to answer. Omitted class: Correct.

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This table reports the demographic, debt literacy and experience segmentation variables for the total sample as well as for the four groups defined by their self-asssment of the level of their indebtedness.

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Key for Lit1-Lit4 variables Self-assessed literacy: Lit1= 4, Lit2=5, Lit3=6, Lit4=7. Omitted class: low literacy 1-3.

First measure of literacy: Lit1 = underestimate, Lit2 = overestimate, Lit3= do not know, Lit4 = refuse to answer. Omitted class: Correct Second measure of literacy: Lit1 = large underestimate, Lit2 = small underestimate, Lit3= do not know, Lit4 = refuse to answer. Omitted class: Correct Third measure of literacy: Lit1= option a, Lit2 = same, Lit3=do not know, Lit4 = refuse to answer. Omitted class: Correct.

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Key for Lit1-Lit4 variables Self-assessed literacy: Lit1= 4, Lit2=5, Lit3=6, Lit4=7. Omitted class: low literacy 1-3.

First measure of literacy: Lit1 = underestimate, Lit2 = overestimate, Lit3= do not know, Lit4 = refuse to answer. Omitted class: Correct Second measure of literacy: Lit1 = large underestimate, Lit2 = small underestimate, Lit3= do not know, Lit4 = refuse to answer. Omitted class: Correct Third measure of literacy: Lit1= option a, Lit2 = same, Lit3=do not know, Lit4 = refuse to answer. Omitted class: Correct.

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Notes and Sources:

(1) U.S. Census, 2007 American Community Survey (2) From TNS Survey (3) From TNS Survey, unconditional likelihoods divided by number of respondents with active credit cards (4) Assumes one incidence per year. Average fee taken from Green, Jeffrey, "Exclusive BankCard Profitability Study and Annual Report 2008," Cards and Payments, May 2008.

(5) Assumes one incidence per year.  Average fee taken from http://www.cardtrak.com/news/2008/12/17/fees___recession.

(6) One year of finance charges calculated using average revolver balance ($6000) and average APR for 2007 (14.53%), assuming no additional charges on card and payment of minimum balance (3%)  per month.  Average APR from Consumer Action's 2007 Credit Card Survey. http://www.consumer‐action.org/downloads/english/CA_News_CC_07.pdf.  Average balance estimated by authors based  on numerous industry reports and surveys.

(7) "Standard" cash advance fee is $5 or 3% of the amount taken out.   GAO Report, Credit Cards, September 2006.  http://www.gao.gov/new.items/d06929.pdf  Assumes one cash advance per year.

(8) Fraction of respondents who are active credit card holders and  who chose 4 or lower on self‐assessment of financial literacy (9) dprobit coefficients, reflecting incremental probability of these behaviors associated with low financial literacy (self‐assessment of '4 or less.)  Each individual behavior was analyzed using a set of  regressors including age, gender, race, marital status, household size, employment status, and income and wealth dummies.

(10) Calculated from the unconditional probabilities of behavior (x), the incremental probability conditional on being less literate (d)  and the probability of being less literate (p) given in the table above. These average conditional likelihoods equal x+ d(1‐p).

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