Zur finanziellen Bildung der privaten Haushalte in Deutschland: Ausgewählte Ergebnisse aus der Studie „Private Haushalte und ihre Finanzen (PHF)“
Year: 2017
Author: Schmidt, Tobias, Tzamourani, Panagiota
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 86 (2017), Iss. 4 : pp. 31–49
Abstract
As financial products get increasingly complex as private pensions become more important for old-age provision, households face more and more important and far-reaching financial decisions. Therefore financial literacy and financial knowledge are becoming ever more important. Measuring financial literacy and its implications is thus an important concern. The ?Panel on household finances (PHF)' data shows that about 60 percent of the responding households have a high financial literacy, as measured by the three standard financial literacy questions on understanding of inflation, interest rates and portfolio diversification. The level of financial literacy differs by households’ and individuals’ characteristics. Persons in households with high income or high wealth exhibit higher literacy levels than other households, for example. Different levels of financial literacy are correlated with different investment decisions. Households with high literacy are more likely to own securities and more willing to take at least average investment risks.
Journal Article Details
Publisher Name: Global Science Press
Language: German
DOI: https://doi.org/10.3790/vjh.86.4.31
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 86 (2017), Iss. 4 : pp. 31–49
Published online: 2017-12
AMS Subject Headings: Duncker & Humblot, Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 19
Keywords: Financial Literacy wealth survey households’ portfolio choice D80 D91 G11
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