Psychosocial Factors and Financial Literacy

Social Security Bulletin 73(1): 73-81

9 Pages Posted: 22 Feb 2013 Last revised: 25 Apr 2015

See all articles by John L. Murphy

John L. Murphy

Government of the United States of America, Social Security Administration, Office of Retirement Policy

Date Written: 2013

Abstract

This study uses data from the Health and Retirement Study (HRS) to analyze the psychological and social variables associated with financial literacy. The HRS is a nationally representative longitudinal survey of individuals older than age 50 and their spouses. An ordinary least squares linear regression analysis explores the relationship between financial literacy and several economic and psychosocial variables. After controlling for earnings, level of education, and other socioeconomic variables in this exploratory study, I find that financial satisfaction and religiosity are correlated with financial literacy.

Keywords: welfare, poverty, Demographic Economics, retirement

JEL Classification: D010, I300, J100, J260, Z130

Suggested Citation

Murphy, John L., Psychosocial Factors and Financial Literacy (2013). Social Security Bulletin 73(1): 73-81, Available at SSRN: https://ssrn.com/abstract=2217469

John L. Murphy (Contact Author)

Government of the United States of America, Social Security Administration, Office of Retirement Policy ( email )

500 E Street, SW
Washington, DC 20254
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
250
Abstract Views
1,091
rank
159,477
PlumX Metrics