Psychosocial Factors and Financial Literacy
Social Security Bulletin 73(1): 73-81
9 Pages Posted: 22 Feb 2013 Last revised: 25 Apr 2015
Date Written: 2013
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: Suggested Citation