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Financial Literacy And High Cost Borrowing In The United States
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Book Synopsis Financial Literacy and High-cost Borrowing in the United States by : Annamaria Lusardi
Download or read book Financial Literacy and High-cost Borrowing in the United States written by Annamaria Lusardi and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we examine high-cost methods of borrowing in the United States, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own shops, and offer a portrait of borrowers who use these methods. Considering a representative sample of more than 26,000 respondents, we find that about one in four Americans has used one of these methods in the past five years. Moreover, many young adults engage in high-cost borrowing: 34 percent of young respondents (aged 18-34) and 43 percent of young respondents with a high school degree have used one of these methods. Using well-tested questions to measure financial literacy, we document that most high-cost borrowers display very low levels of financial literacy, i.e., they lack numeracy and do not possess knowledge of basic financial concepts. Most importantly, we find that those who are more financially literate are much less likely to have engaged in high-cost borrowing. Our empirical work shows that it is not only the shocks inflicted by the financial crisis or the structure of the financial system but that the level of financial literacy also plays a role in explaining why so many individuals have made use of high-cost borrowing methods.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :72 pages Book Rating :4.0/5 ( download)
Book Synopsis Improving Financial Literacy in the United States by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book Improving Financial Literacy in the United States written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs Publisher : ISBN 13 : Total Pages :224 pages Book Rating :4.0/5 ( download)
Book Synopsis The State of Financial Literacy and Education in America by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Download or read book The State of Financial Literacy and Education in America written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2003 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit Publisher : ISBN 13 : Total Pages :184 pages Book Rating :4.F/5 ( download)
Book Synopsis Improving Financial Literacy by : United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Download or read book Improving Financial Literacy written by United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit and published by . This book was released on 2007 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Literacy by : Olivia S. Mitchell
Download or read book Financial Literacy written by Olivia S. Mitchell and published by Oxford University Press. This book was released on 2011-10-27 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: As defined contribution pensions become prevalent, retirees are increasingly responsible for managing their own pension assets and thus their own financial literacy becomes crucial. Based on empirical evidence and new research, the book examines how financial literacy enhances retirement decision-making in ever more complex financial markets.
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations Publisher : ISBN 13 : Total Pages :112 pages Book Rating :4.:/5 (318 download)
Book Synopsis Empowering Consumers by : United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations
Download or read book Empowering Consumers written by United States. Congress. House. Committee on Financial Services. Subcommittee on Oversight and Investigations and published by . This book was released on 2010 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Global Findex Database 2017 by : Asli Demirguc-Kunt
Download or read book The Global Findex Database 2017 written by Asli Demirguc-Kunt and published by World Bank Publications. This book was released on 2018-04-19 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.
Book Synopsis Improving Financial Literacy Analysis of Issues and Policies by : OECD
Download or read book Improving Financial Literacy Analysis of Issues and Policies written by OECD and published by OECD Publishing. This book was released on 2005-11-10 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the different types of financial education programmes currently available in OECD countries, evaluates their effectiveness, and makes suggestions to improve them.
Book Synopsis Financial Illiteracy in America by : Eric Weiss
Download or read book Financial Illiteracy in America written by Eric Weiss and published by Createspace Independent Publishing Platform. This book was released on 2011-01-13 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many of the financial problems facing the U.S. can be traced to financial illiteracy among large segments of the population. Consider: 1. If people understood the relation between the economy and monetary policy they probably would not have taken out adjustable rate mortgages at precisely the time the Federal Reserve was set to raise interest rates. 2. If people understood the difference between the effective annual and the annual percentage rate they would likely incur less high cost credit card debt. 3. If people understood the benefits of tax-deferred compounding they likely would begin contributing to their retirement plan earlier in life -- resulting in substantially more wealth when they retire. Financial Illiteracy in America argues that financial illiteracy derives from the absence of personal finance instruction in most U.S. public high schools and a mistaken reliance, on the part of many, that the best way to learn about financial topics is through one's parents or life experiences. The problem is that most parents do not have the financial background to impart financial knowledge to their children, while learning through life experiences often results in costly mistakes or realizing a problem when it is too late. Financial Illiteracy in America outlines what young people need to know to get a head start in putting their lives on a sound financial footing including topics such as: - Using financial services intelligently - Does a young person need insurance? - Opening and operating a brokerage account- Investments a young person should make- Globalization effects on the prices of goods and services purchased by young people Finally, Financial Illiteracy in America� presents a curriculum for teaching personal finance to high school students. Financial Illiteracy in America was written by Eric J. Weiss, Certified Financial Planner PROFESSIONAL who also teaches an "Introduction to Finance" course to college students. Mr. Weiss's experience with clients and students sparked the idea for this book and has convinced him of the paramount importance of increasing financial literacy in the U.S.
Book Synopsis Making a Way Out of No Way: An Antideficit Approach to Financial Literacy by : Daniel Harris
Download or read book Making a Way Out of No Way: An Antideficit Approach to Financial Literacy written by Daniel Harris and published by . This book was released on 2021 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Student loan debt in the United States exceeds $1.5 trillion. The enormity of student loan debt has received extensive media attention, with reports presenting the sheer mass of student loan debt as a national crisis. Borrowing patterns among undergraduates indicate that this is a pronounced issue among Black students who are more likely to finance college with loans. Existing research purports that deficits believed to be intrinsic to Black students and their families are to blame for the disparate borrowing patterns along racial lines. This view is incomplete and focuses too narrowly on perceived deficits based on a white, middle-class notion of financial literacy. The purpose of this study was to provide a more complete view of financial literacy through the lens of 12 Black undergraduate students. Using Critical Race Theory and an antideficit achievement framework results from this study suggest systematic and structural inequality contribute to divergent types of financial literacies along racial lines. Although different from their racial counterparts, the financial literacy of the Black participants interviewed in this study did not contribute to their indebtedness. On the contrary, using a unique set of financial literacies, study participants navigated the economic demands of higher education designed for their demise and downfall. Participants found jobs, scholarships, and other ways to supplement their financial circumstances reflecting their ability to offset the costs of undergrad. Navigating these costs is not always obvious for students. Higher education institutions should help to make the process of affording college more attainable for a diverse student body. One size fits all approaches ignore the unique needs of Black undergraduate students. Supports should provide the historical context of personal finances and practical resources for implementing money strategies for the specific college-going experience of Black undergraduate students. Recommendations from this study suggest students, families, and institutions can disrupt deficit-based paradigms of financial literacy and implement better financial literacy supports sensitive to the individual and group needs of degree-seekers.
Book Synopsis International Handbook of Financial Literacy by : Carmela Aprea
Download or read book International Handbook of Financial Literacy written by Carmela Aprea and published by Springer. This book was released on 2016-03-24 with total page 708 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook presents in-depth research conducted on a myriad of issues within the field of financial literacy. Split into six sections, it starts by presenting prevalent conceptions of financial literacy before covering financial literacy in the policy context, the state and development of financial literacy within different countries, issues of assessment and evaluation of financial literacy, approaches to teaching financial literacy, and teacher training and teacher education in financial literacy. In doing so, it provides precise definitions of the construct of financial literacy and elaborates on the state and recent developments of financial literacy around the world, to show ways of measuring and fostering financial literacy and to give hints towards necessary and successful teacher trainings. The book also embraces the diversity in the field by revealing contrasting and conflicting views that cannot be bridged, while at the same time making a contribution by re-joining existing materials in one volume which can be used in academic discourse, in research-workshops, in university lectures and in the definition of program initiatives within the wider field of financial literacy. It allows for a landscape of financial literacy to be depicted which would foster the implementation of learning opportunities for human beings for sake of well-being within financial living-conditions. The Handbook is useful to academics and students of the topic, professionals in the sector of investment and banking, and for every person responsible for managing his or her financial affairs in everyday life.
Download or read book PISA 2015 Results written by and published by . This book was released on 2017-06-15 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Each volume developed under the direction of Andreas Schleicher, Yuri Belfali and others.
Book Synopsis Pension Design and Structure by : Olivia S. Mitchell
Download or read book Pension Design and Structure written by Olivia S. Mitchell and published by Oxford University Press. This book was released on 2004-07-15 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Employees are being given more and more decisions to make with regards to their pension and healthcare plans. Yet increasing research in the social sciences shows that the decisions 'real' people make are not those of the thoughtful and well-informed economic agent often portrayed in economic research, but are often based on flawed information and made without a full understanding of their financial implications. The contributors to Pension Design and Structure explore theassumptions behind commonly-held theories of retirement decision-making, and the consequences of the growing volume of research in behavioural finance and economics for the field of pension research. Contributors are drawn from a variety of disciplines, and include leading pensions experts.
Book Synopsis Overcoming the Saving Slump by : Annamaria Lusardi
Download or read book Overcoming the Saving Slump written by Annamaria Lusardi and published by University of Chicago Press. This book was released on 2009-10-15 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: The great majority of working Americans are unprepared to face the difficult task of planning for retirement. In fact, the personal savings rate has been holding steady at zero for several years, down from 8 percent in the mid-1980s. Overcoming the Saving Slump explores the many challenges facing workers in the transition from a traditional defined benefit pension system to one that requires more individual responsibility, analyzing the considerable impediments to saving and evaluating financial literacy programs devised by employers and the government. Mapping the changing landscape of pensions and the rise of defined contribution plans, Annamaria Lusardi and others investigate new methods for stimulating saving and promoting financial education drawing on the experience of the United States as well as countries that have privatized their welfare systems, including Sweden and Chile. This timely volume pinpoints where human resources departments, the financial industry, and government officials have succeeded—or failed—in bridging the way to a new retirement system. As the workforce ages and more pensions disappear each second, Lusardi’s findings will be invaluable for economists and anyone facing retirement.
Book Synopsis Financial Knowledge, Fringe Banking, and the Near Poor by : Alexis Jill Cass
Download or read book Financial Knowledge, Fringe Banking, and the Near Poor written by Alexis Jill Cass and published by . This book was released on 2014 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: I examine alternative methods of borrowing in the United States, such as payday loans, pawn shops, auto-title loans, refund anticipation loans, and rent-to-own shops. Utilizing two separate samples, a smaller national survey and a larger (over 28,000 respondents) state by state survey, I present a portrait of who the individuals are who utilize these high-cost borrowing methods. I found that approximately one in four respondents had used an alternative financial establishment in the five years prior to the survey. This percentage increases when looking at certain sub-populations and is highest among individuals with low financial knowledge and financial literacy. Unique to other research, I distinguish financial knowledge from financial literacy and look at application and not just knowledge. Both access and education are shown to play a role in explaining the use of alternative financial establishments, which is important information for non-profits and policy makers attempting to enact change to integrate the bifurcated financial system in the United States today.
Book Synopsis Financial Counseling by : Dorothy B. Durband
Download or read book Financial Counseling written by Dorothy B. Durband and published by Springer. This book was released on 2018-10-16 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This text is a valuable new resource that we recommend for all of our professionals and are proud to incorporate as part of our AFC® certification program. With expertise representing the breadth and depth of the financial counseling profession, the content in this text provides you with a rigorous foundation of knowledge, considers critical theoretical models, and explores foundational skills of communication, self-awareness, and bias. This type of comprehensive approach aligns with our mission and vision—providing you with the foundational knowledge to meet clients where they are across the financial life-cycle and impact long-term financial capability." -Rebecca Wiggins, Executive Director, AFCPE® (Association for Financial Counseling and Planning Education®) This timely volume presents a comprehensive overview of financial counseling skills in accessible, practical detail for readers throughout the career span. Expert financial counselors, educators, and researchers refer to classic and current theories for up-to-date instruction on building long-term client competence, working with clients of diverse backgrounds, addressing problem financial behavior, and approaching sensitive topics. From these core components, readers have a choice of integrated frameworks for guiding clients in critical areas of financial decision-making. This essential work: · Offers an introduction to financial counseling as a practice and profession · Discusses the challenges of working in financial counseling · Explores the elements of the client/counselor relationship · Compares delivery systems and practice models · Features effective tools and resources used in financial counseling · Encourages counselor ethics, preparedness, and self-awareness A standout in professional development references, Financial Counseling equips students and new professionals to better understand this demanding field, and offers seasoned veterans a robust refresher course in current best practices.
Book Synopsis Borrowing Decisions of Credit Constrained Consumers and the Role of Financial Literacy by : Swarn Chatterjee
Download or read book Borrowing Decisions of Credit Constrained Consumers and the Role of Financial Literacy written by Swarn Chatterjee and published by . This book was released on 2015 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study uses the 2009 Financial Capability Study dataset to examine the association between individuals' financial literacy and their costly borrowing decisions. The results indicate that financial literacy is indeed negatively associated with costly borrowing behaviors. Other factors such as lower levels of income, lower levels of educational attainment, and recent downturn in the economic fortunes of a household were associated with high cost borrowing behavior. Interestingly, women were less likely to engage in high cost borrowing than men. This study's findings have important policy implications for improving financial decision-making of credit constrained consumers.
