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Financial literacy in the DNB Household Survey: Insights from innovative data collection

Working paper 815
Working Papers

Gepubliceerd: 23 september 2024

Door: Maarten van Rooij Rob Alessie Annamaria Lusardi

This paper surveys what we have learned on financial literacy and its relation to financial behavior from data collected in the Dutch Central Bank (DNB) Household Survey, a project done in collaboration with academics. A pioneering survey fielded in 2005 included an extensive set of financial literacy questions and questions that can serve as instruments for financial literacy in regression analyses to assess the causal effect of financial literacy on behavior. We describe how this survey spurred a series of research papers demonstrating the crucial role of financial literacy in stock market participation, retirement planning, and wealth accumulation. This inspired various follow-up studies and experiments based on new data collections in the DNB Household Survey. Researchers worldwide have used these data for innovative studies, and other surveys have included similar questions. This case study exemplifies the essential role of data in empirical research, showing how innovative data collections can inspire new research initiatives and significantly contribute to our understanding of household financial decisionmaking.

Keywords: financial literacy; consumer financial decision-making; household finance; survey methodology; data collection methods; empirical analysis;
JEL codes G53; D14; D12; C81

Working paper no. 815

815 - Financial literacy in the DNB Household Survey: Insights from innovative data collection

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Research Highlights

* This paper highlights the importance of innovative data collection methods for deepening our understanding of household financial decision-making.

* The case study surveys empirical evidence from a pioneering study on financial literacy in the DNB Household Survey and follow-up studies worldwide.

* The evidence demonstrates that financial literacy is an important determinant of stock market participation, investment portfolio diversification, the choice of high interest savings accounts, retirement planning and wealth accumulation.

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