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Full-Text Articles in Business
Money Doesn’T Grow On Trees: How Financial Literacy Is Learned And Developed Within American Childhood, Nate Lewis
Money Doesn’T Grow On Trees: How Financial Literacy Is Learned And Developed Within American Childhood, Nate Lewis
Soaring: A Journal of Undergraduate Research
Financial literacy refers to the ability to process and utilize economic information to make informed decisions for their wellbeing. Given concerning indicators of financial outcomes within the United States, it is crucial to understand how and when strong financial behavior is developed. Efforts to enhance financial education have explored incorporating financial concepts into children’s literature and games. Yet, research indicates that financial literacy is far more rooted in the habits learned from one’s family, despite the emphasis often placed on schooling and socioeconomic status. It is therefore evident that efforts to promote financial literacy must always involve empowering family members …
Asset-Rich And Cash-Poor: Which Older Adults Value Reverse Mortgages?, Joelle H. Fong, Olivia S. Mitchell, Benedict S. K. Koh
Asset-Rich And Cash-Poor: Which Older Adults Value Reverse Mortgages?, Joelle H. Fong, Olivia S. Mitchell, Benedict S. K. Koh
Research Collection Lee Kong Chian School Of Business
Home equity represents a substantial share of retirement wealth for many older persons, particularly in Asia where national housing policies have encouraged home-ownership. This paper explored the potential for reverse mortgages to help 'asset-rich and cash-poor' older Singaporeans unlock their home equity while ageing in place. The empirical analysis was based on a nationally representative survey of home-owners age 50+ in the 2018 Singapore Life Panel (N = 6,258). Our analyses showed that the average older home-owner holds some 60 per cent of total net wealth in housing equity, suggestive of high demand potential for reverse mortgage products. Nevertheless, actual …
Financial Literacy And Financial Decision-Making At Older Ages, Joelle H. Fong, Seng Kee Benedict Koh, Olivia S. Mitchell, Susann Rohwedder
Financial Literacy And Financial Decision-Making At Older Ages, Joelle H. Fong, Seng Kee Benedict Koh, Olivia S. Mitchell, Susann Rohwedder
Research Collection Lee Kong Chian School Of Business
How well older households manage their wealth holdings is an important determinant of their financial security during retirement, yet little is known about their financial decision-making and how this relates to their financial literacy. Our paper fills this gap by measuring financial literacy among older persons in the Singapore Life Panel and examining its association with timely credit card debt repayment, stock market participation, and age-based investment risk diversification. Most older respondents understand interest compounding and inflation, but fewer than half know about risk diversification. Almost all older credit card holders pay off their balances in a timely manner, but …
Financial Knowledge And Portfolio Complexity In Singapore, Benedict S. K. Koh, Olivia S. Mitchell, Susann Rohwedder
Financial Knowledge And Portfolio Complexity In Singapore, Benedict S. K. Koh, Olivia S. Mitchell, Susann Rohwedder
Research Collection Lee Kong Chian School Of Business
Financial literacy in Singapore has not been analyzed in much detail, despite the fact that this is one of the world’s most rapidly aging nations. Using the Singapore Life Panel®, we explore older Singaporeans’ levels of financial knowledge and compare them to those observed in the United States. We assess portfolio complexity for these older households, to examine how financial literacy is related to outcomes of interest. We show that older Singaporeans’ levels of financial literacy are comparable overall to those in the United States, even though older Singaporeans score slightly lower on some dimensions (knowledge of interest and inflation), …