How much do your grandparents (or parents) know about money? The answer might determine how much they have in their bank accounts.
That’s the finding of Joosuk Sebastian Chae, a graduate student at the University of Massachusetts, who presented at the Gerontological Society of America’s annual meeting in the District of Columbia in November. Using data from 1,596 older adults in the national Health and Retirement Study, he found that advanced financial literacy levels, which include familiarity with stock market investments and investment risk, are associated with higher levels of wealth accumulation. In fact, respondents with strong financial literacy had, on average, $71,187 more than those with weak financial literacy.
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