@TechReport{iza:izadps:dp13349,
            	author={Davoli, Maddalena and Rodríguez-Planas, Núria},
            	title={Culture and Adult Financial Literacy: Evidence from the United States},
            	year={2020},
	month={Jun},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={13349},
            	url={https://www.iza.org/publications/dp13349},
	abstract={Using a US nationally representative sample of over 6,000 adults from 26 countries of ancestry, we find a strong association between their financial literacy in the US and the financial literacy level in their self-reported country of ancestry. More specifically, if an individual from a country of ancestry with "average" financial literacy had instead come from a country with financial literacy one-standard deviation above the mean, his or her likelihood of answering correctly basic financial literacy questions regarding inflation, risk diversification, and interest rate in the US would have increased by 4 percentage points, a 9% increase relative to the average financial literacy in our sample of 43%. The cultural components behind this observed association include a strong emphasis on patience, long-term orientation and risk-aversion in the country of ancestry. We also find that the association is driven by financial literacy on risk diversification and interest compounding.},
	keywords={economic decisions;culture;epidemiological approach;financial literacy},
            }