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Zur finanziellen Bildung der privaten Haushalte in Deutschland: Ausgewählte Ergebnisse aus der Studie „Private Haushalte und ihre Finanzen (PHF)“

Author

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  • Tobias Schmidt
  • Panagiota Tzamourani

Abstract

As financial products get increasingly complex as private pensions become more important for old-age provision, households face more and more important and far-reaching financial decisions. Therefore financial literacy and financial knowledge are becoming ever more important. Measuring financial literacy and its implications is thus an important concern. The “Panel on household finances (PHF)” data shows that about 60 percent of the responding households have a high financial literacy, as measured by the three standard financial literacy questions on understanding of inflation, interest rates and portfolio diversification. The level of financial literacy differs by households’ and individuals’ characteristics. Persons in households with high income or high wealth exhibit higher literacy levels than other households, for example. Different levels of financial literacy are correlated with different investment decisions. Households with high literacy are more likely to own securities and more willing to take at least average investment risks. Neue Finanzprodukte und ein stärkerer Fokus auf private Altersvorsorge stellen Haushalte vor neue Herausforderungen und fordern von ihnen immer mehr und weitreichendere finanzielle Entscheidungen. Finanzielle Bildung spielt bei diesen Entscheidungen eine wichtige Rolle. Finanzielle Bildung zu messen und deren Auswirkungen zu verstehen, ist daher von großer Bedeutung. Die Ergebnisse der Studie „Private Haushalte und ihre Finanzen (PHF)“ zeigen, dass etwa 60 Prozent der Haushalte in Deutschland über eine hohe finanzielle Bildung verfügen, gemessen mithilfe von drei Standardfragen zu Zinseffekten, Inflation und Risiken bei Wertpapierinvestitionen. Dabei gibt es Unterschiede hinsichtlich soziodemografischer Merkmale. Beispielsweise ist eine hohe finanzielle Bildung mit hohem Bruttoeinkommen oder Nettovermögen korreliert. Ob die gefundenen Zusammenhänge kausal sind, bleibt offen. Unterschiedliche Niveaus an finanzieller Bildung gehen mit unterschiedlichen Anlageentscheidungen einher. Etwa besitzen Haushalte von Personen mit hoher finanzieller Bildung häufiger Wertpapiere als andere Haushalte und sind generell eher bereit, zumindest moderate finanzielle Risiken einzugehen.

Suggested Citation

  • Tobias Schmidt & Panagiota Tzamourani, 2017. "Zur finanziellen Bildung der privaten Haushalte in Deutschland: Ausgewählte Ergebnisse aus der Studie „Private Haushalte und ihre Finanzen (PHF)“," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 86(4), pages 31-49.
  • Handle: RePEc:diw:diwvjh:86-4-4
    DOI: 10.3790/vjh.86.4.31
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    Cited by:

    1. Bucher-Koenen, Tabea & Janssen, Bennet & Knebel, Caroline & Tzamourani, Panagiota, 2023. "Financial literacy, stock market participation, and financial well-being in Germany," ZEW Discussion Papers 23-071, ZEW - Leibniz Centre for European Economic Research.
    2. Altmann Kristina & Bernard René & Le Blanc Julia & Gabor-Toth Enikö & Hebbat Malik & Kothmayr Lisa & Schmidt Tobias & Tzamourani Panagiota & Werner Daniel & Zhu Junyi, 2020. "The Panel on Household Finances (PHF) – Microdata on household wealth in Germany," German Economic Review, De Gruyter, vol. 21(3), pages 373-400, September.

    More about this item

    Keywords

    Financial Literacy; wealth survey; households’ portfolio choice;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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