Microsoft Word Ed Horwitz Post Dissertation Fina docx

 Financial Knowledge 
Within the existing research, several measures for financial literacy have been employed, 
the terms financial literacy and financial knowledge have been used interchangeably, and various 
forms of reported behaviors have been examined (Remund, 2010; Huston, 2010). To help 
quantify levels of financial literacy in their research, Lusardi and Mitchell (2007a, 2007c) 
developed a purpose-built module for the 2004 Health and Retirement Survey (HRS). A series of 
three questions, created for the HRS, were used to measure understanding of basic and 
sophisticated financial concepts. In subsequent research, Lusardi and Mitchell (2007b, 2009) 
developed three additional basic knowledge and seven additional sophisticated knowledge 
questions used in the American Life Panel (ALP), and five were used in the 2009 and 2012 
FINRA National Financial Capability Study. These questions have been used to assess financial 
literacy among many representative works of literature, providing a well-tested source for 
subsequent researchers to study financial literacy across many variables associated with financial 
behaviors and decision making. 

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