Financial Literacy and Savings Account Returns
通过匹配家庭调查与市场数据，发现金融素养每提高一个标准差，储蓄账户利率比中位数高12%，其中使用在线账户是一个重要渠道。
Savings accounts are owned by most households, but little is known about the performance of households’ investments. We create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data on account-specific interest rates and characteristics. We document heterogeneity in returns across households, which can be partly explained by financial sophistication. A one-standard deviation increase in financial literacy is associated with a 12% increase compared to the median interest rate. We isolate the usage of modern technology (online accounts) as one channel through which financial literacy has a positive association with returns.