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Consumer.gov – What to Know and Do

Submitted by Admin on
Financial literacy help for educators and students alike. The site offers a plain and simple approach to: Managing Your Money; Credit, Loans and Debt; and Scams and Identity Theft. The information has an easy-to-use, direct style that focuses on the basic information people need, along with the steps they need to take. Consumer.gov also has videos and audio read-alongs to support different learning styles and multi-tasking.

Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data

Submitted by Admin on
The exact cause of the massive defaults and foreclosures in the U.S. subprime mortgage market is still unclear. This paper investigates whether a particular aspect of borrowers' financial literacy—their numerical ability—may have played a role. We measure several aspects of financial literacy and cognitive ability in a survey of subprime mortgage borrowers who took out mortgages in 2006 or 2007 and match these measures to objective data on mortgage characteristics and repayment performance.