The authors thank Martin Brown, Maurice Bun, Riccardo Calcagno, Helmut Farbmacher, Elsa Fornero, Adriaan Kalwij, Marc Kramer, Pierre-Carl Michaud, Federica Teppa, Nathanael Vellekoop, and Joachim Winter for helpful feedback and Audrey Brown for editorial assistance. The authors are grateful to seminar participants at the University of Amsterdam, Berlin, Frankfurt, Jena, Giessen, Groningen, London, Mannheim, Maastricht, Montreal, Munich, Utrecht, and Stirling, and the participants at the Annual Meeting of the Neuroeconomic Society in Bonn, the EIB meetings in Paris, the Annual Conference of the European Economic Association in Toulouse, the Cintia conference in Turin, the Netspar Pension Workshop in Amsterdam, the Netspar Conference on Advances in Household Finance in Modena, the Annual Meeting of the International Association of Applied Econometrics in Milan, the Women in Finance Conference at Columbia University in New York, the Household Finance Workshop in Sheffield, the SAFE Household Finance Workshop in Frankfurt, and the DIW Workshop on Gender and Financial Literacy in Berlin for useful comments.