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Importantly, financial literacy matters: it helps people make savvy financial decisions, including being less influenced by framing, better understand information that is provided to them, better understand the workings of insurance, and being more comfortable using basic financial instruments.
In the following sections, I describe how we measure financial literacy, the levels of literacy we find around the world, the implications of those findings for financial decision-making, and how we can improve financial literacy.
This paper measures the level of financial literacy of individuals and analyses the relationship between financial literacy and financial behaviour. The results of the research show...
This paper examines financial literacy in the United States, using the 2021 National Financial Capability Study data. A large volume of papers have demonstrated the importance of financial knowledge and documented the low level of financial literacy in America.
PDF | On Dec 1, 2019, Annamaria Lusardi published Financial literacy and the need for financial education: evidence and implications | Find, read and cite all the research you need on...
Abstract. We measure financial literacy using questions assessing basic knowledge of four fundamental concepts in financial decision making: knowledge of interest rates, interest compounding, inflation, and risk diversification.
Based on the analysis of research on financial literacy, we aim to provide a balance sheet of current research and a starting point for future research with the focus on identifying significant predictors of financial literacy, as well as variables that are affected by financial literacy.
Working Paper 31145. DOI 10.3386/w31145. Issue Date April 2023. We undertake an assessment of our two decades of research on financial literacy, building on our empirical research and theoretical work casting financial knowledge as a form of investment in human capital.
Financial literacy: A systematic review and bibliometric analysis. Kirti Goyal, Satish Kumar. First published: 21 July 2020. https://doi.org/10.1111/ijcs.12605. Citations: 477. Read the full text. Tools. Abstract.
In a meta-analysis of 126 impact evaluation studies, we find that financial education significantly impacts fi-nancial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs).