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Empower the Consumer! Energy-related Financial Literacy and its Implications for Economic Decision Making

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  • Julia Blasch, Nina Boogen, Claudio Daminato, and Massimo Filippini

Abstract

Untapped energy savings potential in the residential sector might lead to substantial welfare losses. While several studies have focused on the role of behavioral biases in explaining the lack of adoption of energy-efficient durable goods, little is known about the role of limited energy-specific knowledge and financial literacy. In this paper, we propose an integrated concept of energy-related financial literacy, which combines both energy cost-specific knowledge and skills needed to process this information. Using data from a large household survey in three European countries, we explore the determinants of different measures of literacy and, most importantly, we provide empirical evidence on the association between limited knowledge and skills to perform an intertemporal optimization and the adoption of energy-efficient light bulbs. Our findings support the promotion of energy-specific financial education programs and tools to increase the adoption of energy-efficient durable goods.

Suggested Citation

  • Julia Blasch, Nina Boogen, Claudio Daminato, and Massimo Filippini, 2021. "Empower the Consumer! Energy-related Financial Literacy and its Implications for Economic Decision Making," Economics of Energy & Environmental Policy, International Association for Energy Economics, vol. 0(Number 2).
    • Handle: RePEc:aen:eeepjl:eeep10-2-blasch
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    Cited by:

    1. von Loessl, Victor, 2023. "Smart meter-related data privacy concerns and dynamic electricity tariffs: Evidence from a stated choice experiment," Energy Policy, Elsevier, vol. 180(C).
    2. Sieger, Lisa & Weber, Christoph, 2023. "Inefficient markets for energy efficiency? – The efficiency premium puzzle in the German rental housing market," Energy Policy, Elsevier, vol. 183(C).
    3. Hafize Nurgul Durmus Senyapar & Bilal Duzgun & Fatih Emre Boran, 2024. "Energy Labels and Consumer Attitudes: A Study among University Staff," Sustainability, MDPI, vol. 16(5), pages 1-30, February.
    4. Bożena Gajdzik & Radosław Wolniak & Rafał Nagaj & Brigita Žuromskaitė-Nagaj & Wieslaw Wes Grebski, 2024. "The Influence of the Global Energy Crisis on Energy Efficiency: A Comprehensive Analysis," Energies, MDPI, vol. 17(4), pages 1-51, February.

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    JEL classification:

    • F0 - International Economics - - General

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