Financial literacy: an overview of practice, research, and policy
AbstractAttention to financial literacy has grown in recent years, in large part because technological, market, and legislative changes have resulted in a more complex financial services industry that requires consumers to be more actively involved in managing their finances. Consumer and community interest groups, banking companies, government agencies, and policymakers, among others, have become concerned that many consumers lack a working knowledge of financial concepts and the tools they need to make decisions most advantageous to their economic well-being. As a result, considerable resources have been devoted to financial literacy, with a wide range of organizations providing training, including banks, consumer and community groups, employers, and government agencies. Overall, studies suggest that financial literacy training can lead to better decisionmaking; however, the findings raise numerous questions about the best means of providing that training, the most appropriate setting, and the most opportune timing. Findings from recent research on personal money management styles, combined with awareness of human behavioral traits, offer insights that may be useful in developing successful training programs and strategies.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Board of Governors of the Federal Reserve System (U.S.) in its journal Federal Reserve Bulletin.
Volume (Year): (2002)
Issue (Month): Nov ()
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Cliff Robb, 2011. "Financial Knowledge and Credit Card Behavior of College Students," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 690-698, December.
- Ian Hathaway & Sameer Khatiwada, 2008. "Do financial education programs work?," Working Paper 0803, Federal Reserve Bank of Cleveland.
- Oliver Williams & Stephen Satchell, 2011. "Social welfare issues of financial literacy and their implications for regulation," Journal of Regulatory Economics, Springer, vol. 40(1), pages 1-40, August.
- Jacob A. Bikker & Laura Spierdijk, 2009. "Measuring and explaining competition in the financial sector," Working Papers 09-01, Utrecht School of Economics.
- Kimberly Gartner & Richard M. Todd, 2005. "Effectiveness of online early intervention financial education programs for credit-card holders," Proceedings, Federal Reserve Bank of Chicago, issue Apr.
- Matthew Martin, 2007. "A literature review on the effectiveness of financial education," Working Paper 07-03, Federal Reserve Bank of Richmond.
- Antonides, Gerrit & Manon de Groot, I. & Fred van Raaij, W., 2011. "Mental budgeting and the management of household finance," Journal of Economic Psychology, Elsevier, vol. 32(4), pages 546-555, August.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Diane Rosenberger).
If references are entirely missing, you can add them using this form.