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Financial literacy gaps of the Austrian population

Author

Listed:
  • Bettina Greimel-Fuhrmann

    (Vienna University of Economics and Business)

  • Maria Antoinette Silgoner

    (Oesterreichische Nationalbank)

  • Rosa Weber

    (Vienna University of Economics and Business)

Abstract

Most people lack financial knowledge and have trouble dealing competently with their financial affairs, as evidenced by recent empirical research on financial literacy in various countries. We investigate financial literacy among Austrians based on a novel dataset covering about 2,000 persons. Our findings corroborate the existence of substantial knowledge gaps, which are most conspicuous among respondents with low educational attainment and low incomes, among younger and older people as well as women. We provide tentative evidence for a positive link between financial knowledge scores and financial behavior, such as setting aside rainy day funds or using several sources of information when choosing financial products.

Suggested Citation

  • Bettina Greimel-Fuhrmann & Maria Antoinette Silgoner & Rosa Weber, 2015. "Financial literacy gaps of the Austrian population," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 35-51.
    • Handle: RePEc:onb:oenbmp:y:2015:i:2:b:2
    as

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    References listed on IDEAS

    as
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    Citations

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    Cited by:

    1. Andrej Cupak & Pirmin Fessler & Maria Antoinette Silgoner & Elisabeth Ulbrich, 2018. "Financial literacy in Austria: a survey of recent research results," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q1/18, pages 14-26.
    2. Ashenafi Fanta & Kingstone Mutsonziwa, 2021. "Financial Literacy as a Driver of Financial Inclusion in Kenya and Tanzania," JRFM, MDPI, vol. 14(11), pages 1-13, November.
    3. Pirmin Fessler & Maria Silgoner & Rosa Weber, 2020. "Financial knowledge, attitude and behavior: evidence from the Austrian Survey of Financial Literacy," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 47(4), pages 929-947, November.
    4. TAVARES Fernando Oliveira & ALMEIDA Luís Gomes & SOARES Vasco Jorge & TAVARES Vasco Capela, 2022. "Financial literacy: an exploratory analysis in Portugal," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 17(2), pages 252-269, August.
    5. Philipp Poyntner & Thomas Reininger, 2018. "Bail-in and Legacy Assets: Harmonized rules for targeted partial compensation to strengthen the bail-in regime," Working Papers 224, Oesterreichische Nationalbank (Austrian Central Bank).
    6. Helmut Elsinger & Pirmin Fessler & Judith Feyrer & Konrad Richter & Maria Antoinette Silgoner & Andreas Timel, 2018. "Digitalization in financial services and household finance: fintech, financial literacy and financial stability," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 35, pages 50-58.
    7. Olsen, Jerome & Kasper, Matthias & Kogler, Christoph & Muehlbacher, Stephan & Kirchler, Erich, 2019. "Mental accounting of income tax and value added tax among self-employed business owners," Journal of Economic Psychology, Elsevier, vol. 70(C), pages 125-139.
    8. Pirmin Fessler & Marilies Jelovsek & Maria Antoinette Silgoner, 2020. "Financial literacy in Austria – focus on millennials," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/20, pages 21-38.
    9. Angel, Stefan, 2018. "Smart tools? A randomized controlled trial on the impact of three different media tools on personal finance," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 74(C), pages 104-111.
    10. Jason Kasozi & Daniel Makina, 2021. "Analysis of financial literacy and its effects on financial inclusion in Uganda," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 10(3), pages 67-83, July.

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    More about this item

    Keywords

    financial literacy; financial education; central banks;
    All these keywords.

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance

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