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Financial Literacy and Macro-economics

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  • Dániel Béres

    ()
    (State Audit Office of Hungary)

  • Katalin Huzdik

    ()
    (Budapest College of Communication and Business)

Abstract

Financial literacy, moving to the forefront on account of the economic crisis, is a crucial element of the proper functioning of any society. Our goal is to identify the indicators of financial literacy in topic-related Hungarian and international literature which can then be used to draw macro-economic conclusions and be tested through Hungary’s example. We have identified four main indicators, which are: (1) income, (2) savings, (3) external funds (loans) and (4) the economy’s demand for cash. A number of criticisms can be raised in connection with the above indicators, most importantly the fact that the perception of financial literacy is overly linked to income. In spite of this, all these indicators are conducive to providing information on one of the financial literacy-related issues (self-provision, confidence, planning, long-term thinking, profitability, etc.).

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Bibliographic Info

Article provided by State Audit Office of Hungary in its journal Public Finance Quarterly.

Volume (Year): 57 (2012)
Issue (Month): 3 ()
Pages: 298-312

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Handle: RePEc:pfq:journl:v:57:y:2012:i:3:p:298-312

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Web page: http://www.asz.hu

Related research

Keywords: financial literacy; indicator; macro-economics;

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  1. Lusardi, Annamaria & Mitchell, Olivia S., 2007. "Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth," Journal of Monetary Economics, Elsevier, vol. 54(1), pages 205-224, January.
  2. Klapper, Leora & Lusardi, Annamaria & Panos, Georgios A., 2012. "Financial literacy and the financial crisis," Policy Research Working Paper Series 5980, The World Bank.
  3. Angela A. Hung & Andrew M. Parker & Joanne K. Yoong, 2009. "Defining and Measuring Financial Literacy," Working Papers 708, RAND Corporation Publications Department.
  4. Diana J. Beal & Sarath B. Delpachitra, 2003. "Financial Literacy Among Australian University Students," Economic Papers, The Economic Society of Australia, vol. 22(1), pages 65-78, 03.
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