Financial Literacy and Macro-economics
AbstractFinancial 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 InfoArticle provided by State Audit Office of Hungary in its journal Public Finance Quarterly.
Volume (Year): 57 (2012)
Issue (Month): 3 ()
Contact details of provider:
Web page: http://www.asz.hu
financial literacy; indicator; macro-economics;
Find related papers by JEL classification:
- A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
- A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
- D03 - Microeconomics - - General - - - Behavioral Microeconomics; Underlying Principles
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
- H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
- I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
- J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
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