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Financial Literacy and Financial Education: An Overview

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  • Tim Kaiser
  • Annamaria Lusardi

Abstract

This article provides a concise narrative overview of the rapidly growing empirical literature on financial literacy and financial education. We first discuss stylized facts on the demographic correlates of financial literacy. We next cover the evidence on the effects of financial literacy on financial behaviors and outcomes. Finally, we review the evidence on the causal effects of financial education programs focusing on randomized controlled trial evaluations. The article concludes with perspectives on future research priorities for both financial literacy and financial education.

Suggested Citation

  • Tim Kaiser & Annamaria Lusardi, 2024. "Financial Literacy and Financial Education: An Overview," NBER Working Papers 32355, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:32355
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    Cited by:

    1. Luis Oberrauch & Tim Kaiser, 2024. "Financial Education or Incentivizing Learning-by-Doing? Evidence from an RCT with Undergraduate Students," CESifo Working Paper Series 11187, CESifo.

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    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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