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Financial literacy and consumer credit use

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Author Info

  • Richard Disney
  • John Gathergood

Abstract

We survey a representative sample of UK consumers on their understanding of core ‘financial literacy’ concepts in consumer credit. We find levels of financial literacy are generally low in the population. We also find levels of financial literacy are on average actually lower among those who participate in consumer credit markets compared with those who do not. This evidence contrasts with that from previous studies on retirement planning and stock market investment which find a positive relationship between financial literacy and market participation

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File URL: http://www.nottingham.ac.uk/cfcm/documents/papers/12-01.pdf
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Bibliographic Info

Paper provided by University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) in its series Discussion Papers with number 12/01.

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Handle: RePEc:not:notcfc:12/01

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Postal: School of Economics University of Nottingham University Park Nottingham NG7 2RD
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Fax: (0115) 951 4159
Web page: http://www.nottingham.ac.uk/cfcm/index.aspx
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Related research

Keywords: financial literacy; consumer credit;

References

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  1. van Rooij, Maarten C.J. & Lusardi, Annamaria & Alessie, Rob J.M., 2011. "Financial literacy and retirement planning in the Netherlands," Journal of Economic Psychology, Elsevier, vol. 32(4), pages 593-608, August.
  2. M.C.J. van Rooij & Annamaria Lusardi & R. Alessie, 2007. "Financial Literacy and Stock Market Participation," Working Papers 07-23, Utrecht School of Economics.
  3. Annamaria Lusardi & Peter Tufano, 2009. "Debt Literacy, Financial Experiences, and Overindebtedness," CeRP Working Papers 83, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  4. Jappelli, Tullio, 2010. "Economic literacy: An international comparison," CFS Working Paper Series 2010/16, Center for Financial Studies (CFS).
  5. Annamaria Lusardi & Peter Tufano, 2009. "Debt Literacy, Financial Experiences, and Overindebtedness," NBER Working Papers 14808, National Bureau of Economic Research, Inc.
  6. Jappelli, Tullio & Padula, Mario, 2011. "Investment in financial literacy and saving decisions," CFS Working Paper Series 2011/07, Center for Financial Studies (CFS).
  7. Lusardi, Annamaria & Tufano, Peter, 2009. "Debt literacy, financial experiences, and overindebtedness," CFS Working Paper Series 2009/08, Center for Financial Studies (CFS).
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