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Defining and Measuring Financial Literacy

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  • Angela A. Hung

    ()

  • Andrew M. Parker

    ()

  • Joanne K. Yoong

    ()

Abstract

Current economic conditions have raised serious concerns about Americans' financial security, especially for those who lack the skills and resources to withstand financial market downswings and take advantage of upswings. However, significant debate continues about the role of financial literacy, the extent of the problem it truly represents, and the best way to address it. A large part of this debate may be linked to the fact that a great deal of variation continues to exist in how researchers define and measure financial literacy itself. By providing a review of theoretical and operational approaches to financial literacy, as well as a conceptual model and composite definition of financial literacy, this paper contributes towards further sharpening this debate.

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Bibliographic Info

Paper provided by RAND Corporation Publications Department in its series Working Papers with number 708.

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Length: 28 pages
Date of creation: Sep 2009
Date of revision:
Handle: RePEc:ran:wpaper:708

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Cited by:
  1. Almenberg, Johan & Dreber, Anna, 2011. "Gender, Stock Market Participation and Financial Literacy," Working Paper Series in Economics and Finance 737, Stockholm School of Economics, revised 16 Aug 2011.
  2. Elisabete Santos & Margarida Abreu, 2013. "Financial Literacy, Financial Behaviour and Individuals’ Over-indebtedness," Working Papers Department of Economics 2013/11, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  3. Brian Lucey & Michael Daly, 2013. "What Do The Irish Know About Economics," The Institute for International Integration Studies Discussion Paper Series iiisdp432, IIIS.
  4. Richard Disney & John Gathergood, . "Financial Literacy and Consumer Credit Portfolios," Discussion Papers 12/06, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
  5. Oliver Williams & Stephen Satchell, 2011. "Social welfare issues of financial literacy and their implications for regulation," Journal of Regulatory Economics, Springer, vol. 40(1), pages 1-40, August.
  6. Annamaria Lusardi & Olivia S. Mitchell, 2013. "The Economic Importance of Financial Literacy: Theory and Evidence," CeRP Working Papers 134, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  7. Dániel Béres & Katalin Huzdik, 2012. "Financial Literacy and Macro-economics," Public Finance Quarterly, State Audit Office of Hungary, vol. 57(3), pages 298-312.
  8. Heenkkenda, Shirantha, 2014. "Inequalities in the Financial Inclusion in Sri Lanka: An Assessment of the Functional Financial Literacy," MPRA Paper 54419, University Library of Munich, Germany.
  9. Katalin Botos & József Botos & Dániel Béres & József Csernák & Erzsébet Németh, 2012. "Financial Literacy and Risk-Taking of Households in the Hungarian Central Great Plain," Public Finance Quarterly, State Audit Office of Hungary, vol. 57(3), pages 267-285.
  10. Sundar, B. & Virmani, Vineet, . "Numeracy and Financial Literacy of Forest Dependent Communities Evidence from Andhra Pradesh," IIMA Working Papers WP2013-09-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
  11. Yuri Pettinicchi, 2012. "Financial Literacy, Information Acquisition and Asset Pricing Implications," Working Papers 2012_03, Department of Economics, University of Venice "Ca' Foscari".

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