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Economic and Financial Education: Concepts, Goals and Measurement

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Abstract

A review of the literature and of specific education initiatives reveals a broad range of approaches to economic and financial education. What knowledge areas and skills are targeted and how content is presented very much depends on the motives and goals of the various education providers. Central banks, for instance, provide economic and financial education basically for five reasons: (1) to enhance the effectiveness of monetary policy, (2) to ensure the smooth functioning of financial markets, (3) to support sustainable economic policies, (4) to promote economic and financial literacy as a public good and, (5) by doing so, build their reputation and promote acceptance for their actions. Economic and financial literacy tests have generally uncovered substantial knowledge gaps among citizens. Yet given the methodological deficiencies of the existing analyses, test scores must be interpreted with caution. Improving methodology remains a challenge for future research.

Suggested Citation

  • Ernest Gnan & Maria Antoinette Silgoner & Beat Weber, 2007. "Economic and Financial Education: Concepts, Goals and Measurement," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 28-49.
  • Handle: RePEc:onb:oenbmp:y:2007:i:3:b:2
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    File URL: https://www.oenb.at/dam/jcr:3a9a939c-ff12-4737-b9b5-973c526a34f7/mop_2007_3_gnan_tcm16-69086.pdf
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    References listed on IDEAS

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    1. Patrick J. Bayer & B. Douglas Bernheim & John Karl Scholz, 2009. "The Effects Of Financial Education In The Workplace: Evidence From A Survey Of Employers," Economic Inquiry, Western Economic Association International, vol. 47(4), pages 605-624, October.
    2. Bernheim, B. Douglas & Garrett, Daniel M., 2003. "The effects of financial education in the workplace: evidence from a survey of households," Journal of Public Economics, Elsevier, vol. 87(7-8), pages 1487-1519, August.
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    Citations

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    Cited by:

    1. Manfred Fluch, 2007. "Selected Central Banks’ Economic and Financial Literacy Programs," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 80-104.
    2. Bernd Hayo & Edith Neuenkirch, 2015. "The Influence of Media Use on Laymen’s Monetary Policy Knowledge in Germany," MAGKS Papers on Economics 201511, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    3. repec:ebl:ecbull:eb-17-00498 is not listed on IDEAS
    4. Cordero, José Manuel & Gil, María & Pedraja Chaparro, Francisco, 2016. "Exploring the effect of financial literacy courses on student achievement: a cross-country approach using PISA 2012 data," MPRA Paper 75474, University Library of Munich, Germany.
    5. Sabine Schlögl, 2007. "Financial and Economic Education Products and Services of Austrian Institutions and Enterprises," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 68-84.

    More about this item

    Keywords

    economic and financial literacy; central banks; education.;

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education

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