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Financial Literacy and Macro-economics

  • Dániel Béres

    ()

    (State Audit Office of Hungary)

  • Katalin Huzdik

    ()

    (Budapest College of Communication and Business)

Financial 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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File URL: http://www.asz.hu/public-finance-quarterly-articles/2012/financial-literacy-and-macro-economics/a-298-312-beres-huzdik.pdf
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Article provided by State Audit Office of Hungary in its journal Public Finance Quarterly.

Volume (Year): 57 (2012)
Issue (Month): 3 ()
Pages: 298-312

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Handle: RePEc:pfq:journl:v:57:y:2012:i:3:p:298-312
Contact details of provider: Web page: http://www.asz.hu

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  1. Guido Lorenzoni & Veronica Guerrieri, 2011. "Credit Crises, Precautionary Savings and the Liquidity Trap," 2011 Meeting Papers 1414, Society for Economic Dynamics.
  2. Lusardi, Annamaria & Mitchell, Olivia S., 2006. "Baby boomer retirement security: The roles of planning, financial literacy, and Housing wealth," CFS Working Paper Series 2006/20, Center for Financial Studies (CFS).
  3. Klapper, Leora & Lusardi, Annamaria & Panos, Georgios A., 2012. "Financial literacy and the financial crisis," Policy Research Working Paper Series 5980, The World Bank.
  4. Diana J. Beal & Sarath B. Delpachitra, 2003. "Financial Literacy Among Australian University Students," Economic Papers, The Economic Society of Australia, vol. 22(1), pages 65-78, 03.
  5. Angela A. Hung & Andrew M. Parker & Joanne K. Yoong, 2009. "Defining and Measuring Financial Literacy," Working Papers 708, RAND Corporation.
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