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Economic-financial Literacy and (Sustainable) Pension Reforms: Why the Former is a Key Ingredient for the Latter

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  • Elsa Fornero

    (University of Turin and CeRP-Collegio Carlo Alberto)

Abstract

Financial literacy has important implications for economic reforms. Reforms are meant to change people’s behavior and their effectiveness crucially depends on the ability of citizens to recognize and generally approve their necessity, their general design, and their “sense of direction.” Without basic understanding by citizens, reforms risk having little or no effect or even being reversed. Informed judgment about economic reforms requires information and numeracy as well as literacy. This is particularly true of pension reforms because of their profound impact on people’s life plans. The 2011 Italian pension reform is a case in point.

Suggested Citation

  • Elsa Fornero, 2015. "Economic-financial Literacy and (Sustainable) Pension Reforms: Why the Former is a Key Ingredient for the Latter," Bankers, Markets & Investors, ESKA Publishing, issue 134, pages 6-16, January-F.
    • Handle: RePEc:rbq:journl:i:134:p:6-16
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    Cited by:

    1. Jante Parlevliet & Massimo Giuliodori & Matthijs Rooduijn, 2023. "Populist attitudes, fiscal illusion and fiscal preferences: evidence from Dutch households," Public Choice, Springer, vol. 197(1), pages 201-225, October.
    2. Luc Arrondel & Marlene Haupt & María Jesús Mancebón & Gianni Nicolini & Manuel Wälti & Jasmira Wiersma, 2020. "Financial Literacy in Western Europe," PSE Working Papers halshs-03243830, HAL.
    3. Luc Arrondel, 2018. "Financial Literacy and Asset Behaviour: Poor Education and Zero for Conduct?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(1), pages 144-160, March.
    4. Beatrice Magistro, 2022. "The influence of financial and economic literacy on policy preferences in Italy," Economics and Politics, Wiley Blackwell, vol. 34(2), pages 351-381, July.
    5. Luc Arrondel, 2020. "Financial literacy and French behaviour on the stock market," Working Papers halshs-02505320, HAL.
    6. Flavia Coda Moscarola & Elsa Fornero & Steinar Strøm, 2016. "Absenteeism, childcare and the effectiveness of pension reforms," IZA Journal of European Labor Studies, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 5(1), pages 1-18, December.
    7. Jante Parlevliet & Massimo Giuliodori & Matthijs Rooduijn, 2021. "Populist attitudes, fiscal illusion and fiscal preferences: evidence from Dutch households," Working Papers 731, DNB.
    8. M. Carmen Boado-Penas & Julia Eisenberg & Ralf Korn, 2019. "Transforming public pensions: A mixed scheme with a credit granted by the state," Papers 1912.12329, arXiv.org.
    9. David Leiser & Nofar Duani & Pascal Wagner-Egger, 2017. "The conspiratorial style in lay economic thinking," PLOS ONE, Public Library of Science, vol. 12(3), pages 1-17, March.
    10. Beatrice Magistro, 2020. "Financial literacy and support for free trade in the UK," The World Economy, Wiley Blackwell, vol. 43(8), pages 2050-2069, August.

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    More about this item

    Keywords

    Financial Education; Economic-financial Literacy; Public Pensions; Pension Reforms;
    All these keywords.

    JEL classification:

    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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