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Literacy and Financial Education: Private Providers, Public Certification and Political Preferences

Author

Listed:
  • Carolina Guerini

    (Cattaneo University LIUC and SDA Bocconi University)

  • Donato Masciandaro

    (Bocconi University, and SUERF)

  • Alessia Papini

    (Bocconi University)

Abstract

Financial education can influence the level of financial literacy. In many countries public authorities implement financial education policy by means of ex ante certification of both private and public providers of education activities. This article uses political economy, educational marketing and text analysis as complementary tools to offer a positive analysis of such setting. Being financial education a credence good and given the key assumption that financial literacy is a country state–contingent endowment that deteriorates, as a consequence of innovation, the third-party certification can be considered as a strategic governance solution. Yet, when a public agency acts as third-party certifier, political and bureaucratic incentives shape its action. In particular, political activism in financial education can be motivated by financial instability worries. Such theoretical relationship is empirically confirmed applying text analyses, and using financial education narrative as a proxy for activism both for the politicians of the European Parliament and the bureaucrats of the ECB in the period 1997–2024.

Suggested Citation

  • Carolina Guerini & Donato Masciandaro & Alessia Papini, 2025. "Literacy and Financial Education: Private Providers, Public Certification and Political Preferences," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 11(2), pages 463-514, July.
    • Handle: RePEc:spr:italej:v:11:y:2025:i:2:d:10.1007_s40797-024-00287-1
    DOI: 10.1007/s40797-024-00287-1
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    Keywords

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    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
    • M3 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising

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