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Financial Literacy and Financial Education: An Overview

Author

Listed:
  • Tim Kaiser
  • Annamaria Lusardi

Abstract

This article provides a concise narrative overview of the rapidly growing empirical literature on financial literacy and financial education. We first discuss stylized facts on the demographic correlates of financial literacy. We next cover the evidence on the effects of financial literacy on financial behaviors and outcomes. Finally, we review the evidence on the causal effects of financial education programs focusing on randomized controlled trial evaluations. The article concludes with perspectives on future research priorities for both financial literacy and financial education.

Suggested Citation

  • Tim Kaiser & Annamaria Lusardi, 2024. "Financial Literacy and Financial Education: An Overview," NBER Working Papers 32355, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:32355
    Note: AG
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    Cited by:

    1. Theodosis Kallenos & Andreas Milidonis & George Nishiotis & Stavros Zenios, 2025. "Financial education and spillover effects," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 52(2), pages 243-271, May.
    2. Daniele Chiavenato & Ricardo A. Madeira & Vitor Vaccaro, 2024. "Does financial education impact school attainment? Experimental evidence from Brazil," Nova SBE Working Paper Series wp666, Universidade Nova de Lisboa, Nova School of Business and Economics.
    3. Daniele Chiavenato & Ricardo A. Madeira & Vitor Vaccaro, 2024. "Does Financial Education Impact School Attainment? Experimental Evidence from Brazil," Nova SBE Working Paper Series wp2402, Universidade Nova de Lisboa, Nova School of Business and Economics.
    4. Alberto Montagnoli & Karl Taylor, 2024. "Who Cares about Investing Responsibly? Attitudes and Financial Decisions," Working Papers 2024010, The University of Sheffield, Department of Economics.
    5. Duraj, Kamila & Laudenbach, Christine & Lindner, Vincent, 2025. "Hessenmonitor Finanzkompetenz: Was wissen junge Erwachsene in Hessen über Geld und Finanzen? Abschlussbericht," SAFE White Paper Series 110, Leibniz Institute for Financial Research SAFE.
    6. Oberrauch, Luis & Kaiser, Tim, 2024. "Financial Education or Incentivizing Learning-By-Doing? Evidence from an RCT with Undergraduate Students," Journal of Behavioral and Experimental Finance, Elsevier, vol. 43(C).
    7. Luis Oberrauch & Tim Kaiser, 2024. "Financial Education or Incentivizing Learning-by-Doing? Evidence from an RCT with Undergraduate Students," CESifo Working Paper Series 11187, CESifo.
    8. Liane Platz & Michael Juettler, 2025. "Development of basic-needs experience and finance-related attitude through game-based learning: The role of game mechanics and debriefing," PLOS ONE, Public Library of Science, vol. 20(12), pages 1-18, December.
    9. Sconti, Alessia & Caserta, Maurizio & Ferrante, Livio, 2024. "Gen Z and financial education: Evidence from a randomized control trial in the South of Italy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 112(C).

    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G53 - Financial Economics - - Household Finance - - - Financial Literacy

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