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Promoting Financial Literacy among the Elderly: Consequences on Confidence

Author

Listed:
  • Alessandro Bucciol

    (Department of Economics (University of Verona))

  • Simone Quercia

    (Department of Economics (University of Verona))

  • Alessia Sconti

    (Department of Economics (University of Verona))

Abstract

Financial literacy is a crucial skill for personal wealth management and economic well-being. Hence, it is important to evaluate the impact of interventions aimed at increasing financial literacy in the most vulnerable groups of the society. We conduct an impact evaluation of an intervention consisting in a two-hour lecture by university professors targeting the elderly population. We find that the intervention does not have a significant effect on literacy but has a significant effect on confidence. Our results highlight that short programs meant to increase financial literacy may have a severe drawback in favoring an increased confidence in one's own competence, not supported by an increased competence.

Suggested Citation

  • Alessandro Bucciol & Simone Quercia & Alessia Sconti, 2020. "Promoting Financial Literacy among the Elderly: Consequences on Confidence," Working Papers 12/2020, University of Verona, Department of Economics.
  • Handle: RePEc:ver:wpaper:12/2020
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    Cited by:

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    More about this item

    Keywords

    Financial literacy; Confidence; Overconfidence;
    All these keywords.

    JEL classification:

    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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