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Financial literacy around the world : an overview of the evidence with practical suggestions for the way forward

Citations

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Cited by:

  1. Claudia Martínez A. & Esteban Puentes, 2018. "Micro-entrepreneurship Debt Level and Access to Credit: Short-Term Impacts of a Financial Literacy Program," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 30(4), pages 613-629, September.
  2. Margaret Miller & Julia Reichelstein & Christian Salas & Bilal Zia, 2015. "Can You Help Someone Become Financially Capable? A Meta-Analysis of the Literature," The World Bank Research Observer, World Bank, vol. 30(2), pages 220-246.
  3. TAVARES Fernando Oliveira & ALMEIDA Luís Gomes & SOARES Vasco Jorge & TAVARES Vasco Capela, 2022. "Financial literacy: an exploratory analysis in Portugal," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 17(2), pages 252-269, August.
  4. Fred Gichana Atandi & Henry Bwisa & Maurice Sakwa, 2017. "Exploring the Effect of Entrepreneurial Savings Incentives as Determinant of Savings Mobilization among Micro and Small Enterprises," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(2), pages 404-422, February.
  5. Gosaitse E. Solomon & Trust Nhete & Burman M. Sithole, 2018. "The Case for the Need for Personal Financial Literacy Education in Botswana Secondary Schools," SAGE Open, , vol. 8(1), pages 21582440177, January.
  6. Suthinee Supanantaroek & Robert Lensink & Nina Hansen, 2017. "The Impact of Social and Financial Education on Savings Attitudes and Behavior Among Primary School Children in Uganda," Evaluation Review, , vol. 41(6), pages 511-541, December.
  7. Noviarini, Jelita & Coleman, Andrew & Roberts, Helen & Whiting, Rosalind H., 2023. "Financial literacy and retirees' resource allocation decisions in New Zealand," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
  8. Antonio Molina-García & Julio Diéguez-Soto & M. Teresa Galache-Laza & Marta Campos-Valenzuela, 2023. "Financial literacy in SMEs: a bibliometric analysis and a systematic literature review of an emerging research field," Review of Managerial Science, Springer, vol. 17(3), pages 787-826, April.
  9. Sholevar, Maryam & Harris, Laurence, 2019. "Mind the gap: A discussion paper on Financial Literacy, Financial behaviour and Financial Education : Is there any Gender Gap?," OSF Preprints b7zd6, Center for Open Science.
  10. Dean Karlan & Aishwarya Lakshmi Ratan & Jonathan Zinman, 2014. "Savings by and for the Poor: A Research Review and Agenda," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 60(1), pages 36-78, March.
  11. Calderone, Margherita & Fiala, Nathan & Mulaj, Florentina & Sadhu, Santadarshan & Sarr, Leopold, 2014. "When Can Financial Education Affect Savings Behavior? Evidence From A Randomized Experiment Among Low Income Clients of Branchless Banking in India," Working Papers 32, University of Connecticut, Department of Agricultural and Resource Economics, Charles J. Zwick Center for Food and Resource Policy.
  12. Berry, James & Karlan, Dean & Pradhan, Menno, 2018. "The Impact of Financial Education for Youth in Ghana," World Development, Elsevier, vol. 102(C), pages 71-89.
  13. Girum Abebe & Biruk Tekle & Yukichi Mano, 2018. "Changing Saving and Investment Behaviour: The Impact of Financial Literacy Training and Reminders on Micro-businesses," Journal of African Economies, Centre for the Study of African Economies, vol. 27(5), pages 587-611.
  14. Yusuf, Fatima & Yousaf, Amna & Saeed, Abubakr, 2018. "Rethinking agency theory in developing countries: A case study of Pakistan," Accounting forum, Elsevier, vol. 42(4), pages 281-292.
  15. Fenella Carpena & Shawn Cole & Jeremy Shapiro & Bilal Zia, 2019. "The ABCs of Financial Education: Experimental Evidence on Attitudes, Behavior, and Cognitive Biases," Management Science, INFORMS, vol. 65(1), pages 346-369, January.
  16. Birochi, Renê & Pozzebon, Marlei, 2016. "Aprimorando a inclusão financeira: rumo a um quadro teórico de educação financeira crítica," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 56(3), May.
  17. Saon Ray & Smita Miglani & Sandeep Paul, 2018. "The growing importance of consumer finance for financial inclusion in India," Indian Council for Research on International Economic Relations (ICRIER) Working Paper 367, Indian Council for Research on International Economic Relations (ICRIER), New Delhi, India.
  18. repec:gei:journl:v:2:y:2017:i:2:p:145-164 is not listed on IDEAS
  19. Daniel M. V. Bernaola & Gizelle D. Willows & Darron West, 2021. "The relevance of anger, anxiety, gender and race in investment decisions," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 20(1), pages 1-21, June.
  20. Entorf, Horst & Hou, Jia, 2018. "Financial Education for the Disadvantaged? A Review," IZA Discussion Papers 11515, Institute of Labor Economics (IZA).
  21. Tim Kaiser & Lukas Menkhoff, 2017. "Does Financial Education Impact Financial Literacy and Financial Behavior, and If So, When?," The World Bank Economic Review, World Bank, vol. 31(3), pages 611-630.
  22. Rashmi Baura & Renuka Sane, 2014. "Repayment in microfinance: The Role of financial literacy and caste," Discussion Papers 14-06, Indian Statistical Institute, Delhi.
  23. Antonia Grohmann & Annekathrin Schoofs, 2018. "Financial Literacy and Intra-Household Decision Making: Evidence from Rwanda," Discussion Papers of DIW Berlin 1720, DIW Berlin, German Institute for Economic Research.
  24. Gangwar, Rachna & Singh, Ritvik, 2018. "Analyzing Factors Affecting Financial Literacy and its Impact on Investment Behavior among Adults in India," MPRA Paper 89452, University Library of Munich, Germany.
  25. Manuel Salas‐Velasco & Dolores Moreno‐Herrero & José Sánchez‐Campillo, 2021. "Teaching financial education in schools and students' financial literacy: A cross‐country analysis with PISA data," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4077-4103, July.
  26. Martin Eling & Shailee Pradhan & Joan T Schmit, 2014. "The Determinants of Microinsurance Demand," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 39(2), pages 224-263, April.
  27. Fred Gichana Atandi & Henry M. Bwisa & Maurice Sakwa, 2016. "Technological Innovation as entrepreneurial Determinant affecting Savings Mobilization among Micro and Small Enterprises in Kenya," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 6(3), pages 178-199, March.
  28. Filippini, Massimo & Kumar, Nilkanth & Srinivasan, Suchita, 2020. "Energy-related financial literacy and bounded rationality in appliance replacement attitudes: evidence from Nepal," Environment and Development Economics, Cambridge University Press, vol. 25(4), pages 399-422, August.
  29. A. Yarasheva V. & S. Makar V. & S. Reshetnikov B. & А. Ярашева В. & С. Макар В. & С. Решетников Б., 2017. "Кредитные Стратегии Россиян Как Отражение Модели Финансового Поведения // The Credit Strategies Of The Russians As The Reflection Of The Model Of Financial Behaviour," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 21(6), pages 138-153.
  30. Yoshino, Naoyuki & Morgan, Peter J., 2016. "Overview of Financial Inclusion, Regulation, and Education," ADBI Working Papers 591, Asian Development Bank Institute.
  31. Muñoz-Murillo, Melisa & Álvarez-Franco, Pilar B. & Restrepo-Tobón, Diego A., 2020. "The role of cognitive abilities on financial literacy: New experimental evidence," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 84(C).
  32. Shafique, Attayah & Ayub, Usman & Zakaria, Muhammad, 2019. "Don’t let the Greed catch you! Pleonexia rule applied to Pakistan stock exchange," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 524(C), pages 157-168.
  33. Kaiser, Tim & Lusardi, Annamaria & Menkhoff, Lukas & Urban, Carly, 2022. "Financial education affects financial knowledge and downstream behaviors," Journal of Financial Economics, Elsevier, vol. 145(2), pages 255-272.
  34. Andrea Lučić & Dajana Barbić & Marija Uzelac, 2020. "The Role of Financial Education in Adolescent Consumers’ Financial Knowledge Enhancement," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 32(SI), pages 115-130.
  35. Grohmann, Antonia, 2018. "Financial literacy and financial behavior: Evidence from the emerging Asian middle class," Pacific-Basin Finance Journal, Elsevier, vol. 48(C), pages 129-143.
  36. Gal Iddo & Ograjenšek Irena, 2017. "Official Statistics and Statistics Education: Bridging the Gap," Journal of Official Statistics, Sciendo, vol. 33(1), pages 79-100, March.
  37. Menkhoff, Lukas & Grohmann, Antonia & Hübler, Olaf & Kouwenberg, Roy, 2014. "Financial literacy and financial behavior: Do women lag behind?," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100415, Verein für Socialpolitik / German Economic Association.
  38. Cordero, José Manuel & Gil, María & Pedraja Chaparro, Francisco, 2016. "Exploring the effect of financial literacy courses on student achievement: a cross-country approach using PISA 2012 data," MPRA Paper 75474, University Library of Munich, Germany.
  39. Grohmann, Antonia & Hübler, Olaf & Kouwenberg, Roy & Menkhoff, Lukas, 2021. "Financial literacy: Thai middle-class women do not lag behind," Journal of Behavioral and Experimental Finance, Elsevier, vol. 31(C).
  40. Charmaine Barbara & Dominic Cortis & Roberta Perotti & Claudia Sammut & Antoine Vella, 2017. "The European Insurance Industry: A PEST Analysis," IJFS, MDPI, vol. 5(2), pages 1-20, May.
  41. Bruhn, Miriam & Lara Ibarra, Gabriel & McKenzie, David, 2013. "Why is voluntary financial education so unpopular ? Experimental evidence from Mexico," Policy Research Working Paper Series 6439, The World Bank.
  42. Minh-Hoang Nguyen & Quy Van Khuc & Viet-Phuong La & Tam-Tri Le & Quang-Loc Nguyen & Ruining Jin & Phuong-Tri Nguyen & Quan-Hoang Vuong, 2022. "Mindsponge-Based Reasoning of Households’ Financial Resilience during the COVID-19 Crisis," JRFM, MDPI, vol. 15(11), pages 1-18, November.
  43. Chaouki Mouelhi & Hajer Hammami, 2021. "The Role of Knowledge Brokers in Improving Financial Literacy," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 11(3), pages 1-5.
  44. Bruhn, Miriam & de Souza Leao, Luciana & Legovini, Arianna & Marchetti, Rogelio & Zia, Bilal, 2013. "The impact of high school financial education : experimental evidence from Brazil," Policy Research Working Paper Series 6723, The World Bank.
  45. Ruth Cadaoas Tacneng & Klarizze Anne Martin Puzon & Thierno Barry, 2021. "Crowding out effects of financial knowledge and attitude on risk preferences: Evidence from a least developed African country," WIDER Working Paper Series wp-2021-58, World Institute for Development Economic Research (UNU-WIDER).
  46. Fred Gichana Atandi & Henry Bwisa & Maurice Sakwa, 2017. "Improving Savings Mobilization of Micro and Small Enterprises through Entrepreneurial Financial Literacy," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(2), pages 386-403, February.
  47. Ashenafi Fanta & Kingstone Mutsonziwa, 2021. "Financial Literacy as a Driver of Financial Inclusion in Kenya and Tanzania," JRFM, MDPI, vol. 14(11), pages 1-13, November.
  48. Cheng Yuan & Xiaoxiao Wang & Li Lin, 2023. "Why Do Financially Illiterate Students Perceive Lower Education Returns? Evidence From a Survey in Rural China," SAGE Open, , vol. 13(2), pages 21582440231, June.
  49. Kaiser, Tim & Menkhoff, Lukas, 2020. "Financial education in schools: A meta-analysis of experimental studies," Economics of Education Review, Elsevier, vol. 78(C).
  50. H. Kent Baker & Sweta Tomar & Satish Kumar & Deepak Verma, 2021. "Are Indian professional women financially literate and prepared for retirement?," Journal of Consumer Affairs, Wiley Blackwell, vol. 55(4), pages 1416-1441, December.
  51. Musah, Alhassan & Yakubu, Ibrahim Nandom & Abagna, Matthew Amalitinga, 2022. "Financial Literacy: A Peep into the Literature and Note for Policy," MPRA Paper 115703, University Library of Munich, Germany.
  52. Dean Karlan, Aishwarya Lakshmi Ratan, Jonathan Zinman, 2013. "Savings by and for the Poor: A Research Review and Agenda-Working Paper 346," Working Papers 346, Center for Global Development.
  53. Schoofs, Annekathrin, 2022. "Promoting financial inclusion for savings groups: A financial education programme in rural Rwanda," Journal of Behavioral and Experimental Finance, Elsevier, vol. 34(C).
  54. Kiliyanni, Abdul Latheef & Sivaraman, Sunitha, 2016. "The perception-reality gap in financial literacy: Evidence from the most literate state in India," International Review of Economics Education, Elsevier, vol. 23(C), pages 47-64.
  55. Ramesh Prasad Chaulagain, 2015. "Contribution of Financial Literacy to Behavior," Journal of Economics and Behavioral Studies, AMH International, vol. 7(6), pages 61-71.
  56. Miguel Angel Peñarreta-Quezada & Eulalia-Elizabeth Salas-Tenesaca & José Álvarez-García & María de la Cruz del Río-Rama, 2024. "Variables sociodemográficas y niveles de educación financiera en jóvenes universitarios de Ecuador," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 19(1), pages 1-15, Enero - M.
  57. Heenkkenda, Shirantha, 2014. "Inequalities in the Financial Inclusion in Sri Lanka: An Assessment of the Functional Financial Literacy," MPRA Paper 54419, University Library of Munich, Germany.
  58. World Bank Group, 2014. "Enhancing Financial Capability and Inclusion in Morocco : A Demand-Side Assessment," World Bank Publications - Reports 21503, The World Bank Group.
  59. Irni Johan & Karen Rowlingson & Lindsey Appleyard, 2021. "The Effect of Personal Finance Education on The Financial Knowledge, Attitudes and Behaviour of University Students in Indonesia," Journal of Family and Economic Issues, Springer, vol. 42(2), pages 351-367, June.
  60. Xiao Wei & Xu Junyi, 2019. "Bounded rationality and the ineffectiveness of big push policies," The B.E. Journal of Macroeconomics, De Gruyter, vol. 19(2), pages 1-21, June.
  61. Ardita Shehaj Lafe, 2018. "Freedom of Information and Citizens’ Perception in Albania," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 4, May - Aug.
  62. Rekha Reddy & Miriam Bruhn & Congyan Tan, 2013. "Financial Capability in Mexico : Results from a National Survey on Financial Behaviors, Attitudes, and Knowledge [Capacidades financieras en México : resultados de la encuesta nacional sobre compor," World Bank Publications - Reports 16756, The World Bank Group.
  63. Noviarini, Jelita & Coleman, Andrew & Roberts, Helen & Whiting, Rosalind H., 2021. "Financial literacy, debt, risk tolerance and retirement preparedness: Evidence from New Zealand," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
  64. Remya Tressa Jacob & Rudra Sensarma, 2022. "Does knowledge empower? A story of debt literacy and credit usage in rural consumer finance," Working papers 529, Indian Institute of Management Kozhikode.
  65. Grohmann, Antonia & Kouwenberg, Roy & Menkhoff, Lukas, 2015. "Childhood roots of financial literacy," Journal of Economic Psychology, Elsevier, vol. 51(C), pages 114-133.
  66. Yuanyuan Guo & Can Liu & Hao Liu & Ke Chen & Dan He, 2023. "Financial Literacy, Borrowing Behavior and Rural Households’ Income: Evidence from the Collective Forest Area, China," Sustainability, MDPI, vol. 15(2), pages 1-21, January.
  67. Desi Astuti & Paham Ginting & Isfenti Sadalia & Amlys Syahputra Silalahi, 2018. "The Influence of Financial Education and Promotion towards Risk Perception of Students as Investors at University Investment Gallery," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 4(2), pages 51-60, June.
  68. Grohmann, Antonia & Kouwenberg, Roy & Menkhoff, Lukas, 2014. "Financial literacy and its consequences in the emerging middleclass," Kiel Working Papers 1943, Kiel Institute for the World Economy (IfW Kiel).
  69. Maimbo, Samuel Munzele & Henriquez Gallegos, Claudia Alejandra, 2014. "Interest rate caps around the world: still popular, but a blunt instrument," Policy Research Working Paper Series 7070, The World Bank.
  70. Timothy Crack & Helen Roberts, 2015. "Credit card balances and repayment under competing minimum payment regimes," Review of Quantitative Finance and Accounting, Springer, vol. 45(4), pages 785-801, November.
  71. Jacob Michael Ben, 2016. "Pedagogy of Financial Education among College Students," Economics and Culture, Sciendo, vol. 13(2), pages 23-34, December.
  72. Andreas Dal Santo & Duccio Martelli, 2015. "Increasing Financial Literacy through Simulations: The Case of the CFA Society Italy Fund Management Challenge," Journal of Financial Management, Markets and Institutions, Società editrice il Mulino, issue 1, pages 69-100, June.
  73. Gangwar, Rachna & Singh, Ritvik, 2018. "Analyzing Factors Affecting Financial Literacy and its Impact on Investment Behavior among Adults in India," EconStor Preprints 183168, ZBW - Leibniz Information Centre for Economics.
  74. Magda Bianco & Daniela Marconi & Angela Romagnoli & Massimiliano Stacchini, 2022. "Challenges for financial inclusion: the role for financial education and new directions," Questioni di Economia e Finanza (Occasional Papers) 723, Bank of Italy, Economic Research and International Relations Area.
  75. Muhammad Anwar, Sher Zaman Khan, Amin Ur Rehman, 2017. "Financial Literacy, Behavioral Biases and Investor's Portfolio Diversification: Empirical Study of an Emerging Stock Market," Journal of Finance and Economics Research, Geist Science, Iqra University, Faculty of Business Administration, vol. 2(2), pages 144-163, October.
  76. Isabel Oliveira & Jorge Figueiredo & António Cardoso & Margarida Pocinho, 2023. "The financial literacy of individuals declared insolvent in the courts in Portugal in 2020," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 70(1), pages 11-26, March.
  77. Tahira Iram & Ahmad Raza Bilal & Zeshan Ahmad & Shahid Latif, 2023. "Does Financial Mindfulness Make a Difference? A Nexus of Financial Literacy and Behavioural Biases in Women Entrepreneurs," IIM Kozhikode Society & Management Review, , vol. 12(1), pages 7-21, January.
  78. Luiz Antonio Joia & Joaquim Pedro Vasconcelos Cordeiro, 2021. "Unlocking the Potential of Fintechs for Financial Inclusion: A Delphi-Based Approach," Sustainability, MDPI, vol. 13(21), pages 1-19, October.
  79. Bu, Di & Hanspal, Tobin & Liao, Yin & Liu, Yong, 2020. "Financial literacy and self-control in FinTech: Evidence from a field experiment on online consumer borrowing," SAFE Working Paper Series 273, Leibniz Institute for Financial Research SAFE.
  80. Mehmet POLAT, 2023. "An Empirical Application on Determine the Economic Literacy Levels of Public Staff," Sosyoekonomi Journal, Sosyoekonomi Society, issue 31(56).
  81. Eun Jin Ryu & Aya Suzuki, 2021. "ROSCAS as Insurance: Comparing Formal and Informal Methods of Saving among the Unskilled Workers in the Ethiopian Cut‐Flower Industry," The Developing Economies, Institute of Developing Economies, vol. 59(3), pages 243-274, September.
  82. Fred Gichana Atandi & Henry M. Bwisa & Maurice Sakwa, 2016. "Influence of Entrepreneurial Customer Experience on Savings Mobilization among Micro and Small Enterprises," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 6(4), pages 1-22, April.
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