Luis Oberrauch, Tim Kaiser, and Annamaria Lusardi Abstract: Since 2012, the Programme for International Student Assessment (PISA), an initiative of the Organisation for Economic Co-operation and Development (OECD), conducted triennial tests to evaluate the financial literacy of 15-year-old students in various countries. These data provide an opportunity to study the determinants of financial literacy among …
Tim Kaiser and 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 …
Financial Literacy and Financial Education: An Overview Read More »
Irina Gemmo, Pierre-Carl Michaud, and Olivia S. Mitchell Abstract: To examine how financial education affects financial outcomes, one must evaluate whether and how sample selection may bias inferences regarding program impacts. Our incentivized experiment reveals how such selection influences estimated financial education effects. The more financially literate and those expecting higher gains pay more to …
Selection into Financial Education and Effects on Portfolio Choice Read More »
Giovanni Gallo and Alessia Sconti Abstract: Financial vulnerability is a concern of policymakers around the world. The Covid-19 pandemic elevated the financial fragility of households globally, particularly among the most vulnerable populations, and rising inflation is adding a new strain. This paper looks at Italy in examining how a marginal change in a household’s financial …
