Elsa Fornero and Anna Lo Prete Abstract: Financial education is a crucial determinant of informed decisions, in both the private and social spheres. From a life cycle perspective, it improves personal finance. From youth to retirement, basic economic and financial competences, including specific pension literacy, help to plan for the future and to make better …

Financial Education: From Better Personal Finance to Improved Citizenship Read More »

Veronica Frisancho Abstract: This paper studies whether school-based financial education has spillover effects from children to parents. Leveraging data from a large-scale experiment with public high schools in Peru and credit bureau records on the parents of the youth targeted, this study measures the impact of providing personal finance lessons during secondary school on parental …

Spillover Effects of Financial Education: The Impact of School-Based Programs on Parents Read More »

Alberto Bucci, Riccardo Calcagno, Simone Marsiglio, and Tiago Neves Sequeira Abstract: We extend a two-sector endogenous growth model based on human capital accumulation along two different directions. First, by postulating that individuals may invest time-resources not only in the accumulation of human capital (general knowledge) but also in the accumulation of financial literacy (specific financial knowledge). …

Financial Literacy, Human Capital and Long-Run Economic Growth Read More »

Vasiliki A. Tzora, Nikolaos D. Philippas and Georgios A. Panos Abstract: We conduct the first nationally representative measurement of the financial capability of 15- year-old students in Greece. We find discrepancies between the core, the islands, and the periphery of the country. Female students score lower in terms of all knowledge, behaviour, and attitudes. Students …

The Financial Capability of the Youth in Greece Read More »

Tabea Bucher-Koenen, Andreas Hackethal, Johannes Kasinger, and Christine Laudenbach Abstract: Financial literacy affects wealth accumulation, and pension planning plays a key role in this relationship. In a large field experiment, we employ a digital pension aggregation tool to confront a treatment group with a simplified overview of their current pension claims across all pillars of …

Disparities in Financial Literacy, Pension Planning, and Saving Behavior Read More »

Marco Trombetta Abstract: The aim of this study is to investigate whether the level of financial literacy differs significantly among entrepreneurs in three European countries: Italy, Spain, and the UK. Moreover, I analyze whether financial literacy fosters or hinders entrepreneurial resilience and success. I find that the level of basic financial literacy is significantly lower …

Accounting and Finance Literacy and Entrepreneurship: An Exploratory Study Read More »

Anders Anderson and David T. Robinson Abstract: We survey a large sample of Swedish households and connect the responses to administrative data to relate pro-environmental attitudes and values to actual investment decisions. Pro-environment households are not more likely to hold proenvironment portfolios. This results from financial disengagement: they are less likely to own stocks, check …

Financial Literacy in the Age of Green Investment Read More »

Sandro Ambuehl, B. Douglas Bernheim, and Annamaria Lusardi Abstract: We examine methods for evaluating opportunity-neutral interventions designed to improve the quality of decision making in settings where people imperfectly comprehend consequences. In an experiment involving financial education, conventional outcome metrics (financial literacy and directional changes in behavior) imply that two interventions, one with practice and …

Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice Read More »

Francisco Pitthan and Kristof De Witte Abstract: Financial illiteracy affects considerably the decision-making of individuals, leading to sub-optimal outcomes and lower financial welfare in the society. Although financial education has been demonstrated to improve financial knowledge, evidence of long-term effects is limited. This could be due to the presence of cognitive biases such as myopia, …

Improving Financial Literacy by Mitigating Behavioural Biases: A Causal Mediation Analysis on the Effects of Behavioural-Based Financial Education Read More »

Marco Angrisani, Jeremy Burke, Annamaria Lusardi, and Gary Mottola Abstract: We administered the FINRA Foundation’s National Financial Capability Study questionnaire to members of the RAND American Life Panel in 2012 and 2018. Using this unique, longitudinal data set, we investigate the evolution of financial literacy over time and shed light on the effect of financial …

The Evolution of Financial Literacy over Time and its Predictive Power for Financial Outcomes: Evidence from Longitudinal Data Read More »