ESG Knowledge and Interest: A study among Householders in 8 countries

Abstract: In this study, we surveyed over 16,000 respondents in eight countries to collect information on individuals’ preferences for sustainable investing, ownership of ESG investment products, as well as their level of financial literacy, investing sophistication and understanding of topics… Read More »

Financial Literacy and Personal Finance – An Overview

Coping with new (and old) vulnerabilities in the post-pandemic world

The symposium concludes the work programme carried out by the Global Partnership for Financial Inclusion (GPFI) under the Italian G20 Presidency. It aims to take stock of the main experiences gained in financial education and consumer protection, including during the… Read More »

Financial Literacy and Financial Behavior at Older Ages

Abstract: Recent research has documented that people are increasingly entering old age holding more debt than ever before, and having done little or no retirement planning. This paper examines some of the reasons why older peoples’ financial behaviors depart from… Read More »

Gender Differences in Financial Literacy

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Financial Well-being and Literacy in the Midst of a Pandemic

Women’s Financial Wellbeing and Literacy

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Fearless Woman: Financial Literacy and Stock Market Participation

Abstract: Women are less financially literate than men. It is unclear whether this gap reflects a lack of knowledge or, rather, a lack of confidence. Our survey experiment shows that women tend to disproportionately respond “do not know” to questions… Read More »

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

We introduce a method for experimentally evaluating interventions designed to improve the quality of choices in settings where people imperfectly comprehend consequences. Among other virtues, our method yields an intuitive sufficient statistic for welfare that admits formal interpretations even when… Read More »

The Importance of Financial Literacy: Evidence and Recommendations

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Financial Literacy and Financial Fragility: Evidence to Understand the COVID-19 Crisis

The P-Fin Index: Four Years of Data to Understand Personal Finance in America

The Financial Fragility of European Households During COVID-19 and The Role of Financial Education and Literacy

The financial fragility of European households in the time of COVID-19

Introduction: One of the first consequences of COVID-19 lock downs has been an immediate fall in household incomes. In a March 2020 survey for the G7 countries, 31 percent of households reported that the coronavirus had already impacted their incomes.… Read More »

Financial Education Affects Financial Knowledge and Downstream Behaviors

Abstract: We study the rapidly growing literature on the causal effects of financial education programs in a meta-analysis of 76 randomized experiments with a total sample size of over 160,000 individuals. The evidence shows that financial education programs have, on… Read More »

Financial literacy and financial resilience: Evidence from around the world

Abstract: We measure financial literacy using questions assessing basic knowledge of four fundamental concepts in financial decision making: knowledge of interest rates, interest compounding, inflation, and risk diversification. Worldwide, just one in three adults are financially literate—that is, they know… Read More »

Financial Well-Being of the Millennial Generation: An In-Depth Analysis of its Drivers and Implications

Abstract: This research highlights the importance of designing and offering financial education programs that will optimally meet the needs and address the concerns of this diverse population. To improve financial well-being, programs should be tailored to the financial situation of… Read More »

The FinTech Opportunity in Personal Finance

Presentation to the 2019 Annual Commonwealth Central Bank Governors Meeting

The Impact of School-Based Financial Education on High School Students and their Teachers: Experimental Evidence from Peru

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Boosting Financial Literacy to Improve Livelihoods and Economic Prosperity

Attitudes Toward Debt and Debt Behavior

Abstract: We introduce a novel survey measure of attitude toward debt. Matching our survey results with panel data on Swedish household balance sheets from registry data, we show that our debt attitude measure helps explain individual variation in indebtedness as… Read More »

Financial Literacy and the Need for Financial Education: Evidence and Implications

Introduction Throughout their lifetime, individuals today are more responsible for their personal finances than ever before. With life expectancies rising, pension and social welfare systems are being strained. In many countries, employer-sponsored defined benefit (DB) pension plans are swiftly giving… Read More »

Financial Education: Young People in the Digital Age

Millennial Financial Literacy and Fin-tech Use: Who Knows What in the Digital Era

Summary: Using an oversample of Gen Y in the 2018 wave of the TIAA Institute-GFLEC Personal Finance Index (P-Fin Index), this report examines the financial literacy of millennials and how they engage with fin-tech, i.e., use smartphones for financial purposes.

Financial Literacy in Italy: Teacher and School Influence

Financial Literacy in Italy: Student Characteristics

Financial Literacy in Italy: Parent Influence

An Analysis of Financial Literacy Among Italian Students

Summary: Youth today confront an economic climate that imposes individual financial responsibility at levels greater than in the past. The financial literacy assessment within the Programme for International Student Assessment (PISA) provides an international measure of students’ preparedness for the… Read More »

Director’s Cut: Making Europe financially literate

Summary: Bruegel, the think tank, asks Director Lusardi about the state of financial literacy in Europe and its consequences. Annamaria Lusardi previously made a presentation at the Bruegel event, ‘The Importance of Being Financially Literate,’ on May 15, 2018. Click… Read More »

Gender Differences in Financial Literacy: Evidence and Implications

Knowledge, Fear and Beliefs: Household Demand for Socially Responsible Investments

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Financial Literacy and Financial Fragility among Millennials

Does Financial Education Impact Financial Literacy and Financial Behavior?

The Gender Gap in Financial Literacy: A Global Perspective

Summary: With data on financial literacy from a survey of more than 150,000 people in 140 economies worldwide, the 2014 Standard & Poor’s Ratings Services Global Financial Literacy Survey (S&P Global FinLit Survey) represents the most comprehensive global measure of… Read More »

Millennials and Financial Literacy: A Global Perspective

Summary: Worldwide, just one in three adults show an understanding of basic financial concepts, making it clear that billions of people are unprepared to deal with rapid changes in the financial landscape. Credit products, many of which carry high interest… Read More »

Millennials and Financial Literacy: A Global Perspective

Summary: Financial literacy is of utmost importance for Millennials, as they face financial decisions that can have consequences for the rest of their life. However, in a rapidly changing economic landscape, Millennials do not seem to be prepared to deal… Read More »

Financial Literacy: A Vision for the Future

When will the penny drop? Money, financial literacy and risk in the digital age

Summary: In November 2016, Allianz, in collaboration with Director Annamaria Lusardi, surveyed a total of 10,000 (approximately 1,000 people in each country) in the western European countries of Austria, Belgium, France, Germany, Italy, the Netherlands, Portugal, Spain, Switzerland, and the… Read More »

FINANCIAL LITERACY AROUND THE WORLD: EVIDENCE, THEORY, AND IMPLICATIONS

GENDER DIFFERENCES IN FINANCIAL LITERACY AROUND THE WORLD

THE FINANCIAL LITERACY MANIFESTO

Financial Literacy: A Vision for the Future

How financially literate are women? An overview and new insights

Abstract: We document strikingly similar gender differences in financial literacy across countries. When asked to answer questions that measure knowledge of basic financial concepts, women are less likely than men to answer correctly and more likely to indicate that they do… Read More »

The Display of Information and Household Investment Behavior

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Financial Literacy Seminar with Annamaria Lusardi, Financial Literacy Around the World: Insights from S&P Global FinLit Survey

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Household Financial Fragility: Evidence and Implications

Netherlands - OECD Global Symposium on Financial Resilience throughout Life

Financial Literacy, Illuminated

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HOW FINANCIALLY LITERATE ARE WOMEN? AN OVERVIEW AND NEW INSIGHTS

Abstract: We document strikingly similar gender differences in financial literacy across countries. When asked to answer questions that measure knowledge of basic financial concepts, women are less likely than men to answer correctly and more likely to indicate that they… Read More »

Financial Education in Schools: Lessons from Germany

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Financial Education in Schools: Lessons from Australia

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AN OVERVIEW OF THE PISA FINANCIAL LITERACY ASSESSMENT

Financial Literacy: A Global Perspective

The Importance of Financial Literacy and the Effectiveness of Financial Education

Financial Education and Investor Behavior Conference

Financial Literacy: A Global Perspective

International Seminar: Financial Education in Brazil and in the World (in Portuguese)

Risk Literacy

Financial Literacy Around the World: Insights from the Standard & Poor’s Ratings Services Global Financial Literacy Survey

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A GLOBAL PERSPECTIVE ON FINANCIAL LITERACY

A GLOBAL PERSPECTIVE ON FINANCIAL LITERACY

FINANCIAL LITERACY AROUND THE WORLD: INSIGHTS FROM THE STANDARD & POOR’S RATINGS SERVICES GLOBAL FINANCIAL LITERACY SURVEY

Summary: Given the many ways financial literacy affects financial behavior (Lusardi and Mitchell, 2014), it is important to understand the extent of people’s understanding of basic financial concepts as well as the degree to which financial skills fall short among groups like women and… Read More »

Hispanic Personal Finances: Financial Literacy and Decision-making Among College-Educated Hispanics

Financial Literacy Skills for the 21st Century: Evidence from PISA

Foreward: I am delighted to be asked to give the Colston Warne Lecture at the American Council on Consumer Interests annual conference. What I want to cover in this lecture is what I consider to be one of the most important… Read More »

LOOKING FORWARD – RESEARCHER VIEWS

THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY

THE GLOBAL FINDEX DATABASE 2014: MEASURING FINANCIAL INCLUSION AROUND THE WORLD

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The Global Findex Database 2014: Measuring Financial Inclusion Around the World

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Financial Literacy and Retirement Planning in Canada

Abstract: In this paper, we draw on internationally comparable survey evidence on financial literacy and retirement planning in Canada to investigate how financially literate Canadians are and how financial literacy is linked to retirement planning. We find that 42 percent of… Read More »

Financial Literacy and Economic Outcomes: Evidence and Policy Implications

Abstract: This paper reviews what we have learned over the past decade about financial literacy and its relationship to financial decision-making around the world. Using three questions, we have surveyed people in several countries to determine whether they have the fundamental… Read More »

High School Students and Financial Literacy: Evidence from PISA

Click here to read the lecture as published in the Journal of Consumer Affairs.

PISA Financial Literacy Assessment

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The Economic Importance of Financial Literacy

HARNESSING FINANCIAL EDUCATION TO SPUR ENTREPRENEURSHIP AND INNOVATION

How Can Financial Literacy Improve Retirement Planning?

The Economic Crisis and Medical Care Use: Comparative Evidence from Five High-Income Countries

Abstract: Objective. We examine how the economic crisis has affected individuals’ use of routine medical care and assess the extent to which the impact varies depending on national context. Methods. Data from a new cross-national survey fielded in the United States,… Read More »

The Economic Importance of Financial Literacy

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Investor Protection and Education Going Forward – What does it take to change behavior?

Financial Literacy and Economic Outcomes: Evidence and Policy Implications

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Financial Literacy and Economic Outcomes: Evidence and Policy Implications

Abstract: This paper reviews what we have learned about financial literacy and its relationship to financial decision-making around the world. Using three simple questions, we have surveyed people in many countries to determine whether they have the fundamental knowledge of… Read More »

HOW FINANCIALLY LITERATE ARE WOMEN? AN OVERVIEW AND NEW INSIGHTS

Abstract: We document strikingly similar gender differences in financial literacy across countries. When asked to answer questions that measure knowledge of basic financial concepts, women are less likely than men to answer correctly and more likely to indicate that they do… Read More »

RISK LITERACY

Abstract: I examine financial literacy—specifically knowledge of risk—using data from surveys in the United States and other countries. I show that risk literacy is very low; the majority of individuals lack knowledge of concepts such as risk diversification and do… Read More »

PISA FINANCIAL LITERACY ASSESSMENT

GENDER, CONFIDENCE, AND FINANCIAL LITERACY

THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY

FINANCIAL LITERACY AND RETIREMENT PLANNING IN CANADA

Abstract: Financial literacy and Canadians’ capacity to plan for retirement is of primary importance for the policy debate over pension system reform in Canada. In this paper, we draw on internationally comparable survey evidence on financial literacy and retirement planning in… Read More »

OPTIMAL FINANCIAL KNOWLEDGE AND WEALTH INEQUALITY

Abstract: Using a stochastic life cycle model with endogenous financial knowledge accumulation, we show that financial knowledge is a key determinant of wealth inequality. The mechanism we posit is that financial knowledge enables individuals to better allocate resources over their lifetimes… Read More »

FINANCIAL EDUCATION, FINANCIAL COMPETENCE, AND CONSUMER WELFARE

Abstract: We introduce the concept of financial competence, a measure of the extent to which individuals’ financial choices align with those they would make if they properly understood their opportunity sets. Unlike existing measures of the quality of financial decision making,… Read More »

FINANCIAL LITERACY AROUND THE WORLD: AN OVERVIEW

Abstract:  In an increasingly risky and globalized marketplace, people must be able to make well informed financial decisions. New international research demonstrates that financial illiteracy is widespread in both well-developed and rapidly changing markets. Women are less financially literate than men, the… Read More »

THE ECONOMIC IMPORTANCE OF FINANCIAL LITERACY: THEORY AND EVIDENCE

This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research, which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has… Read More »

Gender Differences

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TOWARDS A MORE INCLUSIVE SOCIETY

APEC Guidebook on Financial and Economic Literacy in Basic Education

Summary: This is a joint initiative, that means, it is based on the efforts, knowledge and wisdom of experts from all the APEC economies and at the same time it is hoped to benefit all the economies in the APEC… Read More »

GEN Y PERSONAL FINANCES: A CRISIS OF CONFIDENCE AND CAPABILITY

Summary:  Generation Y will leave a lasting imprint on American history. The largest, most diverse generation America has seen, Generation Y comprises millions who were born between the late 1970s and the mid-1990s. While this generation is confident, they face… Read More »

Lapse-Based Insurance

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Inattention and Inertia in Household Finance: Evidence from the Danish Mortgage Market

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Financial Literacy, Illuminated: It’s a FLAT World

COLLEGE-EDUCATED MILLENNIALS: AN OVERVIEW OF THEIR PERSONAL FINANCES

Summary:  This study has used new data from the NFCS to analyze salient issues related to college-educated Millennials’ financial capability, practices, and status, and in the process identify key financial challenges they face. The results suggest that the promotion of financial… Read More »

Stepping Up the Effort: Educating Teachers

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Opening at Global Financial Literacy Summit 2013

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Financial Education in Schools: Lessons from Australia

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Empowering the Youth

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PROCEEDINGS OF THE OECD/INFE/GFLEC GLOBAL POLICY RESEARCH SYMPOSIUM TO ADVANCE FINANCIAL LITERACY

Summary: This document collects the contributions of the four main speakers of the OECD/INFE/GFLEC Global Policy Research Symposium to Advance Financial Literacy, held in Paris on 31 October 2013. The conference was co-organised with the Global Financial Literacy Excellence Center… Read More »

FINANCIAL LITERACY AROUND THE WORLD (FLAT WORLD)

Summary:  Across the world, people are being asked to assume more responsibility for their financial well-being. Because of changes in the pension landscape, notably a shift from defined benefit to defined contribution type pensions, individuals must determine not only how much… Read More »

Financial Education and Saving for Retirement

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The Saving Museum

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The Role of the Private Sector in Financial Education: A View from the Teller’s Desk

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Tammo Bijmolt introduces Michael Haliassos at the Global Financial Literacy Summit 2012

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Tammo Bijmolt introduces Keyong Dong at the Global Financial Literacy Summit 2012

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Sue Lewis introduces Olaf Simonse at the Global Financial Literacy Summit 2012

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Sue Lewis introduces Flore-Anne Messy at the Global Financial Literacy Summit 2012

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Sue Lewis introduces Dusan Hradil at the Global Financial Literacy Summit 2012

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China’s Dynamic Financial Literacy Needs

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State of Financial Literacy in China

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Best Practices for Financial Education Programs

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Best Practice Cases for Improving Financial Literacy

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Relevance of Financial Literacy in the New Financial Landscape

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Marco Trombetta introduces Session 5 and its speakers at the Global Financial Literacy Summit 2012

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Key Challenges & Opportunities: Regional Reports

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Household Financial Literacy, Financial Innovation, and Product Regulation

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Heleen Buijs introduces Keynote Speaker Andrea Beltratti Global Financial Literacy Summit 2012

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Harry Smorenberg introduces Annamaria Lusardi at the Global Financial Literacy Summit

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From Literacy to Financial Planning: Global Retirement Income Adequacy

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The Role of Banks in Promoting Financial Literacy

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Role of Intesa Sanpaolo bank in the Museum of Saving

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Financial literacy: Is there a gender issue?

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Financial Literacy at the OECD

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Financial Literacy Around the World: The Big Picture

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Financial Literacy and Pension Awareness in the Netherlands: A platform approach

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Financial Education and Saving for Retirement

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Understanding and Measuring Financial Literacy

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Financial literacy and stock market participation

Abstract: We have devised two special modules for De Nederlandsche Bank (DNB) Household Survey to measure financial literacy and study its relationship to stock market participation. We find that the majority of respondents display basic financial knowledge and have some… Read More »