In 2004, the “Big Three” questions, created by GFLEC Director Annamaria Lusardi and Prof. Olivia Mitchell of the Wharton School, were first fielded in the U.S. Health and Retirement Study. Since then, the exact questions and various variations have been used to measure financial literacy around the world. This page features the findings in 15 countries that have participated in the Financial Literacy Around the World (FLAT World) project. This research has been published in special issues of the Journal of Pension Economics and Finance as well as in Numeracy. Some are working papers.
Financial Literacy Around the World:
an Overview
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…
Here you can download the findings from 15 countries.
The Journal of Pension Economics and Finance has made the articles publicly available.
United States (2011)
Financial Literacy and Retirement Planning in the United States
Annamaria Lusardi and Olivia Mitchell
The Netherlands (2011)
Financial Literacy and Retirement Planning in the Netherlands
Rob Alessie, Maarten Van Rooij, Annamaria Lusardi
Italy (2011)
Financial Literacy and Pension Plan Participation in Italy
Elsa Fornero, Chiara Monticone
Germany (2011)
Financial Literacy and Retirement Planning in Germany
Tabea Bucher-Koenen, Annamaria Lusardi
Sweden (2011)
Financial Literacy and Retirement Planning in Sweden
Johan Almenberg, Jenny Säve-Söderbergh
Russia (2011)
Financial Literacy and Retirement Planning in the Russia case
Leora Klapper and Georgios A. Panos
New Zealand (2011)
Financial Literacy and Retirement Planning in New Zealand
Diana Crossan, David Feslier, Roger Hurnard
The 8 papers above were published in a special issue of the Journal of Pension Economics and Finance
Switzerland (2013)
Financial Literacy and Retirement Planning in Switzerland
Martin Brown, Roman Graf
Australia (2013)
Financial Literacy and Retirement Planning in Australia
Julie R. Agnew, Hazel Bateman, Susan Thorp
France (2013)
Financial Literacy and Financial Planning in France
Luc Arroundel, Majdi Debbich, Frederique Savignac
The 4 papers above were published in a special issue of Numeracy
Chile (2016)
Financial Literacy and Retirement Planning in Chile
Natalia Garabato Moure
Journal of Pension Economics and Finance
Canada (2015)
Financial Literacy and Retirement Planning in Canada
David Boisclair, Annamaria Lusardi, and Pierre-Carl Michaud
Journal of Pension Economics and Finance
Finland (2015)
Financial Literacy and Retirement Planning in Finland
Panu Kalmi and Olli-Pekka Ruuskanen