Financial Literacy around the World : An Overview of the Evidence with Practical Suggestions for the Way Forward

Financial literacy programs are fast becoming a key ingredient in financial policy reform worldwide. Yet, what is financial literacy exactly and what do we know of its effectiveness? This paper collects insights from the literature thus far and summarizes global evidence on financial literacy, its correlates, and existing and upcoming causal investigations. The authors conclude with a synthesis of policy advice and practical suggestions for the way forward in this fast growing area of research.

Saved in:
Bibliographic Details
Main Authors: Xu, Lisa, Zia, Bilal
Language:English
en_US
Published: World Bank, Washington, DC 2012-06
Subjects:ACCESS TO FINANCIAL INFORMATION, ACCOUNTING, AGE OF RETIREMENT, ANNUAL PERCENTAGE RATE, ASSET ACCUMULATION, ATMS, BANK ACCOUNT, BANK ACCOUNTS, BANK LOAN, BANKING SERVICES, BASIC FINANCIAL TOPICS, BORROWER, BORROWING, BUDGETING, BUSINESS PLAN, BUSINESS PLANS, BUSINESS TRAINING, CALCULATIONS, CASH FLOW, CHECKING ACCOUNTS, CLASSROOM TRAINING, COLLEGE STUDENTS, COMMERCIAL BANK, COMPOUND INTEREST, CONSUMER, CONSUMER CREDIT, CONSUMER EDUCATION, CONSUMER PROTECTION, CONSUMER PROTECTION MEASURES, CONTRIBUTION, CREDIT CARD, CREDIT CARD USE, CREDIT PRODUCT, CREDIT RATINGS, CURRICULUM, DEBIT CARDS, DEBT, DEBTORS, DEBTS, DECISION-MAKING SKILLS, DEFERRED ACCOUNT, DELINQUENCY, DELINQUENCY RATES, DISADVANTAGED HOUSEHOLDS, DIVERSIFICATION, FAMILY MEMBERS, FINANCIAL ADVICE, FINANCIAL BEHAVIOR, FINANCIAL BEHAVIORS, FINANCIAL CONCEPTS, FINANCIAL CONSTRAINTS, FINANCIAL COUNSELORS, FINANCIAL CRISIS, FINANCIAL DECISION, FINANCIAL EDUCATION, FINANCIAL EDUCATION COURSE, FINANCIAL EDUCATION COURSES, FINANCIAL EDUCATION CURRICULUM, FINANCIAL EDUCATION FOR CONSUMERS, FINANCIAL EDUCATION INFORMATION, FINANCIAL EDUCATION MANDATES, FINANCIAL EDUCATION PROGRAM, FINANCIAL EDUCATION PROGRAMS, FINANCIAL EDUCATION SEMINAR, FINANCIAL EDUCATION SEMINARS, FINANCIAL EXCLUSION, FINANCIAL GOALS, FINANCIAL KNOWLEDGE, FINANCIAL LITERACY, FINANCIAL LITERACY EDUCATION, FINANCIAL LITERACY PROGRAM, FINANCIAL LITERACY PROGRAMS, FINANCIAL LITERACY SURVEY, FINANCIAL LITERACY SURVEYS, FINANCIAL LITERACY TEST, FINANCIAL LITERACY TRAINING, FINANCIAL MATTERS, FINANCIAL OUTCOMES, FINANCIAL POLICY, FINANCIAL PRODUCT, FINANCIAL PRODUCTS, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL SKILLS, FINANCIAL SOPHISTICATION, FINANCIAL TRAINING, FINANCIAL TRANSACTIONS, FORMAL EDUCATION, GENERAL POPULATION, HEALTH INSURANCE, HEALTH INSURANCE PLAN, HIGH SCHOOL FINANCIAL EDUCATION, HIGH SCHOOL STUDENTS, HOME EQUITY, HOMEOWNERS, HOMEOWNERSHIP, HOUSEHOLD FINANCES, INCOME, INCOME LEVEL, INCOME LEVELS, INCOMES, INFLATION, INFORMED DECISIONS, INSURANCE, INSURANCE COMPANIES, INSURANCE POLICIES, INTEREST PAYMENTS, INTEREST RATE, INTEREST RATES, INVESTING, INVESTMENT PERFORMANCE, INVESTMENT STRATEGIES, KNOWLEDGE OF MONEY, LACK OF INFORMATION, LACK OF KNOWLEDGE, LENDERS, LESS FINANCIALLY LITERATE, LIFE INSURANCE, LIFE SPANS, LOAN, LOAN TERMS, LONG-TERM SAVINGS, LOW FINANCIAL LITERACY, LOW INCOME, LOW-INCOME, LOW-INCOME INDIVIDUALS, MARKETING, MASS MEDIA, MATH, MEDICAL INSURANCE, MINIMUM BALANCE, MODERATE-INCOME, MODERATE-INCOME INDIVIDUALS, MONETARY POLICY, MONEY MANAGEMENT, MORTGAGE, MORTGAGE OUTCOMES, MORTGAGES, MUTUAL FUNDS, NONPROFIT ORGANIZATIONS, OLDER PEOPLE, OLDER WOMEN, PENSION FUND, PENSION PLAN, PENSION PLANNING, PENSION SYSTEM, PENSIONS, PERSONAL FINANCE, PERSONAL FINANCE TOPICS, PERSONAL FINANCIAL MANAGEMENT, PERSONAL INVESTMENT, POSITIVE FINANCIAL BEHAVIORS, PRIVATE PENSION, PROBABILITY, PRODUCTIVITY, PROSPECTIVE HOMEOWNERS, PUBLIC PENSION, QUESTIONNAIRES, RECORD KEEPING, REGRESSION ANALYSIS, REPAYMENT, RESPONSIBILITIES, RETIREMENT, RETIREMENT AGE, RETIREMENT BENEFITS, RETIREMENT GOALS, RETIREMENT INCOME, RETIREMENT PLAN, RETIREMENT PLANNING, RETIREMENT PREPARATION, RETIREMENT SAVINGS, RETIREMENT SEMINARS, REVERSE MORTGAGES, RISK MANAGEMENT, RISKY ASSETS, SALARY, SALES, SAVING BEHAVIOR, SAVINGS, SAVINGS ACCOUNT, SAVINGS ACCOUNTS, SAVINGS BEHAVIOR, SAVINGS BEHAVIORS, SECONDARY EDUCATION, SENIORS, SKILL DEVELOPMENT, SMALL BUSINESS, SMALL BUSINESS OWNERS, SMALL BUSINESSES, SOCIAL SECURITY, SOPHISTICATED CONSUMER, SOPHISTICATED INVESTMENT, SOUND FINANCIAL DECISIONS, STOCK MARKET, STOCK MUTUAL FUND, STOCKS, TAKE-UP RATES, TRAINING COURSE, TRAINING PROGRAM, TRAINING PROGRAMS, TRAINING WORKSHOPS, UNEMPLOYED, WAGE, WORK EXPERIENCES, YOUNG ADULTS, YOUNG PEOPLE, YOUTH FINANCIAL LITERACY,
Online Access:http://documents.worldbank.org/curated/en/2012/06/16433919/financial-literacy-around-world-overview-evidence-practical-suggestions-way-forward
https://hdl.handle.net/10986/9322
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Financial literacy programs are fast becoming a key ingredient in financial policy reform worldwide. Yet, what is financial literacy exactly and what do we know of its effectiveness? This paper collects insights from the literature thus far and summarizes global evidence on financial literacy, its correlates, and existing and upcoming causal investigations. The authors conclude with a synthesis of policy advice and practical suggestions for the way forward in this fast growing area of research.