The economic importance of financial literacy: theory and evidence
Abstract
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 important implications for welfare, as well as policies intended to enhance levels of financial knowledge in the larger population. Next, we draw on recent surveys to establish how...
Paper Details
Title
The economic importance of financial literacy: theory and evidence
Published Date
Mar 1, 2014
Volume
52
Issue
1
Pages
5 - 44
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