journal article Aug 02, 2013

Financial Literacy, Financial Education, and Economic Outcomes

View at Publisher Save 10.1146/annurev-economics-082312-125807
Abstract
In this article, we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the extent to which a competitive market provides incentives for firms to educate consumers or to offer products that facilitate informed choice. We review the literature on alternative policies to improve financial outcomes and compare the evidence with that on the efficacy and cost of financial education. Finally, we discuss directions for future research.
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Metrics
695
Citations
104
References
Details
Published
Aug 02, 2013
Vol/Issue
5(1)
Pages
347-373
Cite This Article
Justine S. Hastings, Brigitte C. Madrian, William L. Skimmyhorn (2013). Financial Literacy, Financial Education, and Economic Outcomes. Annual Review of Economics, 5(1), 347-373. https://doi.org/10.1146/annurev-economics-082312-125807
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