Keywords
financial literacy, consumer finance, financial education
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 offer products that facilitate informed choice. We review the literature on alternative policies to improve financial outcomes, and compare the evidence to evidence on the efficacy and cost of financial education. Finally, we discuss directions for future research.
Original Publication Citation
“Financial Literacy, Financial Education and Economic Outcomes.” 2013. Annual Review of Economics 5(2013): 347-73 (with Justine S. Hastings and William L. Skimmyhorn). http://dx.doi.org/10.1146/annurev-economics-082312-125807
BYU ScholarsArchive Citation
Hastings, Justine S.; Madrian, Brigitte C.; and Skimmyhorn, William L., "Financial Literacy, Financial Education and Economic Outcomes" (2013). Faculty Publications. 9038.
https://scholarsarchive.byu.edu/facpub/9038
Document Type
Peer-Reviewed Article
Publication Date
2013
Publisher
Annual Review of Economics
Language
English
College
Marriott School of Business
Department
Finance
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