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Financial literacy around the world : an overview of the evidence with practical suggestions for the way forward (English)

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.

Details

  • Author

    Xu,Lisa Lynn, Zia,Bilal Husnain

  • Document Date

    2012/06/01

  • Document Type

    Policy Research Working Paper

  • Report Number

    WPS6107

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2012/06/01

  • Disclosure Status

    Disclosed

  • Doc Name

    Financial literacy around the world : an overview of the evidence with practical suggestions for the way forward

  • Keywords

    Finance & Private Sector Development;access to financial service;financial education for consumer;access to financial information;financial education program;access to banking service;high school financial education;Levels of Educational Attainment;access to financial products;higher level of education;access to finance;Learning and Innovation Credit;formal bank account;business training program;small business owner;nationally representative survey;financial education course;lack of knowledge;retirement planning;fixed interest investment;high school senior;issues of race;female college students;high school student;sound financial decision;commercial bank account;lack of opportunity;social security system;human capital indicators;age of retirement;representative data set;stock mutual fund;cost of sales;word of mouth;private pension plan;consumer protection measure;loss of income;return to education;types of debt;financial literacy education;country fixed effect;lack of income;financial education seminar;personal finance topic;formal financial service;lack of awareness;annual percentage rate;positive financial behavior;knowledge of money;financial literacy survey;youth financial literacy;savings account;insurance product;financial capability;causal effect;

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Citation

Xu,Lisa Lynn Zia,Bilal Husnain

Financial literacy around the world : an overview of the evidence with practical suggestions for the way forward (English). Policy Research working paper ; no. WPS 6107 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/264001468340889422/Financial-literacy-around-the-world-an-overview-of-the-evidence-with-practical-suggestions-for-the-way-forward