ERIC Number: ED535551
Record Type: Non-Journal
Publication Date: 2012-Sep
Abstractor: As Provided
Reference Count: 0
Financial Literacy, Financial Education and Economic Outcomes. NBER Working Paper No. 18412
Hastings, Justine S.; Madrian, Brigitte C.; Skimmyhorn, William L.
National Bureau of Economic Research
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.
Descriptors: Money Management, Consumer Education, Economic Status, Outcomes of Education, Incentives, Competition, Costs, Instructional Effectiveness, Financial Policy
National Bureau of Economic Research. 1050 Massachusetts Avenue, Cambridge, MA 02138-5398. Tel: 617-588-0343; Web site: http://www.nber.org
Publication Type: Reports - Evaluative
Education Level: N/A
Authoring Institution: National Bureau of Economic Research