ERIC Number: EJ1053833
Record Type: Journal
Publication Date: 2013-Aug
Abstractor: As Provided
Financial Literacy, Financial Education, and Economic Outcomes
Hastings, Justine S.; Madrian, Brigitte C.; Skimmyhorn, William L.
Annual Review of Economics, v5 p347-373 Aug 2013
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.
Descriptors: Literature Reviews, Knowledge Level, Costs, Money Management, Consumer Education, Competition, Incentives, Financial Policy, Educational Finance
Annual Reviews. PO Box 10139, Palo Alto, CA 94303. e-mail: firstname.lastname@example.org; Web site: http://www.annualreviews.org/journal/economics
Publication Type: Journal Articles; Information Analyses; Reports - Evaluative
Education Level: N/A
Authoring Institution: N/A