Financial Literacy around the World : An Overview of the Evidence with Practical Suggestions for the Way Forward

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 sum...

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Bibliographic Details
Main Authors:	Xu, Lisa, Zia, Bilal
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2012
Subjects:	ACCESS TO FINANCIAL INFORMATION ACCOUNTING AGE OF RETIREMENT ANNUAL PERCENTAGE RATE ASSET ACCUMULATION ATMS BANK ACCOUNT BANK ACCOUNTS BANK LOAN BANKING SERVICES BASIC FINANCIAL TOPICS BORROWER BORROWING BUDGETING BUSINESS PLAN BUSINESS PLANS BUSINESS TRAINING CALCULATIONS CASH FLOW CHECKING ACCOUNTS CLASSROOM TRAINING COLLEGE STUDENTS COMMERCIAL BANK COMPOUND INTEREST CONSUMER CONSUMER CREDIT CONSUMER EDUCATION CONSUMER PROTECTION CONSUMER PROTECTION MEASURES CONTRIBUTION CREDIT CARD CREDIT CARD USE CREDIT PRODUCT CREDIT RATINGS CURRICULUM DEBIT CARDS DEBT DEBTORS DEBTS DECISION-MAKING SKILLS DEFERRED ACCOUNT DELINQUENCY DELINQUENCY RATES DISADVANTAGED HOUSEHOLDS DIVERSIFICATION FAMILY MEMBERS FINANCIAL ADVICE FINANCIAL BEHAVIOR FINANCIAL BEHAVIORS FINANCIAL CONCEPTS FINANCIAL CONSTRAINTS FINANCIAL COUNSELORS FINANCIAL CRISIS FINANCIAL DECISION FINANCIAL EDUCATION FINANCIAL EDUCATION COURSE FINANCIAL EDUCATION COURSES FINANCIAL EDUCATION CURRICULUM FINANCIAL EDUCATION FOR CONSUMERS FINANCIAL EDUCATION INFORMATION FINANCIAL EDUCATION MANDATES FINANCIAL EDUCATION PROGRAM FINANCIAL EDUCATION PROGRAMS FINANCIAL EDUCATION SEMINAR FINANCIAL EDUCATION SEMINARS FINANCIAL EXCLUSION FINANCIAL GOALS FINANCIAL KNOWLEDGE FINANCIAL LITERACY FINANCIAL LITERACY EDUCATION FINANCIAL LITERACY PROGRAM FINANCIAL LITERACY PROGRAMS FINANCIAL LITERACY SURVEY FINANCIAL LITERACY SURVEYS FINANCIAL LITERACY TEST FINANCIAL LITERACY TRAINING FINANCIAL MATTERS FINANCIAL OUTCOMES FINANCIAL POLICY FINANCIAL PRODUCT FINANCIAL PRODUCTS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SKILLS FINANCIAL SOPHISTICATION FINANCIAL TRAINING FINANCIAL TRANSACTIONS FORMAL EDUCATION GENERAL POPULATION HEALTH INSURANCE HEALTH INSURANCE PLAN HIGH SCHOOL FINANCIAL EDUCATION HIGH SCHOOL STUDENTS HOME EQUITY HOMEOWNERS HOMEOWNERSHIP HOUSEHOLD FINANCES INCOME INCOME LEVEL INCOME LEVELS INCOMES INFLATION INFORMED DECISIONS INSURANCE INSURANCE COMPANIES INSURANCE POLICIES INTEREST PAYMENTS INTEREST RATE INTEREST RATES INVESTING INVESTMENT PERFORMANCE INVESTMENT STRATEGIES KNOWLEDGE OF MONEY LACK OF INFORMATION LACK OF KNOWLEDGE LENDERS LESS FINANCIALLY LITERATE LIFE INSURANCE LIFE SPANS LOAN LOAN TERMS LONG-TERM SAVINGS LOW FINANCIAL LITERACY LOW INCOME LOW-INCOME LOW-INCOME INDIVIDUALS MARKETING MASS MEDIA MATH MEDICAL INSURANCE MINIMUM BALANCE MODERATE-INCOME MODERATE-INCOME INDIVIDUALS MONETARY POLICY MONEY MANAGEMENT MORTGAGE MORTGAGE OUTCOMES MORTGAGES MUTUAL FUNDS NONPROFIT ORGANIZATIONS OLDER PEOPLE OLDER WOMEN PENSION FUND PENSION PLAN PENSION PLANNING PENSION SYSTEM PENSIONS PERSONAL FINANCE PERSONAL FINANCE TOPICS PERSONAL FINANCIAL MANAGEMENT PERSONAL INVESTMENT POSITIVE FINANCIAL BEHAVIORS PRIVATE PENSION PROBABILITY PRODUCTIVITY PROSPECTIVE HOMEOWNERS PUBLIC PENSION QUESTIONNAIRES RECORD KEEPING REGRESSION ANALYSIS REPAYMENT RESPONSIBILITIES RETIREMENT RETIREMENT AGE RETIREMENT BENEFITS RETIREMENT GOALS RETIREMENT INCOME RETIREMENT PLAN RETIREMENT PLANNING RETIREMENT PREPARATION RETIREMENT SAVINGS RETIREMENT SEMINARS REVERSE MORTGAGES RISK MANAGEMENT RISKY ASSETS SALARY SALES SAVING BEHAVIOR SAVINGS SAVINGS ACCOUNT SAVINGS ACCOUNTS SAVINGS BEHAVIOR SAVINGS BEHAVIORS SECONDARY EDUCATION SENIORS SKILL DEVELOPMENT SMALL BUSINESS SMALL BUSINESS OWNERS SMALL BUSINESSES SOCIAL SECURITY SOPHISTICATED CONSUMER SOPHISTICATED INVESTMENT SOUND FINANCIAL DECISIONS STOCK MARKET STOCK MUTUAL FUND STOCKS TAKE-UP RATES TRAINING COURSE TRAINING PROGRAM TRAINING PROGRAMS TRAINING WORKSHOPS UNEMPLOYED WAGE WORK EXPERIENCES YOUNG ADULTS YOUNG PEOPLE YOUTH FINANCIAL LITERACY
Online Access:	http://documents.worldbank.org/curated/en/2012/06/16433919/financial-literacy-around-world-overview-evidence-practical-suggestions-way-forward http://hdl.handle.net/10986/9322

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Summary:	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.

Financial Literacy around the World : An Overview of the Evidence with Practical Suggestions for the Way Forward

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