Financial Literacy Externalities

Michael Haliassos (), Thomas Jansson () and Yigitcan Karabulut ()
Additional contact information
Michael Haliassos: Goethe University Frankfurt, Postal: Theodor-W.-Adorno-Platz 3, PFH32, 60323 Frankfurt am Main, Germany
Thomas Jansson: Research Department, Central Bank of Sweden, Postal: Sveriges Riksbank, SE-103 37 Stockholm, Sweden
Yigitcan Karabulut: Rotterdam School of Management, Erasmus University, Postal: Burgemeester Oudlaan 50, Bayle Building, 3062 PA Rotterdam, Nederländerna

No 333, Working Paper Series from Sveriges Riksbank (Central Bank of Sweden)

Abstract: This paper uses unique administrative data and a quasi-field experiment of exogenous allocation to apartments in Sweden to estimate medium- and longer-run effects on financial behavior from exposure to financially literate neighbors. It contributes evidence of causal impact of financial literacy and points to a social multiplier of effective programs to enhance it. Exposure promotes saving in private retirement accounts and stockholding, especially when neighbors have economics or business education, but only for educated or male-headed households. Findings point to relevant knowledge transfer through social interactions rather than to labor market or other channels linked to local economic conditions.

Keywords: Household finance; financial literacy; social interactions; refugees (search for similar items in EconPapers)
JEL-codes: D14 E21 F22 G11 I28 (search for similar items in EconPapers)
Pages: 49 pages
Date: 2017-03-01, Revised 2017-10-01
New Economics Papers: this item is included in nep-eur, nep-lab and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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http://www.riksbank.se/Documents/Rapporter/Working_papers/2017/WP333.pdf (application/pdf)

Related works:
Journal Article: Financial Literacy Externalities (2020)
Working Paper: Financial Literacy Externalities (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:hhs:rbnkwp:0333

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