Improving Financial Literacy: From Corporate Finance to Personal Finance

Annamaria Lusardi ()

No 35564, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This article provides an overview of the literature on financial literacy. It covers the initial measurement that created the Big Three questions and measures of personal finance knowledge featuring 28 questions. It shows that levels of financial literacy are low and have not been improving over time. This is true not only in the United States but also in countries worldwide. These findings matter because financial literacy is conducive to savvy financial behaviors, from holding precautionary savings to planning for retirement to many other financial decisions. Financial education programs have grown exponentially over time, providing important insights into their cost-effectiveness. Personal finance courses have been added to high school and college curricula, and the evidence indicates that they are useful initiatives to improve financial knowledge and downstream behavior.

JEL-codes: G53 (search for similar items in EconPapers)
Date: 2026-07
Note: AG
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