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Financial Literacy, Financial Education, and Economic Outcomes

Justine Hastings, Brigitte Madrian and William Skimmyhorn

Annual Review of Economics, 2013, vol. 5, issue 1, 347-373

Abstract: 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.

Keywords: personal finance; household finance (search for similar items in EconPapers)
JEL-codes: C93 D14 D18 D91 G11 G28 (search for similar items in EconPapers)
Date: 2013
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