Financial literacy and savings: Cross-country evidence

Richa Selbi () and Budi Wahyono ()
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Richa Selbi: Universitas Sebelas Maret, Indonesia
Budi Wahyono: Universitas Sebelas Maret, Indonesia

Economics Bulletin, 2025, vol. 45, issue 4, 1996 - 2004

Abstract: This study examines the cross-country relationship between financial literacy and national saving shares using data from 103 economies. The results show that financial literacy is positively and significantly associated with saving shares. Further analysis reveals several notable patterns: (i) countries with higher income levels tend to have higher saving rates; (ii) financial literacy is positively related to saving for both genders, with a slightly stronger association for men; and (iii) the relationship is more pronounced for the saving share of older adults than for younger cohorts. Overall, the findings suggest that higher national financial literacy is consistently linked with greater saving performance across countries, underscoring its potential importance for promoting financial resilience and inclusion in diverse economic settings.

Keywords: Financial literacy; Saving shares; Financial inclusion; Economic resilience. (search for similar items in EconPapers)
JEL-codes: A2 M5 (search for similar items in EconPapers)
Date: 2025-12-30
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