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Economic and Financial Education: Concepts, Goals and Measurement

Ernest Gnan (), Maria Silgoner and Beat Weber
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Ernest Gnan: Oesterreichische Nationalbank, Economic Analysis Division,

Monetary Policy & the Economy, 2007, issue 3, 28–49

Abstract: A review of the literature and of specific education initiatives reveals a broad range of approaches to economic and financial education. What knowledge areas and skills are targeted and how content is presented very much depends on the motives and goals of the various education providers. Central banks, for instance, provide economic and financial education basically for five reasons: (1) to enhance the effectiveness of monetary policy, (2) to ensure the smooth functioning of financial markets, (3) to support sustainable economic policies, (4) to promote economic and financial literacy as a public good and, (5) by doing so, build their reputation and promote acceptance for their actions. Economic and financial literacy tests have generally uncovered substantial knowledge gaps among citizens. Yet given the methodological deficiencies of the existing analyses, test scores must be interpreted with caution. Improving methodology remains a challenge for future research.

Keywords: economic and financial literacy; central banks; education. (search for similar items in EconPapers)
JEL-codes: A20 E58 I21 (search for similar items in EconPapers)
Date: 2007
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