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Financial literacy gaps of the Austrian population

Bettina Greimel-Fuhrmann (), Maria Silgoner and Rosa Weber ()
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Bettina Greimel-Fuhrmann: Vienna University of Economics and Business
Rosa Weber: Vienna University of Economics and Business

Monetary Policy & the Economy, 2015, issue 2, 35–51

Abstract: Most people lack financial knowledge and have trouble dealing competently with their financial affairs, as evidenced by recent empirical research on financial literacy in various countries. We investigate financial literacy among Austrians based on a novel dataset covering about 2,000 persons. Our findings corroborate the existence of substantial knowledge gaps, which are most conspicuous among respondents with low educational attainment and low incomes, among younger and older people as well as women. We provide tentative evidence for a positive link between financial knowledge scores and financial behavior, such as setting aside rainy day funds or using several sources of information when choosing financial products.

Keywords: financial literacy; financial education; central banks (search for similar items in EconPapers)
JEL-codes: A20 D14 (search for similar items in EconPapers)
Date: 2015
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