EconPapers    
Economics at your fingertips  
 

Adult financial literacy and households’ financial assets: the role of bank information policies

Margherita Fort (), Francesco Manaresi () and Serena Trucchi

Economic Policy, 2016, vol. 31, issue 88, 743-782

Abstract: We investigate the role of bank information policies in fostering the accumulation of financial knowledge. Exploiting the exogenous variability induced by the presence of a consortium of banks in Italy (PattiChiari), we find that these policies are effective for a small subsample of the population (5–10%) and lead to an increase in financial literacy by about 10%, on average. Compliance is highest among low-educated respondents older than 60 years. We use these policies as an instrumental variable to estimate the effect of financial literacy on financial assets. We find that one standard deviation increase in financial literacy determines an increase in household financial assets by 35% of a standard deviation (8,000 euros). Effects are heterogeneous in the population and highest among elderly low-educated households.

Keywords: bank information policies; financial assets; financial literacy; instrumental variables (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations: View citations in EconPapers (12) Track citations by RSS feed

Downloads: (external link)
http://hdl.handle.net/10.1093/epolic/eiw012 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:ecpoli:v:31:y:2016:i:88:p:743-782.

Access Statistics for this article

Economic Policy is currently edited by Giuseppe Bertola, Philippe Martin and Paul Seabright

More articles in Economic Policy from CEPR Contact information at EDIRC., CES Contact information at EDIRC., MSH Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().

 
Page updated 2021-01-26
Handle: RePEc:oup:ecpoli:v:31:y:2016:i:88:p:743-782.