Financial Literacy and Risk Protection During the Covid-19 Pandemic

Giuseppe Bertola () and Anna Lo Prete
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Giuseppe Bertola: University of Turin

Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, 2025, vol. 11, issue 2, No 7, 645-666

Abstract: Abstract This study documents that competent access to financial markets can smooth consumption in the face of idiosyncratic income shocks. Using household-level data on financial literacy and financial resilience in Italy during the first phase of the Covid-19 pandemic, we find that financial literacy and financial asset ownership both influenced consumption changes in theoretically sensible ways. The results are robust in specifications controlling for several socio-demographic characteristics, saving choices, public transfers, and to different estimation methods.

Keywords: Risk sharing; Financial literacy; Financial assets; Public subsidies; Covid-19 (search for similar items in EconPapers)
JEL-codes: D14 D52 G53 (search for similar items in EconPapers)
Date: 2025
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Working Paper: Financial Literacy and Risk Protection During the Covid-19 Pandemic (2023)
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DOI: 10.1007/s40797-024-00286-2

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