Financial Literacy and How It Affects the Global Economy

Agnieszka Wójcik-Czerniawska ()
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Agnieszka Wójcik-Czerniawska: Warsaw School of Economics (SGH), College of Management and Finance

A chapter in Eurasian Business and Economics Perspectives, 2024, pp 247-258 from Springer

Abstract: Abstract This research explore the role of financial literacy in the context of global economy. The primary objective is to investigate the relationship between financial literacy and individuals’ financial decision-making, particularly its effects on financial security, both in the present and during retirement. The study’s secondary methodology involved a thorough assessment and analysis of the body of research on financial literacy, international economic trends, and the relationship between financial literacy and economic behaviour. The results of this study indicate a critical need for increased financial literacy on a global scale. Despite the progress made in some advanced economies, many regions, particularly in developing countries, exhibit alarmingly low levels of financial literacy. This deficiency in financial knowledge has significant repercussions, as it is closely associated with limited financial inclusion and suboptimal financial decision-making. Furthermore, the research underscores the growing complexity of financial decisions in our increasingly globalized world. The findings emphasize the vital importance of financial management skills in both personal and professional life, particularly in the face of economic volatility and uncertainty. This study highlights the urgent need for comprehensive financial literacy programs and policies, particularly in regions with low financial literacy levels. Enhanced financial education can empower individuals to make informed financial decisions, contributing to improved financial security and bolstering the global economy as a whole.

Keywords: Financial literacy; Global economy; Development; Financial education (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eurchp:978-3-031-62719-4_14

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DOI: 10.1007/978-3-031-62719-4_14

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