A Data-Informed Approach to Financial Literacy Enhancement Using Cognitive and Behavioral Analytics

Prasanta Bhattacharya (), Kum Seong Wan (), Boon Kiat Quek (), Waseem Bak’r Hameed () and Sivanithy Rathananthan
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Prasanta Bhattacharya: Institute of High Performance Computing (IHPC)
Kum Seong Wan: Institute of High Performance Computing (IHPC)
Boon Kiat Quek: Institute of High Performance Computing (IHPC)
Waseem Bak’r Hameed: Institute for Financial Literacy (IFL)
Sivanithy Rathananthan: Institute for Financial Literacy (IFL)

A chapter in Big Data in Finance, 2022, pp 231-264 from Springer

Abstract: Abstract The onset of COVID-19, coupled with substantially heightened financial pressures on households, has led to a renewed interest in the topic of financial literacy. While it is difficult to arrive at a single and precise definition of financial literacy, it has been popularly used to refer to a combination of financial knowledge, attitude, abilities, and behaviors. This chapter reviews the current literature on financial literacy, focusing specifically on how the concept of financial literacy has evolved over the decades. The advent of large-scale and fine-grained data on the efficacy and correlates of financial literacy training has now made it possible to develop data-informed and technology-enabled frameworks for financial literacy enhancement. We highlight some key learnings from implementing national-level financial education programs in Singapore. Early insights reveal the growing importance of financial confidence as a driver for behavioral outcomes among learners, as well as population-level heterogeneities involved in financial knowledge, confidence, and behavior. We draw on these insights to recommend to policymakers and educators how to design and derive value from similar financial literacy enhancement programs worldwide.

Keywords: Financial literacy; Financial knowledge; Financial confidence; Learner analytics; Psychological profiling (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-12240-8_12

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DOI: 10.1007/978-3-031-12240-8_12

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