Financial Education between Market and State: Private Commitment, Conflicts of Interest and Public Certification

Carolina Guerini and Donato Masciandaro ()

No 23213, BAFFI CAREFIN Working Papers from BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy

Abstract: In any country, financial education can be driven by private and public interests. However, in both cases, trade-offs must be addressed and fixed. Private educators can elicit and educate individuals. However, as education is a credence good, quality-disclosure and conflict-of-interest issues can emerge. In parallel, public institutions can act as third-party certifiers, but political incentives that support inaction can produce quality disclosure and conflict-of-interest issues. The aim of the article is to use marketing and economics as complementary methodological tools to offer a general analysis in which financial education is the outcome of both market and state forces. The framework is then applied to the case of Italy where, in recent years, private and public players have proposed financial-education initiatives, while a public certifier has also been active in this field

Keywords: financial education; financial literacy; trust; education marketing; elicitation; quality disclosure; conflict of interest; third-party certification; political competition (search for similar items in EconPapers)
JEL-codes: D72 G28 G53 L15 M3 (search for similar items in EconPapers)
Pages: 39
Date: 2023
New Economics Papers: this item is included in nep-fle
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