Adults' Financial Literacy and Households' Financial Assets: The Role of Banks Information Policies

Margherita Fort, Francesco Manaresi () and Serena Trucchi

No 5047, CESifo Working Paper Series from CESifo

Abstract: We investigate the role of banks information policies in fostering the accumulation of financial knowledge. In Italy, banks belonging to the PattiChiari Consortium implement policies aimed at increasing transparency and procedural simplification, without offering services at lower cost with respect to other banks. We exploit this feature of the Italian banking system and show that these policies promote financial literacy. The increase in financial knowledge attributable to banks information policies significantly affects household financial assets. We use these policies as instruments to estimate the effect of financial literacy on financial assets, showing that it is significantly underestimated by OLS correlation.

Keywords: banks information policies; financial assets; financial literacy; instrumental variables (search for similar items in EconPapers)
JEL-codes: D14 G11 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.cesifo.org/DocDL/cesifo1_wp5047.pdf (application/pdf)

Related works:
Journal Article: Adult financial literacy and households’ financial assets: the role of bank information policies (2016)
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:ces:ceswps:_5047

Access Statistics for this paper

More papers in CESifo Working Paper Series from CESifo Contact information at EDIRC.
Bibliographic data for series maintained by Klaus Wohlrabe ().