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Financial Literacy in Western Europe

Luc Arrondel, Marlene Haupt, María Mancebón, Gianni Nicolini, Manuel Wälti and Jasmira Wiersma
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María Mancebón: University of Zaragoza - Universidad de Zaragoza [Zaragoza]
Gianni Nicolini: Università degli Studi di Roma Tor Vergata [Roma, Italia] = University of Rome Tor Vergata [Rome, Italy] = Université de Rome Tor Vergata [Rome, Italie]
Manuel Wälti: Swiss National Bank - Swiss National Bank
Jasmira Wiersma: University of Groningen [Groningen]

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Abstract: If the idea of familiarizing individuals with savings is an old one, it is especially since the early 2000s that the economist's modern concept of financial literacy has been the object of particular attention. The literature, essentially empirical, has developed considerably since then. It is during this period that the Organisation for Economic Co-operation and Development (OECD) launched its Financial Literacy Programme. The objective of this chapter was to describe financial literacy and financial education programs in Western Europe: France, Germany, Italy, Spain, Switzerland, and the Netherlands. A first observation concerns financial literacy: to varying degrees, the residents of these countries are far from financially literate. A second observation concerns the heterogeneity of financial literacy. In all countries, financial literacy depends on age, education, and gender (higher among men, older people, and graduates). Some determinants appear to be more specific to the culture of each country (for example, political opinion in France, political past history in Germany (West vs. East), or language area in Switzerland). Finally, it appears that financial education programs have been in Western Europe since the mid-2000s, probably offered more systematically in centralized countries.

Keywords: Financial literacy; Financial education; Household finance; Portfolio selection; Littératie financière; Education financière; Finance des ménages; Choix de portefeuille (search for similar items in EconPapers)
Date: 2020-05
New Economics Papers: this item is included in nep-cwa and nep-fle
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