Financial literacy and consumer credit use

Richard Disney and John Gathergood

Discussion Papers from University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM)

Abstract: We survey a representative sample of UK consumers on their understanding of core ‘financial literacy’ concepts in consumer credit. We find levels of financial literacy are generally low in the population. We also find levels of financial literacy are on average actually lower among those who participate in consumer credit markets compared with those who do not. This evidence contrasts with that from previous studies on retirement planning and stock market investment which find a positive relationship between financial literacy and market participation

Keywords: financial literacy; consumer credit (search for similar items in EconPapers)
Date: 2012-01
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:not:notcfc:12/01

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