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Promoting Financial Literacy among the Elderly: Consequences on Confidence

Alessandro Bucciol, Simone Quercia and Alessia Sconti

No 12/2020, Working Papers from University of Verona, Department of Economics

Abstract: Financial literacy is a crucial skill for personal wealth management and economic well-being. Hence, it is important to evaluate the impact of interventions aimed at increasing financial literacy in the most vulnerable groups of the society. We conduct an impact evaluation of an intervention consisting in a two-hour lecture by university professors targeting the elderly population. We find that the intervention does not have a significant effect on literacy but has a significant effect on confidence. Our results highlight that short programs meant to increase financial literacy may have a severe drawback in favoring an increased confidence in one's own competence, not supported by an increased competence.

Keywords: Financial literacy; Confidence; Overconfidence (search for similar items in EconPapers)
JEL-codes: D91 G53 (search for similar items in EconPapers)
Date: 2020-07
New Economics Papers: this item is included in nep-age and nep-fle
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