Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

PL EN


2014 | 16 | 27-43

Article title

Main Purposes and Challenges in the Financial Education of Financial Consumers in the World

Content

Title variants

Languages of publication

EN

Abstracts

EN
The level of financial literacy is unsatisfactory in most countries. The most important way to improve the level of financial literacy is financial education. One of the stage of the financial education process is to define its objectives. The particular countries define these objectives in different way, taking into account various levels of details in describing them. Only the specification and hierarchy of the most important objectives of financial education allow to define the priority areas of effective education. This justifies the need to systematize as well as create a hierarchy of objectives. This is a necessary condition for realization of the next stages of financial education, i.e. overcoming the difficulties and attempting the realization of these objectives (original abstract)

Year

Volume

16

Pages

27-43

Physical description

Contributors

References

  • 1.Agarwal S., Driscoll J.C., Gabaix X., Laibson D., The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation, "Brookings Papers on Economic Activity" February 2010.
  • 2.Alessie R., Rooij M., Lusardi A., Financial Literacy, Retirement Preparation and Pension Expectations in the Netherlands, CeRP Working Papers, Center for Research on Pensions and Welfare Policies, Turin (Italy), March 2011.
  • 3.Almenberg J., Säve-Söderbergh J., Financial Literacy and Retirement Planning in Sweden, CeRP Working Papers, Center for Research on Pensions and Welfare Policies, Turin (Italy), January 2011.
  • 4.Atkinson A. Financial Capability Amongst Adults with Literacy and Numeracy Needs, Personal Finance Research Centre, University of Bristol, Bristol 2007.
  • 5.Atkinson A., Messy F., Measuring Financial Literacy: Results of the ECD / International Network on Financial Education (INFE) Pilot Study, OECD Working Papers on Finance, Insurance and Private Pensions, No. 15, OECD Publishing, Paris 2012.
  • 6.Behrman J.R., Mitchell O.S., Soo S., Bravo D., Financial Literacy, Schooling, and Wealth Accumulation, NBER Working Paper October 2010, No. 16452, http://www.nber.org/papers/w16452.pdf.
  • 7.Bucher-Koenen T., Lusardi A., Financial Literacy and Retirement Planning in Germany, NBER Working Paper June 2011, No. 17110, http://www.nber.org/papers/ w17110.pdf.
  • 8.Chakrabarty K.C., Financial Literacy and Consumer Protection, http://www.bis.org/ review/r120425b.pdf?frames=0.
  • 9.Crossan D., Feslier D., Hurnard R., Financial Literacy and Retirement Planning in New Zealand, CeRP Working Papers, Center for Research on Pensions and Welfare Policies, Turin (Italy), January 2011.
  • 10.Feedback from the Financial Education Field, Consumer Financial Protection Bureau, CFPB, May 2013, http://files.consumerfinance.gov/f/201305_cfpb_OFE-request- -for-information-report.pdf.
  • 11.Fessler P., Schurz M., Wagner K., Weber B., Financial Capability of Austrian Households, "Monetary Policy & the Economy: Quarterly Review of Economic Policy" 2007,Q3
  • 12.Financial Literacy and Consumer Protection: Overlooked Aspects of the Crisis, OECD, June 2009, http://www.oecd.org/finance/financial-markets/43138294.pdf.
  • 13.Financial Literacy Assessment Framework, Mathematics, Reading, Science, Problem Solving and Financial Literacy, OECD Publishing, Paris 2012.
  • 14.Financial Literacy. Women Understanding Money, Financial Literacy Foundation, Australian Government 2008.
  • 15.First Meeting of the Expert Group on Financial Education, National Strategies for Financial Education Report, European Commission, Brussels 2008.
  • 16.Fornero E., Monticone Ch., Financial Literacy and Pension Plan Participation in Italy, CeRP Working Papers, Center for Research on Pensions and Welfare Policies, Turin (Italy), March 2011.
  • 17.Gardeva A., Rhyne E., Opportunities and Obstacles to Financial Inclusion, Survey Report, Center for Financial Inclusion, July 2011, http://centerforfinancialinclusionblog.files. wordpress.com/2011/07/opportunities-and-obstacles-to-financialinclusion_ 110708_final.pdf.
  • 18.High Level Principles on National Strategies for Financial Education, OECD/INFE, August 2012.
  • 19.Hogarth J.M., Financial Education and Economic Development, Paper prepared for Improving Financial Literacy, International Conference hosted by the Russian G8 Presidency in Cooperation with the OECD, 29-30 November 2006, http://www.oecd.org/finance/financial-education/37742200.pdf.
  • 20.Jappelli T., Economic Literacy: An International Comparison, "The Economic Journal" November 2010, Vol. 120, Iss. 548.
  • 21.Klapper L., Panos G.A., Financial Literacy and Retirement Planning in View of a Growing Youth Demographic: The Russian Case, CeRP Working Papers, Center for Research on Pensions and Welfare Policies, Turin (Italy), March 2011.
  • 22.Lusardi A., Household Saving Behaviour: The Role of Financial Literacy, Information and Financial Educations Programs, "NBER Working Paper" February 2008, No. 13824, http://www.nber.org/papers/w13824.pdf.
  • 23.Lusardi A., Mitchell O.S., Financial Literacy and Retirement Planning in the United States. "NBER Working Paper" July 2011, No. 17108, http://www.nber.org/ papers/w17108.pdf?new_window=1.
  • 24.Lusardi A., Mitchell S.O., Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education, "Business Economics" 2007, Vol. 42 (1).
  • 25.Lusardi A., Mitchell O.S., Financial Literacy around the World: An Overview, "NBER, Working Paper" June 2011, No. 17107.
  • 26.Lusardi A., Mitchell O.S., Curto V., Financial Literacy and Financial Sophistication among Older Americans, "NBER Working Paper" 2009, No. 15469.
  • 27.Mandell L., Schmid Klein L., The Impact of Financial Literacy Education on Subsequent Financial Behavior, "Journal of Financial Counseling and Planning" 2009, Vol. 20, Iss. 1.
  • 28.O'Donnell N., Keeney M.J.: Financial Capability: New Evidence for Ireland, No. 1/RT/09, Central Bank of Ireland, Dublin, Ireland 2009.
  • 29.OECD's Financial Education Project, OECD, Paris 2004, http://www.oecd.org/ finance/financial-education/33865427.pdf.
  • 30.One-Third of College Upperclassmen Admit Being Financially Unprepared as Freshmen, News Release, KeyBank and Harris Interactive August 2006, http://www.harrisinteractive.com/news/allnewsbydate.asp?NewsID=1108.
  • 31.Recommendation on Principles and Good Practices for Financial Education and Awareness, Recommendation of the Council, Annex, OECD, July 2005.
  • 32.Right on the Money, Financial Know-How for Financial Freedom, 2nd Edition, National Endowment for Financial Education, December 2011.
  • 33.Rutledge S.L., Consumer Protection and Financial Literacy. Lessons from Nine Country Studies, "Policy Research Working Paper" July 2010, No. 3326.
  • 34.Santomero A.M., Knowledge Is Power: The Importance of Economic Education, "Business Review" 2003 Q4, http://www.phil.frb.org/research-and-data/publications/ business-review/2003/q4/brq403as.pdf.
  • 35.Sekita S., Financial Literacy and Retirement Planning in Japan, CeRP Working Papers, Center for Research on Pensions and Welfare Policies, Turin (Italy), January 2011.
  • 36.Szafrańska M., Matysik-Pejas, R., Knowledge and Financial Skills of Consumers Against the Background of Selected Countries in the World, "Delhi Business Review" December 2010, Vol. 11 (2).
  • 37.The Importance of Financial Education, Policy Brief, OECD, July 2006, http://www.oecd.org/finance/financial-education/37087833.pdf.
  • 38.Worthington A.C., The Distribution of Financial Literacy in Australia, Discussion Papers in Economics, Finance, and International Competitiveness, Queensland University of Technology, Brisbane, November 2004.
  • 39.Xu L., Zia B., Financial Literacy around the Word, Policy Research Working Paper, No. 6107.

Document Type

Publication order reference

Identifiers

ISSN
1732-1948

YADDA identifier

bwmeta1.element.desklight-82562d42-b82f-48b0-a5a1-49d96e3bb47c
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.