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Financial Literacy: Implications for Retirement Security and the Financial Marketplace$
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Olivia S. Mitchell and Annamaria Lusardi

Print publication date: 2011

Print ISBN-13: 9780199696819

Published to Oxford Scholarship Online: January 2012

DOI: 10.1093/acprof:oso/9780199696819.001.0001

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Financial Counseling, Financial Literacy, and Household Decision-Making

Financial Counseling, Financial Literacy, and Household Decision-Making

Chapter:
(p.180) (p.181) Chapter 10 Financial Counseling, Financial Literacy, and Household Decision-Making
Source:
Financial Literacy: Implications for Retirement Security and the Financial Marketplace
Author(s):

Sumit Agarwal

Gene Amromin

Itzhak Ben-David

Souphala Chomsisengphet

Douglas D. Evanoff

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199696819.003.0010

The recent financial crisis has brought renewed attention to household financial decision-making and highlighted the need for improving financial literacy. In this chapter, we survey the current literature on financial literacy. We evaluate the evidence on the effectiveness of education programs in improving participants' financial choices and outcomes. We pay particular attention to whether the impact of educational programs results from increases in literacy or from auxiliary influences. Overall, it appears that some education programs are associated with improved financial outcomes; however, it is difficult to differentiate the factors contributing to this improvement.

Keywords:   financial literacy, household finance, financial literacy, consumer behavior

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