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Financial Capability and Asset DevelopmentResearch, Education, Policy, and Practice$
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Julie Birkenmaier, Jami Curley, and Margaret Sherraden

Print publication date: 2013

Print ISBN-13: 9780199755950

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199755950.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 16 January 2021

Building Blocks of Financial Capability

Building Blocks of Financial Capability

(p.3) 1 Building Blocks of Financial Capability
Financial Capability and Asset Development

Margaret Sherraden

Oxford University Press

Families lack financial knowledge and skills to make optimal financial decision in an increasingly complex financial landscape. Simultaneously, they lack access to appropriate and beneficial financial services that create conditions for financial stability, well-being, and confidence in the future. People need both financial knowledge and financial inclusion to build financially secure and hopeful lives. The concept of financial capability bridges the disciplines of economics, psychology, and sociology, taking into account how individual action and behavior, human psychology, and social structure influence household financial management and decision making. This chapter explores the idea of financial capability and calls for greater attention to research and professional training in building financial capability, especially in low-income and financially vulnerable households.

Keywords:   financial capability, financial literacy, financial inclusion

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