Financial Literacy Around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward

By Lisa Xu, Bilal Zia. 2012

480 citations recorded by the source corpus.

Financial literacy programs are fast becoming a key ingredient in financial policy reform worldwide. Yet, what is financial literacy exactly and what do we know of its effectiveness? This paper collects insights from the literature thus far and summarizes global evidence on financial literacy, its correlates, and existing and upcoming causal investigations. The authors conclude with a synthesis of policy advice and practical suggestions for the way forward in this fast growing area of research.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/4cf393a256d163f5365f8b2a95d51c30b011d624

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Economics and Econometrics

Citations in the corpus

Financial education in schools: A meta-analysis of experimental studies (2020, methodology): “, 2015) as well as narrative reviews (Fox et al., 2005; Collins and O’Rourke, 2010; Willis, 2011; Xu and Zia, 2012; Hastings et al., 2013; Blue et al., 2014; Lusardi and Mitchell, 2014) we also screen the references of more recent or more focused narrative reviews of financial education for children”
The Impact of Financial Education for Youth in Ghana (2018, background): “In Somalia, ﬁnancial literacy programs targeting youth rely on mass media, soap opera broadcasts, and mobile phones to teach children about saving and other aspects of ﬁnance (Xu & Zia, 2012).”
Financial Literacy Among Working Young in Urban India (2013, background): “Xu and Zia (2012) summarize the findings of various financial literacy studies conducted across the world.”
Does financial literacy improve financial inclusion? Cross country evidence (2018, unknown): “These questions have been commonly used in the literature to measure financial literacy with only small variations (Xu and Zia, 2012; Lusardi and Mitchell, 2014).”
The Effect of Personal Finance Education on The Financial Knowledge, Attitudes and Behaviour of University Students in Indonesia (2020, result): “2009; Xu and Zia 2012; Kempson et al.”
Promoting Women's Economic Empowerment: What Works? (2014, background): “…and Furst-Nichols 69 Downloaded from https://academic.oup.com/wbro/article-abstract/31/1/59/2461696/Promoting-Women-s-Economic-Empowerment-What-Works by Sectoral Library Rm MC-C3-220 user on 06 October 2017 The more rigorous evidence, which better describes the characteristics of beneficiaries,…”
Financial Education Affects Financial Knowledge and Downstream Behaviors (2020, unknown): “Examples of widely cited narrative reviews in the financial education literature are Fox et al. (2005), Collins and O’Rourke (2010), Xu and Zia (2012), Hastings et al. (2013), and Lusardi and Mitchell (2014).”