How Much Does Wealth Matter in the Acquisition of Financial Literacy

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Gender- and education-related effects of financial literacy and confidence on financial wealth (2018, background): “…studies try to address the resulting endogeneity issues by the use of instrumental variables.3 However, the instruments employed tend to be rather weak so that the direction of the causality often remains unresolved (Bernheim, 1998; Peress, 2004; Delavande et al., 2008; Monticone, 2010).”
Financial literacy, financial advice, and financial behavior (2017, background): “While Monticone (2010) documents that wealth has a positive (albeit small) effect on the degree of financial knowledge, wealth has been shown to be endogenous in other contributions.”
Age differences in consumer financial capability (2015, methodology): “Previous research focused on the determinants of financial literacy such as wealth (Monticone 2010), gender (Fonseca et al., 2012), early schooling (Herd et al., 2012) and technological intervention (Servon and Kaestner, 2008).”
Determinantes da Alfabetização Financeira: Análise da Influência de Variáveis Socioeconômicas e Demográficas (2015, unknown): “Monticone (2010) encontrou que a riqueza tem um efeito pequeno, mas positivo sobre a al-fabetização financeira.”