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FINANCIAL LITERACY, FINANCIAL EDUCATION AND ECONOMIC OUTCOMES.

Justine S Hastings¹, Brigitte C Madrian, William L Skimmyhorn

¹NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138.

Annual Review of Economics

|August 31, 2013

Summary

This review examines financial literacy, education, and consumer financial outcomes. Evidence suggests financial education

Area of Science:

Consumer Finance
Behavioral Economics
Financial Education Research

Background:

Existing literature on financial literacy and consumer financial outcomes is reviewed.
The measurement of financial literacy in current research is considered.
The effectiveness of financial education in improving financial literacy and outcomes is examined.

Purpose of the Study:

To synthesize the literature on financial literacy, financial education, and consumer financial outcomes.
To evaluate the impact of financial education on financial literacy and personal financial outcomes.
To explore market incentives for consumer education and policy alternatives.

Main Methods:

Literature review of financial literacy, financial education, and consumer financial outcomes.

Related Experiment Videos

Analysis of measurement methods for financial literacy.

Examination of evidence on the efficacy and cost of financial education and alternative policies.

Main Results:

The current literature's approach to measuring financial literacy is assessed.
The effectiveness of financial education in improving financial literacy and outcomes is critically examined.
The role of market competition in incentivizing consumer education is discussed.

Conclusions:

Gaps in the literature regarding the causal impact of financial education are identified.
The efficacy and cost-effectiveness of financial education are compared to alternative policies.
Directions for future research in financial literacy and consumer financial outcomes are proposed.