The Economic Importance of Financial Literacy: Theory and Evidence.

Abstract

This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare as well as policies intended to enhance levels of… (More)
DOI: 10.1257/jel.52.1.5

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