What do we know about financial literacy? A literature review

• Autor(a) principal: Vieira, Elisabete F. Simões
• Data de Publicação: 2012
• Tipo de documento: Artigo
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10773/10055
• topic: Financial Literacy; Financial Behaviour; Personal Finance; Finansal Okuryazarlık; Finansal Davranışları; Kişisel Finans

This article provides a literature review about the dilemma of financial literacy. The individuals and families’ financial decision process is getting more vital in recent years. Given the increasingly risky and globalized markets, the actual context of global financial crisis and the continuous increasing in the complexity of financial products and services, individuals must be able to make well-informed and correct decisions. Consequently, higher levels of financial knowledge contribute to more extensive economic growth and development. However, it has been shown that, in global terms, the financial literacy present low values, which suggest the need of financial educational programs in the schools curricula. There is also evidence of a positive relationship between financial literacy and investment decisions, as well as retirement programs. Studies conducted to date suggest that there are socioeconomic conditions that influence the financial knowledge, attitudes and behaviours, such as age, gender, work experience, income and education level.