Digital USD (University of San Diego) · 2008 · 91 citations · 0 references
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Public AffairsEducation PolicyLiteracy EducationBehavioral FinanceEducation FinancePublic Financial ManagementFinancial DevelopmentFinancial InclusionFinancial LiteracyHousehold Financial Decision-makingConsumer Financial EducationConsumer Financial LiteracyConsumer Well-beingFinancial Education Program EvaluationFinancial WellbeingHousehold Financial Well-beingPublic Policy SupportYouth Financial Literacy
Financial literacy education has long been promoted as key to consumer financial well-being. Yet the claim has never had more than negligible statistically significant empirical support. This review (1) sets forth the model of financial literacy education underlying public support for these programs today, (2) identifies pervasive and serious limitations in existing empirical research used by policymakers as evidence of the effectiveness of this education, and (3) recommends a number of alternative public policies suggested by the existing research.