Financial Literacy Around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward

58 Pages Posted: 20 Apr 2016  

Lisa Xu

Harvard University - Harvard Kennedy School (HKS)

Bilal Zia

World Bank - Development Research Group (DECRG)

Date Written: June 1, 2012

Abstract

Financial literacy programs are fast becoming a key ingredient in financial policy reform worldwide. Yet, what is financial literacy exactly and what do we know of its effectiveness? This paper collects insights from the literature thus far and summarizes global evidence on financial literacy, its correlates, and existing and upcoming causal investigations. The authors conclude with a synthesis of policy advice and practical suggestions for the way forward in this fast growing area of research.

Keywords: Financial Literacy, Access to Finance, Education For All, Access & Equity in Basic Education, Primary Education

Suggested Citation

Xu, Lisa and Zia, Bilal, Financial Literacy Around the World: An Overview of the Evidence with Practical Suggestions for the Way Forward (June 1, 2012). World Bank Policy Research Working Paper No. 6107. Available at SSRN: https://ssrn.com/abstract=2094887

Lisa Xu (Contact Author)

Harvard University - Harvard Kennedy School (HKS) ( email )

79 John F. Kennedy Street
Cambridge, MA 02138
United States

Bilal Zia

World Bank - Development Research Group (DECRG) ( email )

MC3-445
1818 H Street, N.W.
Washington, DC 20433

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