Measuring the Financial Literacy of the Adult Population: The Experience of Banca D’Italia

35 Pages Posted: 15 Jul 2018

Date Written: June 15, 2018

Abstract

At the beginning of 2017, Banca d’Italia conducted a survey to investigate financial literacy and inclusion among Italian adults. The survey is part of an OECD project to create an internationally comparable dataset on this important topic. The questionnaire was developed by the OECD International Network on Financial Education (INFE). The Italian sample consists of about 2,500 persons interviewed using two different methods: 40 per cent of them had a face-to-face interview while the others used a tablet to record their responses. Our findings show the existence of a substantial financial literacy gap between Italy and the other G20 countries, which is most evident among less educated respondents, among the elderly and among women. Compared with other countries, Italians are more aware of their limits or at least more cautious when assessing their level of financial knowledge. We also discuss some critical aspects of the OECD’s methodology that should be addressed in order to improve the measurement of financial literacy and to increase cross-country comparability.

Keywords: financial literacy, financial inclusion, mode effect

JEL Classification: A20, I20

Suggested Citation

di Salvatore, Antonietta and Franceschi, Francesco and Neri, Andrea and Zanichelli, Francesca, Measuring the Financial Literacy of the Adult Population: The Experience of Banca D’Italia (June 15, 2018). Bank of Italy Occasional Paper No. 435. Available at SSRN: https://ssrn.com/abstract=3212627 or http://dx.doi.org/10.2139/ssrn.3212627

Antonietta Di Salvatore

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Francesco Franceschi

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Andrea Neri (Contact Author)

Bank of Italy ( email )

Via Nazionale 91
00184 Roma
Italy

Francesca Zanichelli

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

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