Financial Literacy in a Buddhist Monastic Setting – Evidence From a Field Study

In press: International Journal of Education Economics and Development DOI: 10.1504/IJEED.2025.10061301

17 Pages Posted: 4 Oct 2022 Last revised: 13 Mar 2024

See all articles by Andreas Hecht

Andreas Hecht

Zurich University of Applied Sciences (ZHAW); University of Hohenheim

Date Written: December 6, 2022

Abstract

Financial education can contribute to more sustainable societies and the United Nation’s Sustainable Development Goals, with international organizations striving not to exclude any group from measures to enhance financial literacy. But is financial knowledge even relevant in a monastic context? This paper explores this question and provides unprecedented insights into the financial literacy of monks in two Tibetan Buddhist monasteries with remarkable differences in their curricula. It becomes evident that monks are not completely isolated from the realities around them and are increasingly engaging in (digital) financial transactions. The unique evidence shows that financial issues play a role in the lives of monks, with the results regarding the level of financial literacy comparing favorably to the underlying reference study of the Standard & Poor’s Global Financial Literacy Survey.

Keywords: Financial literacy, financial education, sustainability, SDG, monastery, monks, social finance

Suggested Citation

Hecht, Andreas, Financial Literacy in a Buddhist Monastic Setting – Evidence From a Field Study (December 6, 2022). In press: International Journal of Education Economics and Development DOI: 10.1504/IJEED.2025.10061301, Available at SSRN: https://ssrn.com/abstract=4228569 or http://dx.doi.org/10.2139/ssrn.4228569

Andreas Hecht (Contact Author)

Zurich University of Applied Sciences (ZHAW) ( email )

Winterthur, Zurich
Switzerland

University of Hohenheim ( email )

Stuttgart
Germany

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