Financial Counseling, Financial Literacy, and Household Decision-Making

Agarwal, S and Amromin, G and Ben-David, I and Evanoff, D D and Chomsisengphet, S (2011) Financial Counseling, Financial Literacy, and Household Decision-Making. In: Financial Literacy: Implications for Retirement Security and the Financial Marketplace. Oxford Scholarship Online, New York, USA. ISBN 9780199696819

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The recent financial crisis has brought renewed attention to household financial decision-making and highlighted the need for improving financial literacy. In this chapter, we survey the current literature on financial literacy. We evaluate the evidence on the effectiveness of education programs in improving participants' financial choices and outcomes. We pay particular attention to whether the impact of educational programs results from increases in literacy or from auxiliary influences. Overall, it appears that some education programs are associated with improved financial outcomes; however, it is difficult to differentiate the factors contributing to this improvement.

Item Type: Book Chapter
Subjects: Finance
Finance > Personal Finance
Date Deposited: 19 Oct 2018 13:49
Last Modified: 25 May 2023 06:21

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