The DOI matches its Crossref record; 100 of the 101 references it cites were found in a registry or an index.
Financial Literacy, Financial Education, and Economic Outcomes
Open accessAbstract
In this article, we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the extent to which a competitive market provides incentives for firms to educate consumers or to offer products that facilitate informed choice. We review the literature on alternative policies to improve financial outcomes and compare the evidence with that on the efficacy and cost of financial education. Finally, we discuss directions for future research.
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“Besides, study designs usually do not permit participants to tap into other sources of information in order to prepare their decisions.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Hastings et al. (2013)
Experimental — accuracy not yet measuredThe source backs part of the claim, not all of it — or backs it for a different population, condition or comparison.
In the citing paper
“Financial literacy programmes reduce information asymmetry by equipping borrowers with knowledge needed to make informed repayment decisions (Hastings et al., 2013;Lusardi & Mitchell, 2014).”
From Drivers of willingness to repay Parish Revolving funds (PRF) under Uganda’s Parish Development Model: a Bayesian Latent Class Logistic Regression (LCLR) approach (2026) · cites this paper as Hastings et al., 2013
Experimental — accuracy not yet measuredThe source backs part of the claim, not all of it — or backs it for a different population, condition or comparison.
In the citing paper
“Hastings et al. (2013) argument that financial education improves understanding of credit terms.”
From Drivers of willingness to repay Parish Revolving funds (PRF) under Uganda’s Parish Development Model: a Bayesian Latent Class Logistic Regression (LCLR) approach (2026) · cites this paper as Hastings et al. (2013)
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In the citing paper
“Specifically, the authors criticize that surveys eliciting financial literacy levels do not incentivize respondents to provide carefully considered answers reflecting their actual knowledge.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Hastings et al. (2013)
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“Hastings et al. (2013) emphasize that it is generally unclear if questions are a suitable means for measuring financial capability and, if so, which questions lend themselves most effectively for identifying it.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Hastings et al. (2013)
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“Hastings et al. (2013) document that respondents with higher cognitive abilities and more comfortable with numerical calculations on average exhibit higher levels of financial literacy.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Hastings et al. (2013)
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“it complicates interpreting the magnitudes of the estimated effects as they are almost surely upwardly biased in magnitude (Hastings et al. 2013).”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Hastings et al. 2013
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“Hastings et al. (2013) report that financial education interventions in the U.S. date back as long as to the 1950s.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Hastings et al. (2013)
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Citations
Cites
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“…both self-reported financial confidence and a test-based measure of financial literacy predict self-reported retirement planning and saving, and van Rooij et al. (2011) find that both self-perceived financial knowledge and a test-based measure of financial literacy predict stock market…”
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Cited by
Sorted by citations
The Economic Importance of Financial Literacy: Theory and Evidence
Lusardi, A., & Mitchell, O. S. (2014) · Journal of Economic Literature · doi:10.1257/jel.52.1.5 · Cited by 4,698
Financial Literacy, Financial Education, and Downstream Financial Behaviors
Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014) · Management Science · doi:10.1287/mnsc.2013.1849 · Cited by 2,152
Financial literacy: A systematic review and bibliometric analysis
Goyal, K., & Kumar, S. (2020) · International Journal of Consumer Studies · doi:10.1111/ijcs.12605 · Cited by 1,482
THE EFFECTS OF PERCEIVED AND ACTUAL FINANCIAL LITERACY ON FINANCIAL BEHAVIORS
Allgood, S., & Walstad, W. B. (2016) · Economic Inquiry · doi:10.1111/ecin.12255 · Cited by 620
How Financially Literate Are Women? An Overview and New Insights
Bucher‐Koenen, T., Lusardi, A., Alessie, R. J. M., & van Rooij, M. (2016) · Journal of Consumer Affairs · doi:10.1111/joca.12121 · Cited by 620
Metadata
- Authors
- Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L.
- Affiliations
- National Bureau of Economic Research (US)
- William & Mary (US)
- Venue
- Annual Review of Economics
- Publisher
- Annual Reviews
- Published
- 2013-08-02
- Volume
- 5
- Issue
- 1
- Pages
- 347-373
- ISSN
- 1941-1383 (ISSN-L)
- 1941-1391
- PMC
- PMC3753821
- OpenAlex
- W2145814463
- Cited by
- 1,041
- References
- 101
- Citations by year
- 2026: 87 · 2025: 141 · 2024: 106 · 2023: 131 · 2022: 95 · 2021: 91 · 2020: 90 · 2019: 60 · 2018: 71 · 2017: 46 · 2016: 33 · 2015: 42 · 2014: 28 · 2013: 13
- FWCI
- 36.37
- Type
- journal article
- Language
- en
- Open access
- green
- europepmc.org
- Locations
- Annual Review of Economics (publishedVersion)
- PubMed (publishedVersion)
- Europe PMC (PubMed Central) (acceptedVersion)
- PubMed Central (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- ScholarsArchive (Brigham Young University) (submittedVersion)
- Funders
- National Institute on Aging (R01AG021650, R01AG032411, P01AG005842)
- Eunice Kennedy Shriver National Institute of Child Health and Human Development (R24HD041020)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy and Behavior
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Keywords
- financial literacy, financial education, measurement of financial literacy, informed choice, consumer protection, financial education policy, financial products
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- Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013). Financial Literacy, Financial Education, and Economic Outcomes. Annual Review of Economics. https://doi.org/10.1146/annurev-economics-082312-125807
