The Economic Importance of Financial Literacy: Theory and Evidence
Open accessAbstract
This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research, which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare, as well as policies intended to enhance levels of financial knowledge in the larger population. Next, we draw on recent surveys to establish how much (or how little) people know and identify the least financially savvy population subgroups. This is followed by an examination of the impact of financial literacy on economic decision making in the United States and elsewhere. While the literature is still young, conclusions may be drawn about the effects and consequences of financial illiteracy and what works to remedy these gaps. A final section offers thoughts on what remains to be learned if researchers are to better inform theoretical and empirical models as well as public policy. (JEL A20, D14, G11, I20, J26)
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Older borrowers possess greater financial maturity.
“supports Lusardi and Mitchell (2014) view that older borrowers possess greater financial maturity.”
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 Lusardi and Mitchell (2014)
In “Financial Literacy Patterns by Age” (page not supplied), the paper says financial literacy is lowest among the young and the old, and that older people score poorly despite rating their own knowledge highly. In “Financial Literacy and Economic Decisions,” it describes the elderly as among those with the least financial savvy. These passages contradict the attributed view that older borrowers possess greater financial maturity. (LLM, conf=0.90)
Checked by a reasoning model — may be wrong.
Experimental — accuracy not yet measuredFinancial literacy programmes reduce information asymmetry by equipping borrowers with knowledge needed to make informed repayment decisions.
“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 Lusardi & Mitchell, 2014
Section 6, “Assessing the Effects of Financial Literacy Programs” (page not provided), reports that a programme covering credit increased participants’ awareness of financial products and planning tools. Section 5 links lower financial literacy to costly borrowing and difficulty judging debt. The copy does not establish that programmes reduce information asymmetry or equip borrowers to make informed repayment decisions. (LLM, conf=0.86)
Experimental — accuracy not yet measuredFinancially savvy people are more likely to accumulate wealth.
“Empirically, financially savvy people are more likely to accumulate wealth (Lusardi and Mitchell, 2014).”
From Financial literacy and the need for financial education: evidence and implications (2019) · cites this paper as Lusardi and Mitchell, 2014
Educational attainment is positively correlated with financial literacy but is not sufficient.
“even though educational attainment is positively correlated with financial literacy, it is not sufficient.”
From Financial literacy and the need for financial education: evidence and implications (2019) · cites this paper as Lusardi and Mitchell (2014)
Higher education and financial capability improve financial discipline.
“supports Lusardi and Mitchell (2014) view that higher education and financial capability improve financial discipline.”
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 Lusardi and Mitchell (2014)
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Behrman, J. R., Mitchell, O. S., Soo, C. K., & Bravo, D. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1688985 · Cited by 186 · see citing works
Self-citationAre We Making the Grade? A National Overview of Financial Education and Program Evaluation
Lyons, A. C., Palmer, L., Jayaratne, K., & Scherpf, E. (2006) · Journal of Consumer Affairs · doi:10.1111/j.1745-6606.2006.00056.x · Cited by 175 · see citing works
Payday Loans and Credit Cards: New Liquidity and Credit Scoring Puzzles?
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Lusardi, A. (2009) · University of Chicago Press eBooks · doi:10.7208/chicago/9780226497105.001.0001 · Cited by 171 · see citing works
Self-citationState Curriculum Mandates and Student Knowledge of Personal Finance
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Financial literacy and retirement planning in New Zealand
Crossan, D., Feslier, D., & Hurnard, R. (2011) · Journal of Pensions Economics and Finance · doi:10.1017/s1474747211000515 · Cited by 166 · see citing works
Choice ArchitecturePreprint
Thaler, R. H., Sunstein, C. R., & Balz, J. P. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1583509 · Cited by 165 · see citing works
Aging and Strategic Learning: The Impact of Spousal Incentives on Financial Literacy
Hsu, J. W. (2015) · The Journal of Human Resources · doi:10.3368/jhr.51.4.1014-6712r · Cited by 164 · see citing works
Plan Design and 401(k) Savings Outcomes
Choi, J. J., Laibson, D., & Madrian, B. C. (2004) · National Bureau of Economic Research · doi:10.3386/w10486 · Cited by 164 · see citing works
The Impact of Credit Counseling on Subsequent Borrower Behavior
Elliehausen, G. E., Lundquist, E. C., & Staten, M. E. (2007) · Journal of Consumer Affairs · doi:10.1111/j.1745-6606.2006.00066.x · Cited by 155 · see citing works
How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors
Hastings, J., & Mitchell, O. S. (2011) · National Bureau of Economic Research · doi:10.3386/w16740 · Cited by 154 · see citing works
Self-citationFinancial Literacy and Financial Planning in France
Arrondel, L., Debbich, M., & Savignac, F. (2013) · Numeracy · doi:10.5038/1936-4660.6.2.8 · Cited by 153 · see citing works
Plan Design and 401(k) Savings Outcomes
Choi, J. J., Laibson, D., & Madrian, B. C. (2004) · National Tax Journal · doi:10.17310/ntj.2004.2.07 · Cited by 152 · see citing works
Financial Literacy and Retirement Planning in Australia
Agnew, J. R., Bateman, H., & Thorp, S. (2013) · Numeracy · doi:10.5038/1936-4660.6.2.7 · Cited by 150 · see citing works
Financial Literacy and Credit Card Behaviors: A Cross-Sectional Analysis by Age
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Financial Literacy and Household Savings in Romania
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Empowering Women Through Financial Awareness and Education
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Chai, J., Horneff, W. J., Maurer, R., & Mitchell, O. S. (2011) · European Finance Review · doi:10.1093/rof/rfr016 · Cited by 143 · see citing works
Self-citationInvestor Sophistication and the Home Bias, Diversification, and Employer Stock PuzzlesPreprint
Kimball, M., & Shumway, T. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1572866 · Cited by 141 · see citing works
Social Networks and the Decision to Insure
Cai, J., de Janvry, A., & Sadoulet, É. (2015) · American Economic Journal Applied Economics · doi:10.1257/app.20130442 · Cited by 139 · see citing works
The Impact of High School Financial Education: Experimental Evidence from Brazil
Leão, L. D. S., Legovini, A., Marchetti, R., Zia, B., & Bruhn, M. (2013) · World Bank, Washington, DC eBooks · doi:10.1596/1813-9450-6723 · Cited by 139 · see citing works
The Cause of Wealth Dispersion at Retirement: Choice or Chance?
Venti, S. F., & Wise, D. A. (2016) · American Economic Review · Cited by 135 · see citing works
Information Sharing and Stock Market Participation: Evidence from Extended Families
Li, G. (2012) · The Review of Economics and Statistics · doi:10.1162/rest_a_00301 · Cited by 133 · see citing works
Private Saving and Public Policy
Bernheim, B. D., & Scholz, J. K. (1992) · National Bureau of Economic Research · doi:10.3386/w4215 · Cited by 132 · see citing works
Brown, J. R., Kapteyn, A., & Mitchell, O. S. (2013) · Journal of Risk & Insurance · doi:10.1111/j.1539-6975.2013.12004.x · Cited by 132 · see citing works
Self-citationFinancial Education in High School
Mandell, L. (2009) · University of Chicago Press eBooks · doi:10.7208/chicago/9780226497105.003.0010 · Cited by 129 · see citing works
Hirad, A., & Zorn, P. M. (2003) · Cited by 125 · see citing works
Financial Literacy and High-Cost Borrowing in the United StatesPreprint
Lusardi, A., & Scheresberg, C. D. B. (2015) · SSRN Electronic Journal · doi:10.2139/ssrn.2585243 · Cited by 117 · see citing works
Self-citationFinancial Knowledge and Financial Literacy at the Household Level
Gustman, A. L., Steinmeier, T. L., & Tabatabai, N. (2012) · American Economic Review · doi:10.1257/aer.102.3.309 · Cited by 117 · see citing works
Financial Illiteracy and Stock Market Participation: Evidence from the RAND American Life PanelPreprint
Yoong, J. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1707523 · Cited by 104 · see citing works
Remittances and the Problem of Control: A Field Experiment Among Migrants from El SalvadorPreprint
Martinez, A., Ashraf, N., Aycinena, D., & Yang, D. (2011) · RePEc: Research Papers in Economics · Cited by 95 · see citing works
Do Financial Education Programs Work?
Hathaway, I., & Khatiwada, S. (2008) · Working paper · doi:10.26509/frbc-wp-200803 · Cited by 95 · see citing works
Fees, Framing, and Financial Literacy in the Choice of Pension ManagerPreprint
Hastings, J. S., Mitchell, O. S., & Chyn, E. T. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1678077 · Cited by 94 · see citing works
Self-citationChoice, Chance, and Wealth Dispersion at Retirement
Venti, S. F., & Wise, D. A. (2001) · University of Chicago Press eBooks · doi:10.7208/chicago/9780226620831.003.0002 · Cited by 93 · see citing works
Fees, Framing, and Financial Literacy in the Choice of Pension Manager
Hastings, J., Mitchell, O. S., & Chyn, E. T. (2011) · Oxford University Press eBooks · doi:10.1093/acprof:oso/9780199696819.003.0006 · Cited by 91 · see citing works
Self-citationNew Ways to Make People Save: A Social Marketing Approach
Lusardi, A., Keller, P. A., & Keller, A. M. (2009) · National Bureau of Economic Research · doi:10.3386/w14715 · Cited by 90 · see citing works
Self-citationOptimal Financial Knowledge and Wealth Inequality
Lusardi, A., Michaud, P.-C., & Mitchell, O. (2013) · doi:10.3386/w18669 · Cited by 89 · see citing works
Self-citationFinancial Knowledge among Educated Women: Room for Improvement
Mahdavi, M., & Horton, N. J. (2014) · Journal of Consumer Affairs · doi:10.1111/joca.12032 · Cited by 88 · see citing works
Health, Education, and the Postretirement Evolution of Household Assets
Poterba, J. M., Venti, S. F., & Wise, D. A. (2013) · Journal of Human Capital · doi:10.1086/673207 · Cited by 87 · see citing works
Teach Workers about the Perils of Debt
Lusardi, A., & Tufano, P. (2009) · Oxford University Research Archive (ORA) (University of Oxford) · Cited by 85 · see citing works
Self-citationFinancial Illiteracy and Pension Contributions: A Field Experiment on Compound Interest in ChinaPreprint
Song, C. (2015) · SSRN Electronic Journal · doi:10.2139/ssrn.2580856 · Cited by 84 · see citing works
Are Americans SavingPreprint
Scholz, J. K., Seshadri, A., & Khitatrakun, S. (2004) · SSRN Electronic Journal · Cited by 84 · see citing works
Potential and Pitfalls of Applying Theory to the Practice of Financial Education
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Effectiveness of Employer-Provided Financial Information: Hiring to Retiring
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Financial socialization's impact on investment orientation and household net worth
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Financial Literacy and the Financial Crisis
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Self-citationTHE ROLE OF FINANCIAL LITERACY IN DETERMINING RETIREMENT PLANS
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Who Lost the Most? Financial Literacy, Cognitive Abilities, and the Financial CrisisPreprint
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Kast, F., Meier, S., & Pomeranz, D. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.2003624 · Cited by 77 · see citing works
Cognition and Economic Outcomes in the Health and Retirement SurveyPreprint
McArdle, J. J., Smith, J. P., & Willis, R. J. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1434603 · Cited by 75 · see citing works
Tax Policy and Economic Growth
Schultze, C. L. (1963) · Proceedings of the Academy of Political Science · doi:10.2307/1173652 · Cited by 73 · see citing works
Household Stock Market Beliefs and Learning
Kézdi, G., & Willis, R. J. (2011) · National Bureau of Economic Research · doi:10.3386/w17614 · Cited by 68 · see citing works
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Finke, M. S., Howe, J. S., & Huston, S. J. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1948627 · Cited by 66 · see citing works
Getting Credit to High Return Microentrepreneurs: The Results of an Information Intervention
de Mel, S., McKenzie, D. J., & Woodruff, C. (2011) · The World Bank Economic Review · doi:10.1093/wber/lhr023 · Cited by 60 · see citing works
The Geography of Financial Literacy
Bumcrot, C., Lin, J., & Lusardi, A. (2013) · Numeracy · doi:10.5038/1936-4660.6.2.2 · Cited by 60 · see citing works
Self-citationDuflo, E., & Saez, E. (2004) · doi:10.1093/0199273391.003.0008 · Cited by 58 · see citing works
Chapter 2 The Chilean Pension Reform Turns 25: Lessons from the Social Protection Survey
de Mesa, A. A., Bravo, D., Behrman, J. R., Mitchell, O. S., Todd, P., Otero, A., Skog, J. O., Vásquez, J., & Vélez-Grajales, V. (2007) · doi:10.1093/acprof:oso/9780199226801.003.0003 · Cited by 57 · see citing works
Self-citationUnderstanding Peer Effects in Financial Decisions: Evidence from a Field ExperimentPreprint
Yuchtman, N., Ederer, F. P., Ferman, B., & Bursztyn, L. (2013) · RePEc: Research Papers in Economics · Cited by 56 · see citing works
Financial Counseling, Financial Literacy, and Household Decision MakingPreprint
Agarwal, S. D., Gene Amromin, A., Ben‐David, I., Souphala Chomsisengphet, B., & Evanoff, D. D. (2010) · SSRN Electronic Journal · doi:10.2139/ssrn.1628975 · Cited by 55 · see citing works
The Outlook for Financial Literacy
Lusardi, A., & Mitchell, O. S. (2011) · Oxford University Press eBooks · doi:10.1093/acprof:oso/9780199696819.003.0001 · Cited by 52 · see citing works
Self-citationTarget-Date Funds in 401(k) Retirement Plans
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Self-citationHealth, Education, and the Post-Retirement Evolution of Household Assets
Poterba, J. M., Venti, S. F., & Wise, D. A. (2013) · National Bureau of Economic Research · doi:10.3386/w18695 · Cited by 49 · see citing works
Do Financial Education Programs Work? Working Paper 08-03.
Hathaway, I., & Khatiwada, S. (2008) · Cited by 48 · see citing works
Financial Literacy, Household Investment and Household Debt: Evidence from Switzerland
Brown, M., & Graf, R. (2012) · Alexandria (UniSG) (University of St.Gallen) · Cited by 48 · see citing works
The Market for Retirement Financial Advice
(2013) · Oxford University Press eBooks · doi:10.1093/acprof:oso/9780199683772.001.0001 · Cited by 46 · see citing works
The Changing Landscape of Pensions in the United States
Poterba, J. M., Venti, S. F., & Wise, D. (2007) · National Bureau of Economic Research · doi:10.3386/w13381 · Cited by 46 · see citing works
Preparation for Retirement, Financial Literacy and Cognitive ResourcesPreprint
Delavande, A., Rohwedder, S., & Willis, R. (2008) · RePEc: Research Papers in Economics · Cited by 45 · see citing works
Financial Advice: Does it Make a Difference?
Finke, M. S. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.2051382 · Cited by 42 · see citing works
Financial Sophistication in the Older Population
Lusardi, A., Mitchell, O. S., & Curto, V. E. (2012) · National Bureau of Economic Research · doi:10.3386/w17863 · Cited by 42 · see citing works
Self-citationFinancial Advice: Does It Make a Difference?
Finke, M. S. (2012) · Oxford University Press eBooks · doi:10.1093/acprof:oso/9780199683772.003.0011 · Cited by 42 · see citing works
How financially literate are women? Some new perspectives on the gender gap*
Bucher‐Koenen, T., Lusardi, A., Alessie, R. J. M., & van Rooij, M. (2012) · Max Planck Institute for Plasma Physics · Cited by 40 · see citing works
Self-citationUnderstanding Peer Effects in Financial Decisions: Evidence from a Field Experiment
Bursztyn, L., Ederer, F. P., Ferman, B., & Yuchtman, N. (2012) · National Bureau of Economic Research · doi:10.3386/w18241 · Cited by 36 · see citing works
Do Consumers Know How to Value Annuities? Complexity as a Barrier to Annuitization
Brown, J. R., Kapteyn, A., Luttmer, E. F. P., & Mitchell, O. S. (2012) · RAND Corporation eBooks · doi:10.7249/wr924 · Cited by 35 · see citing works
Self-citationRaising household saving: does financial education work?
Gale, W. G., Harris, B. H., & Levine, R. (2012) · PubMed · Cited by 35 · see citing works
STOCKHOLDING AND FINANCIAL LITERACY IN THE FRENCH POPULATION
Arrondel, L., Debbich, M., & Savignac, F. (2012) · DergiPark (Istanbul University) · Cited by 34 · see citing works
Annuities, Financial Literacy, and Information Overload
Agnew, J. R., & Szykman, L. R. (2011) · Oxford University Press eBooks · doi:10.1093/acprof:oso/9780199696819.003.0009 · Cited by 33 · see citing works
Literacy, Trust and 401(K) Savings BehaviorPreprint
Agnew, J. R., Szykman, L. R., Utkus, S. P., & Young, J. A. (2007) · SSRN Electronic Journal · doi:10.2139/ssrn.1299171 · Cited by 32 · see citing works
Does Financial Education at School Work? Evidence from ItalyPreprint
Romagnoli, A., & Trifilidis, M. (2013) · SSRN Electronic Journal · doi:10.2139/ssrn.2260330 · Cited by 32 · see citing works
ADJUSTING RETIREMENT GOALS AND SAVING BEHAVIOR: THE ROLE OF FINANCIAL EDUCATION
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Financial Literacy, Financial Education and Economic Outcomes. NBER Working Paper No. 18412.
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Cognitive abilities and portfolio choice
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Financial Literacy and Financial Sophistication in the Older Population
Lusardi, A., Mitchell, O. S., & Curto, V. E. (2014) · Journal of Pension Economics and Finance · doi:10.1017/s1474747214000031 · Cited by 28 · see citing works
Self-citationWhat Will My Account Really Be Worth? An Experiment on Exponential Growth Bias and Retirement Saving
Goda, G. S., Manchester, C. F., & Sojourner, A. (2012) · National Bureau of Economic Research · doi:10.3386/w17927 · Cited by 27 · see citing works
Improving Financial Literacy: The Role of Nonprofit Providers
Collins, J. M. (2011) · Oxford University Press eBooks · doi:10.1093/acprof:oso/9780199696819.003.0015 · Cited by 21 · see citing works
Default Stickiness among Low-Income Individuals
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Annuities, Financial Literacy and Information OverloadPreprint
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Social Security Literacy and Retirement Well-BeingPreprint
Benı́tez-Silva, H., Demiralp, B., & Liu, Z. (2009) · SSRN Electronic Journal · doi:10.2139/ssrn.1510309 · Cited by 18 · see citing works
Optimal Financial Literacy and Saving for Retirement
Lusardi, A., Michaud, P., & Mitchell, O. S. (2011) · RAND Corporation eBooks · doi:10.7249/wr905 · Cited by 16 · see citing works
Self-citationFinancial Literacy and 401(K) LoansPreprint
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Crossley, T. F., Emmerson, C., & Leicester, A. (2012) · doi:10.1920/ps.ifs.2024.0292 · Cited by 15 · see citing works
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“Four principles informed the design of these questions, as described in detail by Lusardi and Mitchell (2014).”
InfluentialSelf-citationDoes financial literacy improve financial inclusion? Cross country evidence
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“Although the Big Three generally do not demand advanced financial knowledge, only 34% of respondents in the original survey were able to answer all three questions correctly (Lusardi and Mitchell 2014).”
InfluentialChater, N., & Loewenstein, G. (2023) · Behavioral and Brain Sciences · doi:10.1017/s0140525x22002023 · Cited by 710 · see citing works
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“ment are often about 10 percent, producing a bias towards zero of almost that magnitude (Behrman, Rosenzweig, and Taubman 1994). 6 Detailed descriptions of each of these variables are provided in Behrman et al. (2010). 7 For example, family background variables such as”
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- Authors
- Lusardi, A., & Mitchell, O. S.
- Affiliations
- George Washington University (US)
- University of Pennsylvania (US)
- Venue
- Journal of Economic Literature
- Publisher
- American Economic Association
- Published
- 2014-03-01
- Volume
- 52
- Issue
- 1
- Pages
- 5-44
- ISSN
- 0022-0515 (ISSN-L)
- 2328-8175
- PMC
- PMC5450829
- OpenAlex
- W3125685058
- Cited by
- 4,698
- References
- 205
- Citations by year
- 2026: 862 · 2025: 761 · 2024: 572 · 2023: 434 · 2022: 363 · 2021: 380 · 2020: 339 · 2019: 284 · 2018: 216 · 2017: 170 · 2016: 134 · 2015: 111 · 2014: 51 · 2013: 10 · 2012: 7
- FWCI
- 656.21
- Type
- journal article
- Language
- en
- Open access
- green
- europepmc.org
- Locations
- Journal of Economic Literature (publishedVersion)
- PubMed (publishedVersion)
- Europe PMC (PubMed Central) (acceptedVersion)
- PubMed Central (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- National Institute on Aging (U01AG009740)
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › 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 knowledge, human capital, financial illiteracy, economic decision-making, financial education policy
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